Danske Bank has been ordered to close up in Estonia following another money laundering scandal. It is not the first time a major bank has been involved in money laundering and it will not be the last, which is all good news for crypto.One of the most commonly spouted reasons that crypto is bad is that criminals use it for money laundering. But the bottom line is the US dollar is still the currency of choice for washing money, and banks are the vehicle. As more bank scams get unraveled it gives them less legitimacy and more to crypto, the decentralized way to conduct finance.Danske Bank Ordered to CloseAccording to the BBC the Tallinn branch of Danske Bank has been ordered to close by October 19. The bank is under investigation in Denmark, Estonia, Britain and the US over around 200 billion Euros in spurious payments from Russia, ex-Soviet states and other countries. A large portion of this funny money has been found flowing through the Estonian branch.Interim chief executive Jesper Nielsen said that the bank would comply and close branches in other countries as well;“We acknowledge that the serious case of possible money-laundering in Estonia has had a negative impact on Estonian society and finds it best that Danske Bank discontinues its Estonian banking activities,”Estonia’s financial regulator demanded Danske close its local branch and repay customer deposits within eight months. Head of the regulatory body, Kilvar Kessler, added;“We have every right to put an end, once and for all, to this, as large-scale violations of the local rules have been committed, and this has dealt a serious blow to the reputation of the Estonian financial market.”Thomas Borgen, CEO of Danske Bank, resigned in September last year following allegations of money laundering involving sums larger than the entire crypto market capitalization at the time. It is not the only high profile bank to be accused of something that crypto adversaries keep reiterating. Last month Fortune reported that Deutsche Bank was facing increasing scrutiny in the US over money laundering concerns. Morgan Stanley was also fined recently for failing to properly detect money laundering.Short The BankersThe news is bad for banks, good for crypto. Respected industry personality and founder and partner at Morgan Creek Digital Assets, Anthony Pompliano, agreed with the sentiment tweeting ‘short the bankers’ yesterday;Estonia just ordered the Danske Bank branch to close that was involved in one of the largest money laundering schemes in history.The majority of criminals aren’t using Bitcoin to launder money, they’re using US dollars.Long Bitcoin, Short the Bankers!— Pomp 🌪 (@APompliano) February 19, 2019Banks are the undisputed heavyweight champions of laundering money. So much so that Bloomberg went to the effort of creating an infographic earlier this month to highlight the estimated $2 trillion that gets washed through banks every year;Money laundering transactions are still as high as $2 trillion a year https://t.co/QQ6lAKlUDL— Bloomberg (@business) February 3, 2019This just makes any accusation about crypto being a vehicle for money laundering with its paltry $130 billion market cap simply ridiculous.Image from Shutterstock
As expected when a two day rally occurs on crypto markets there is the inevitable correction. Total market capitalization and daily volume has fallen back as day traders take profits and top performing crypto assets start to cool off and fall back. There are a couple however that are defying this much repeated market movement and continuing to climb at the moment.Binance Coin Crushing the CompetitionThe crypto asset holding above the rest and continuing to surge at the time of writing is Binance Coin. In less than a week BNB has made and held an epic 30% climbing from less than $8.50 last week to $11 before dropping a little to today’s price just below it. On the day BNB is up 13.5% as it outshines every other altcoin in the top fifty.Binance Coin: Which bear market?New ATH while everybody else is scraping the bottom. Have to say I missed on this one, mostly because I was listening too much FUD. $BNB pic.twitter.com/eG5rEGzEWF— johnyqi (@JohnyQi) February 19, 2019Daily volume has surged from $80 million to over $134 million, most of that over the past 12 hours. With Binance being the top exchange it stands to reason that BNB would possibly act like a stablecoin when traders are taking profits. If their trades are taken in BNB pairs, its volume and price will increase when they’re pulling out of other coins, which is what has been happening over the past few hours. Some have tried to decipher the controversy surrounding BNB with lengthy tweets;0/ There has been a lot of controversy and confusion around $BNB (Binance Coin) recently. This isn’t unwarranted considering it doesn’t look like traditional tokens/financial instruments. In this thread, I will attempt to elucidate 👇— Andrew Kang (@Rewkang) February 17, 2019Not all are convinced about Binance Coin though with some observers calling it a ‘manipulated Ponzi scheme controlled by one man’ on twitter. Others are equally critical of BNB labeling it as a centralized security token;Reminder that BNB is a centralized security token for an exchange that is actively breaking US laws. You also have to trust that binance is reporting their financials accurately.BNB could become worthless without warning due to gov action, exit scam, fraud, or theft.