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Bitcoin (BTC) prices rise over 6% for the past 24 hours trading across all Bitcoin exchanges. BTC prices soaring above $950 for the first time after weeks of consolidating trading.

The Bitcoin and Chinese Renminbi (BTC/CNY) pair gained the most, up almost 7.5%. BTC/CNY traded at CNY6,769.10 as of February 1, 2017 06:14 UTC, a hike from a low of 6,369.61 yesterday on SimpleFx trading platform.

The subdued BTC markets are mainly related to China. The regulation on BTC trading on mainland China and a long Chinese New Year holiday had slowing down the BTC trading. Restriction of margin felicities and imposition of fees on Bitcoin trading account are creeping of the CNY-denominated markets. The week run up to the annual break is also keeping Chinese away from active cryptocoin business.

An interesting development is the emergence of Bitcoin transactions in Japanese Yen has exploded significantly since the month of January. The Japanese Yen denominated BTC orders has compounded as high as 43% on total daily BTC volume. From the area-range chart below, we could clearly notice the obvious sharp yen-volume ensued after 23 January. Major Japan-based Bitcoin exchanges such as BitFlyer, Quoine, BTCBox and Zaif had reported razor-sharp raise of their total trading volume. The burgeoning Bitcoin adoption in Japan had been fueled by the Japanese government on recognizing digital currencies as real money, or legal tender. These followed by growing number of prospect of accepting the cryptocurrency is expected to quintuple to 20,000 this year. The growing Bitcoin adoption in Japan is more organic and fundamentally consummate in comparison to the Chinese BTC activities which are largely in speculative hoopla.

Bitcoin market last 24 hours
Bitcoin market last 24 hours based on major currencies

BTC Daily Volume 0n 31 January 2017 - Top Currencies Comparsion
BTC Daily Volume 0n 31 January 2017 – Top Currencies Comparsion

BTC Monthly Volume January 2017 - Top Currencies Comparsion
BTC Monthly Volume on January 2017 – Top Currencies Comparsion

BTCJPY - Bitcoin against Japanese Yen on Simple Fx chart
BTCJPY Daily Chart on Simple FX

Trade Bitcoin/Japanese Yen on Simple FX. Margin as much as 50 times.


Trade Bitcoin against Japanese Yen pair (XBT/JPY)* futures contract leverage of up to 100x

*XBT is the official ticker symbol for Bitcoin, but BTC is also commonly used for most markets.

Another notable point to note is the increased of volatility. The Bitcoin and US Dollar price pair passed $950 since 17 January on HitBTC market data. The Bitcoin Volatility Index based on USD has escalated above 5% for the past few days. Now the volatility metric recorded at 5.14%.

Bitcoin Volatility Index
Bitcoin Volatility Index

Latest Bitcoin Data (as of 31 January 2017)
Market Cap $15,694,961,700
Total Supply 16,137,202

Bitcoin Technical Overview 1 February 2017

Bitcoin US Dollar (BTC/USD) Technical Chart Analysis

BTC/USD - daily chart showing long term bullish trend channel

Important BTC/USD price levels to marked,


Year High – $1164.10 (January 05 2017)
Year Low – $760 (January 12 2017)

BTC/USD is hovering at 970 level based on market data from Cex.io at the time of writing. The resilient price staying above 0.5 Fibonacci Retracement zone gestures that the bull is dominant. The Price had gained about 5% from previous day opening quote of 929.49. The strong tally depsite the negative Chinese sentiment confirming the prevailing long range bullish trend is still intact.

After Chinese frenzy from the early of the year, the Bitcoin volume had been crash. Take a view on the daily volume chart below.
Daily BTC Trading Volume for the last 3 months
Daily BTC Trading Volume for the last 3 months

Take a Glimpse on Market Sentiments From Cex.io, HitBTC and Bitmex

BTC/USD Market Depth (Graph)

BTC/USD Market Depth (Graph) - Cex.io Market Data
Cex.io Market Data

BTC/USD Market Depth (Graph) - HitBTC Market Data
HitBTC Market Data

BTC/USD Market Orderbooks

BTC/USD Market Orderbooks - Cex.io Market Data
Cex.io Market Data

BTC/USD Market Orderbooks - Bitmex Market Data
Bitmex Market Data

BTC/USD Market Orderbooks - HitBTC Market Data
HitBTC Market Data

BTC/USD - daily chart on Cex.io Market Data
BTC/USD – daily chart on Cex.io Market Data

Some Critical Price Levels for the Immediate Term


1009.73 (0.618 Fibonacci Retracement Level)
1077.62 (0.786 Fibonacci Retracement Level)
1164.10 (Year high recorded on January 05 2017)

Crucial Support Levels


962.05 (0.50 Fibonacci Retracement Level)
914.37 (0.382 Fibonacci Retracement Level)
855.37 (0.236 Fibonacci Retracement Level)

Bitcoin Chinese Renminbi/Yuan (BTC/CNY) Technical Chart Analysis

Bitcoin Chinese Renminbi/Yuan (BTC/CNY) Technical Chart Analysis

Important BTC/CNY price levels to mark,


Year High – 8896.24元 (January 05 2017)
Year Low – 4893.01元 (January 12 2017)

Some Critical Price Levels for the Immediate Term


6894.63 (0.50 Fibonacci Retracement Level)
7367.01 (0.618 Fibonacci Retracement Level)
8039.55 (0.786 Fibonacci Retracement Level)
8896.24 (Year high recorded on January 05 2017)

Crucial Support Levels


6422.24 (0.382 Fibonacci Retracement Level)
5837.77 (0.236 Fibonacci Retracement Level)
4893.01 (Year low recorded on January 12 2017)

Bitcoin Chinese Renminbi/Yuan XBCH17 March 2017 Futures Technical Chart on BitMEX

XBT/CNY March 2017 Futures (XBCH17) - BitMex BTC exchange

Important BTC/CNY March 2017 Futures price levels to mark,


Year High – 9498.8元 (January 05 2017)
Year Low – 4834.5元 (January 12 2017)

XBT/CNY March 2017 Futures (XBCH17) Trade History
XBT/CNY March 2017 Futures (XBCH17) Trade History

Bitcoin Euro (BTC/EUR) Technical Chart Analysis

Bitcoin Euro (BTC/EUR) Technical Chart Analysis on Cex.io

Essential BTC/EUR price levels to watch,


Year High – €1090 (January 05 2017)
Year Low – €713 (Janaury 12 2017)

BTC/EUR Market Depth (Graph)

HitBTC Market Data - BTC/EUR Market Depth
HitBTC Market Data

Cex.io Market Data - BTC/EUR Market Depth
Cex.io Market Data

Some Critical Price Levels for the Immediate Timeframe


945.99 (0.618 Fibonacci Retracement Level)
1009.32 (0.786 Fibonacci Retracement Level)
1090 (Year high recorded on January 05 2017)

Crucial Support Levels


857.01 (0.382 Fibonacci Retracement Level)
801.97 (0.236 Fibonacci Retracement Level)
713 (Year low recorded on January 12 2017)

BTC Exchanges and Charts With BTC #BTC Trading


CEX.io
BitMEX
Hit BTC
SimpleFX
Whale Club
Poloniex

Chart via tradingview, data source from SimpleFx, HitBTC, CEX.io.

The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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