— Matt Odell (@matt_odell) February 13, 2019Either way Binance Coin is one of today’s top performers and since the beginning of the year has made a staggering 83% gain.Stellar Flips Tron Showing Small GainsStellar has been losing momentum for quite a while now as it slipped down the market cap charts. Today however it has regained a place, flipping Tron for eighth spot at the time of writing.With a further 5% gained on the day XLM has reached $0.088 with a market cap of around $1.68 billion, enough to pass TRX which is currently on $1.65 billion as it loses 1.5% in the correction. Tron has enjoyed a lot of momentum recently and has been one of the top performing altcoins this year with a gain of over 30% since January first. Stellar on the other had has been in decline, losing 22% in the same period. Stellar has a strong dev team with a lot of project updates so the lack of momentum recently is a little perplexing.Maker is the other crypto asset that has shown impressive gains in recent weeks, climbing a further 10% on the day and 23% since the same time last week.Image from Shutterstock
Market WrapCrypto markets starting to pullback; BNB, Maker and Stellar are keeping in the green, BCH, and Ethereum starting to slide.Crypto markets have started to correct as expected after a two day buying bonanza. Volume and market capitalization has pulled back a little as traders start taking profits. The next few days will be crucial in determining if recent gains can hold.Bitcoin hit resistance in an intraday high at $4,010 a few hours ago and, as predicted, pulled back to $3,940 where it currently trades. This is pretty much where BTC was yesterday after testing the same resistance level indicating further losses could be coming soon.Ethereum, after a very strong rally, has dropped 3% on the day as it corrects. ETH is currently trading at $142 and the gap to third has decreased back to $1.6 billion. XRP has remained stable on the day and is still at $0.323.In the top ten, Binance Coin is running away with it as a further 12% is added on the day. BNB touched $11 before falling back to $10.80 where it currently trades. The only other altcoin defying the pullback is Stellar which has made 4% enabling XLM to flip Tron for eighth place. The rest are in decline with Bitcoin Cash dropping the most at 4%, back to just above $140.Most altcoins are also correcting in the top twenty during today’s Asian trading session. One making an opposite move is Maker which has had a lot of positive momentum lately. MKR has added a further 8% on the day moving ahead of NEO in sixteenth to trade at $620. Everything else is dropping a percent or two.Storj has entered the top one hundred with a fomo driven pump of 15% at the time of writing. WAX is up and down like a yoyo, today pumping again with 13%. Binance Coin is the other top performer at the moment. There is only one double digit dump with REPO dropping 11% at the messy end of the table. ODEM is also having a bad day with a 9% dump.Total crypto market capitalization is holding above $130 billion but falling back slowly. After hitting a peak of $136 billion markets are now in decline as volume shrinks back to $30 billion during the selloff. Since last Wednesday markets have made 9% but the big question now is will these gains hold or is a big dump about to start again.Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
Bitcoin price extended gains above $3,900 and traded close to the $4,000 resistance against the US Dollar.The price traded as high as $3,973 and later started a downside correction.There is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is likely to correct further lower towards the $3,830 or $3,800 support levels before fresh increase.Bitcoin price failed to surpass the $4,000 resistance and corrected lower against the US Dollar. BTC could tested the $3,800 support area before a new upward move towards $4,000.Bitcoin Price AnalysisYesterday, we saw a strong rally above the $3,750 resistance in bitcoin price against the US Dollar. The BTC/USD pair spiked towards the $3,950 level and later corrected lower. However, the $3,830 support prevented losses and the price bounced back. It broke the last swing high and traded close to the $4,000 resistance. A new weekly high was formed at $3,973, but the price failed to test the $4,000 barrier. As a result, there was a fresh downside correction and the price declined below $3,950 and $3,920.There was a break below the 23.6% Fib retracement level of the last wave from the $3,684 low to $3,973 high. However, the current decline is finding bids near yesterday’s highlighted bullish trend line with support at $3,880. More importantly, it seems like there is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair. If there is a downside break, the pair could test the next key support at $3,830. It coincides with the 50% Fib retracement level of the last wave from the $3,684 low to $3,973 high.If the price fails to hold the $3,830 support, it could test the main $3,800 support area in the near term. On the upside, the price must break the $3,925 and $3,950 resistance levels to revisit $3,975. The main resistance for buyers is near the $4,000 level, above which there are chances of further gains.Looking at the chart, bitcoin price seems to be setting up for the next break either above $3,925 or below $3,875. In the short term, there could be a few bearish moves, but the $3,800 support is likely to hold losses. Below $3,800, the price could drop towards the $3,720 support.Technical indicatorsHourly MACD – The MACD is currently in the bearish zone, with a few positive signs.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 50 level.Major Support Level – $3,830 followed by $3,800.Major Resistance Level – $3,925. $3,950 and 4,000.
The total crypto market cap traded towards the $132.5B level and later corrected lower.EOS price traded above the $3.50 resistance and it is currently consolidating gains.Binance Coin (BNB) rallied more than 10% and broke the $10.00 resistance area.Bitcoin cash price is placed nicely above the $140 support, with a bullish bias.Tron (TRX) price failed to stay above the $0.0250 support and later declined.The crypto market started a downside correction, but it remains supported. Dips in bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), BCH, ripple, EOS, TRX and ADA are likely to find buyers.Bitcoin Cash Price AnalysisBitcoin cash price gained traction recently and broke the $135 and $140 resistances against the US Dollar. The BCH/USD pair even traded above the $145 level and later started a downside correction. On the downside, the key supports are near $142 and $140, below which the price might test the $135 support.On the upside, an initial resistance is near the $145 level, above which the next hurdle for buyers is at $148 and $150. In the short term, there could be range moves, but the price is likely to gain further above $145.EOS, Tron (TRX) and BNB Price AnalysisEOS price gained a strong bullish momentum above the $3.00 resistance area. It broke the $3.25 and $3.50 resistance levels to register heavy gains. At the moment, the price is consolidating above the $3.50 support, with resistances near the $3.62 and $3.70 levels.Tron price moved above the $0.0250 resistance level, but it failed to hold gains. TRX price topped below the $0.0255 resistance and later declined below the $0.0250 support. The price is down more than 2% and it seems like it could retest the $0.0245 support area in the near term.Binance coin (BNB) rallied recently above the $9.50 and $10.00 resistance levels. BNB price gained more than 10% and even surpassed the $10.50 resistance. The next major hurdle for buyers is near the $11.00 level, above which the price might eye a test of the $12.00 level.Looking at the total cryptocurrency market cap hourly chart, there was a strong upward move above the $120.0B and $125.0B resistance levels. The market cap even broke the $130.0B resistance level and tested the $132.5B level, where it faced resistance. Later, it started a downside correction and declined below $130.0B. However, there are many supports near $126.0B, $125.0B, and a bullish trend line on the same chart. Therefore, as long as the market cap is above $125.0B, dips in bitcoin, ETH, tron, litecoin, EOS, ripple, ADA, stellar, BNB, BCH, XMR and other altcoins remain supported in the coming sessions.
Ripple price gained traction and broke the $0.3400 resistance area before sellers appeared against the US dollar.The price topped near the $0.3460 level and later started a sharp downside correction.Yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely preparing for a fresh upward move as long as it is above the $0.3100 support area.Ripple price rallied sharply before trimming most of its gains against the US Dollar and bitcoin. XRP/USD remains supported on the downside above $0.3100 and it could bounce back soon.Ripple Price AnalysisYesterday, there was a solid upward move in ripple price above the $0.3200 resistance area against the US Dollar. The XRP/USD pair gained traction and broke the $0.3300 and $0.3320 resistance levels. It even broke the $0.3400 resistance and spiked above the $0.3450 level. The price topped near the $0.3460 level and later started a sharp downside correction. It declined below the $0.3320 support and the 50% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. Sellers even pushed the price below the $0.3250 support area.However, the price found support near the $0.3160 level. The 61.8% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high also acted as a support. Moreover, yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair. Below the trend line, the next support is near the $0.3135 level. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. The main support is near the $0.3100 level and the 100 hourly simple moving average.Therefore, the price is likely to find a lot of buying interest near the $0.3160, $0.3130 and $0.3100 supports. If there is a downside break below the $0.3100 support, the price might move back in a bearish zone. On the other hand, if the price stays above $0.3100, it could start a fresh upward move above $0.3300.Looking at the chart, ripple price remains well supported above the $0.3100 level. In the short term, there could be range moves, but the price is likely to climb higher once again above $0.3300. The main resistance is near the $0.3350 level, above which there are high chances of gains above $0.3400 in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher, but it is still below the 50 level.Major Support Level – $0.3100Major Resistance Level – $0.3350
ETH price started a downside correction after testing the $149-150 resistance area against the US Dollar.There was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD (data feed via Kraken).There was an increase in selling pressure and the price tested the $139-140 support area.A few important supports are in place near the $141, $140 and $136 levels.Ethereum price started a short term correction against the US Dollar and bitcoin. ETH/USD must stay above $136 and the 100 hourly simple moving average to bounce back.Ethereum Price AnalysisIn the past few days, ETH price climbed higher and broke the $135 and $140 resistances against the US Dollar. The ETH/USD pair even traded towards the $150 resistance zone, where sellers emerged. A top was formed just below the $150 level and later the price started a downside correction. It declined below the $146 support and the 23.6% Fib retracement level of the last leg from the $135 swing low to $150 swing high. It opened the doors for more gains and the price dropped towards the $140 support zone.Moreover, there was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the last leg from the $135 swing low to $150 swing high. However, there are many important supports are in place near the $141, $140 and $136 levels. The main support is near the $138 level. It coincides with the 76.4% Fib retracement level of the last leg from the $135 swing low to $150 swing high. Besides, the 100 hourly simple moving average is positioned near the $136 level to act as a strong support.Therefore, if the price continues to decline, the $138 and $136 levels are likely to prevent losses. If there is a break and close below the 100 hourly SMA, the price might decline further towards the $130 level. On the other hand, if the price finds support near $138, it could start a fresh upward move.Looking at the chart, ETH price corrected lower from the $150 resistance zone. However, dips remain supported as long as the price is above the $136 pivot zone. On the upside, an initial resistance is near $145, above which the price may retest $150.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD moved back in the bearish zone, with a few bearish signs.Hourly RSI – The RSI for ETH/USD is now just below the 50 level, with a bearish angle.Major Support Level – $136Major Resistance Level – $145
The crypto markets have continued to climb higher after seeing two days of large and widespread gains across nearly all major cryptocurrencies. Today’s price climb has led many investors and analysts to believe that the markets have already established a long-term bottom.Despite there being a bullish sentiment that is currently spreading through most cryptocurrency communities, analysts are now pointing to the importance of transaction volumes as an indicator of where the markets are heading next.Bitcoin and XRP See Sustained Rise in Transaction VolumeAlthough there may not be a fundamental reason behind the recent crypto market surge, one factor that may be contributing is an increasing amount of transaction volume that may have an impact on various cryptocurrencies prices.Naeem Aslam, the chief market analyst at Think Markets U.K., recently told MarketWatch that he believes that Bitcoin will see increased fundamental strength in the coming months, which could help contribute to positive price action.“The cryptocurrency king is on track to secure its first positive month since July 2018… With the wind of change blowing, the fundamentals are likely to improve in the coming months for the cryptocurrency space. The hopes are pinned on the improvement of the transaction volume for on-chain transactions. This will attract growth because of a larger number of industries becoming part of this infrastructure,” he said.Mati Greenspan, the senior market analyst at eToro, shared a similar sentiment to Aslam, and also noted that Bitcoin’s recent price ascent occurred at the same time its transaction volume began to increase.“We can see this period of low transaction rate in the purple rectangle below… The green line is $BTC,” Greenspan noted while referencing a chart that shows the volatility BTC saw during a period of low transaction volume.We can see this period of low transaction rate in the purple rectangle below.The green line is $BTC. pic.twitter.com/ksmdSfBHNp— Mati Greenspan (@MatiGreenspan) February 19, 2019Greenspan also noted that XRP has seen an influx of transactions in late-January after XRP’s transactions dropped off a cliff on December 11th, which is about the time that XRP fell back towards its 2018 lows in the mid-$0.20 region.“Transactions in XRP went quiet from December 11th but came back with a vengeance on January 26th,” he said.Crypto Markets May Not be Out of the Woods YetAlthough the recent market surge that has sent many cryptocurrencies up 10% or more is certainly positive for investors and traders alike, Greenspan warns that a tight correlation between major cryptos and Bitcoin could signal that bear market is not yet over.“Despite recent optimism, crypto correlations remain strong… Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high… Yet another sign the [bear] market might not be over just yet,” he warned.Despite recent optimism, crypto correlations remain strong.Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high.Yet another sign the 🐻 market might not be over just yet.Chart from @coinmetrics pic.twitter.com/ycdvA0dStb— Mati Greenspan (@MatiGreenspan) February 19, 2019At the time of writing virtually all major cryptocurrencies are trading up, with Ethereum, XRP, EOS, trading up 1.2%, 3.2%, and 5.1%, respectively.Featured image from Shutterstock.
Over the past year discussions of a Bitcoin ETF being approved by regulatory authorities in the US has dominated the news cycle and has even – on multiple occasions – impacted the markets. Many investors and analysts believe that the approval of a BTC ETF will lead to an influx of investors as it would place the cryptocurrency in front of all traditional equity investors.Although the status and potential effect of a Bitcoin ETF remains unknown, there already exists and exchange-traded product that allows investors to add some exposure to Bitcoin’s price through the form of an Exchange Traded Note (ETN).Bitcoin ETN Trades at Large Premium to BTCThe Grayscale Bitcoin Trust (GBTC) is a popular ETN that allows traditional investors to gain some exposure to the daily price movements of Bitcoin without actually owning the underlying asset.Grayscale describes their product as “the first publicly quoted securities solely invested in and deriving value from the price of bitcoin” that allows investors to “gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins.”Each share of GBTC trades at approximately 1/1000th of Bitcoin’s actual price and is currently trading at $4.82 per share. This means that GBTC is valuing one BTC at $4,820, which is significantly higher than Bitcoin’s current price of under $4,000.Thomas Lee, the co-founder of Fundstrat Global, pointed out this premium in a recent tweet, hypothesizing that GBTC’s premium to BTC’s net asset value (NAV) is a sign of institutional buying, as purchasing GBTC is easier than purchasing BTC through a cryptocurrency exchange for traditional investors.“CRYPTO: $GBTC premium to NAV creeping up to 36% on heels of $BTC surge to ~$4,000… Rise in premium is a sign of institutional net buying (easier to buy this ETN from @GrayscaleInvest than buy via a crypto exchange) … another sign 2019 way better than 2018 for crypto,” he explained.CRYPTO: $GBTC premium to NAV creeping up to 36% on heels of $BTC surge to ~$4,000Rise in premium is a sign of institutional net buying (easier to buy this ETN from @GrayscaleInvest than buy via a crypto exchange)……another sign 2019 way better than 2018 for crypto pic.twitter.com/hdFh8y3sY9— Thomas Lee (@fundstrat) February 19, 2019Although GBTC doesn’t entitle buyers to Bitcoin – the underlying asset it tracks – it does allow buyers to get in on some of its volatility in an easy to access fashion.Is Growing GBTC NAV Premium Actually The Result of Institutional Buying?On February 17th Bitcoin’s price surged after briefly dipping towards $3,600, and is now pushing up against $4,000, which has proven to be a level of resistance.BTC’s price has surged over the past couple of days.Historically, GBTC’s premium grows whenever BTC experiences price surges, and drops whenever Bitcoin’s price drops. With this being said, it appears that GBTC historically exaggerates Bitcoin’s sentiment shifts, which does not serve as strong support for Lee’s theory regarding the growing premium being the result of institutional buying.Furthermore, Lee’s assessment of GBTC’s current NAV premium is exaggerated, as Bloomberg notes that GBTC’s current premium is just under 19%, while its average 52-week premium is nearly 40%.Lee addressed this in response to a comment on his original post, noting that a 20% NAV premium does appear to be more accurate.Hmmm. Actually more favorable— Thomas Lee (@fundstrat) February 19, 2019With that being said, although it is possible that institutions are trading the cryptocurrency via GBTC, there is little evidence of this and its current price premium is nothing extraordinary.At the time of writing, GBTC is trading up nearly 15% from its opening price, while BTC is only trading up 1.5% over a 24-hour trading period.Featured image from Shutterstock.
Bitcoin has been able to maintain its upwards momentum that it incurred a few days ago and BTC has now pushed up to $4,000. This upwards price move has been fueled by a surge in trading volume, but one analyst is now importantly noting that trading volume over high-time-frames must improve in order for an upwards price move to be sustained long-term.Other analysts are also importantly noting that Bitcoin is now beginning to establish $4,000 as a level of resistance, which could prove to be a critical level that must be broken through in order for further gains to ensue.Bitcoin (BTC) Continues Climbing, But Faces Resistance at $4,000At the time of writing, Bitcoin is trading up nearly 3% at its current price of $3,985. Bitcoin began its recent push on February 17th, when its price dipped to $3,600 before surging to its current price levels.Following this move, BTC traded sideways for less than a day before continuing to climb until it hit approximately $4,000, which has proven to be a level of resistance.Lucid TA, a popular cryptocurrency analyst, spoke about this resistance level in a recent tweet, noting that he believes BTC will rest around its current price levels before continuing climb.“$BTC is hitting the first significant resistance since the breakout, I think we’re likely to rest a little while here.”$BTC is hitting the first significant resistance since the breakout, I think we’re likely to rest a little while here. pic.twitter.com/xa8O0Yn3mZ— Lucid TA (@Lucid_TA) February 19, 2019Hsaka, another popular analyst, shared a similar sentiment in a recent tweet, telling his followers that he will begin looking to short Bitcoin when its price reaches the low-$4,000 region.“$BTC Not looking to short until the demarcated zone. Meanwhile, here’s an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters.”$BTCNot looking to short until the demarcated zone.Meanwhile, here’s an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters. pic.twitter.com/luYP1fgwS2— Hsaka (@HsakaTrades) February 19, 2019Because Bitcoin and the entire cryptocurrency markets are fresh off of a large price surge, it is likely that they will range sideways, or drop slightly, before garnering enough buying pressure to propel them higher.Analyst: Bitcoin Trading Volume Must Increase in Order for Price to Surge HigherOne notable feature of this latest BTC price surge is that its 24-hour trading volume has climbed significantly, surging from weekly lows of under $6 billion to its current levels of roughly $10.5 billion.Josh Rager – another popular analyst – explained that over a longer time frame, Bitcoin’s trading volume is down significantly and an inability to continue increasing may lead BTC’s price back down to its support levels in the low-$3,000 region.“$BTC Chart: Bitcoin currently at resistance level with a break and close above $4100 is bullish… But… Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish. If the volume doesn’t pick up, I foresee $BTC price dropping back to support,” he explained.$BTC ChartBitcoin currently at resistance level with a break and close above $4100 is bullishBut…Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearishIf the volume doesn’t pick up, I foresee $BTC price dropping back to support pic.twitter.com/e5C18MEDTu— Josh Rager 📈 (@Josh_Rager) February 19, 2019As Bitcoin begins picking up steam and recovering much of its recent losses, analysts will likely gain further insight into whether or not this is a sustained movement, or if a drop back to its strong support level of $3,000 is inevitable.Featured image from Shutterstock.