June ended with a Bitcoin blast off, passing the critical $10,000 barrier and nearing $13k as I write. At SwissBorg, we were delighted to see our community of app players, predicting the price of Bitcoin, reaching the 20k active players’ mark. While our tech team is working tirelessly to produce our show-case product, the SwissBorg Wealth App on time, our marketing and communications team have been busy with events, meetups, interviews, articles, vlogs and producing content that has two main goals: educating and growing our community.

We began the month with a well-attended meetup in Lausanne, at our headquarters, with talks about Bitcoin and Ethereum and the use of blockchain technology in charitable ventures. Besides sharing ideas and making new friends, we, as always, used the occasion to encourage the attendees to join us and play the price prediction game in our SwissBorg Community app.

In London, we had the opportunity to be a partner at the CryptoCompare Summit, where we spread our love for the Community app and our enthusiasm for the upcoming Wealth app.

We continue our efforts of expanding into Asia. Our Head of Asia, Ken Yagami, headed to Singapore with Amber Chook our Asia Head of PR, where he received a prestigious award in asset management alongside other prominent companies in the Asian crypto-space.

Our Head of Communication, Alex Fazel, increased the viewers of his Cryptonites Youtube series conducting fascinating interviews with crypto experts and influencers. Thanks to his efforts, our presence in the London blockchain scene has significantly increased and hardly a week goes by without SwissBorg attending a crypto meetup or panel.

Our Legal Team has been busy with the preparation and is on track for the Maltese license.

Download The SwissBorg Community app, if you haven’t already and predict, learn and earn Bitcoin!

June MBA 6.26.2019

By Bastien Muster

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Bitcoin Monthly Analysis

Current price (26.6.2019): $12’569

Closest Support / Resistance level: $10’000 / $13’000

Change in price (monthly): +46%

Change in volume (monthly): -28%

BTC/USD (weekly): Price, 20-weeks moving average, Bollinger Bands, RSI(14), MACD lines and volume. (Source: tradingview.com)

In early June, bitcoin briefly fell below the 20-day moving average when it dropped from $8’800 to $7’300 in a few days. Despite this correction that could have feared a bearish “Head-and-Shoulder” pattern, bitcoin found strong support at $7’500.

Since then, the price has taken a parabolic rise to reach over $9’000 and above all, to break through the psychological level at $10'000.

Driven by the announcement of the Facebook’s Libra project(development of a global cryptocurrencies backed by fiat currencies) and its fundamentals, bitcoin is currently being traded at $13’000, one of the last resistances before the all-time high of $20'000.

In 2017, it took a little less than two weeks to go from $10’000 to $20’000. Nevertheless, it seems that the current movement is different from more institutional investors. Indeed, retail investors seem to be less numerous, as shown by google searches for the word Bitcoin, which are 5 times less important than at the end of 2017.

With traditional media echoing the spectacular rise, it is likely that the fear of missing an opportunity will soon reach retail investors.

Currently, the market capitalisation has exceeded 350 billion dollars with a bitcoin that holds 62% of the total. Indeed, in addition to external money, traders sold their altcoins to accumulate bitcoin during this rise.

In terms of technical indicators, the momentum is extremely bullish, and all indicators point to an extremely overbought period.

Although the rise is not yet as sharp as in 2017, the price is very far from the moving average as indicated by the Bollinger Bands and the RSI is at its highest level since late 2017.

What could we expect for the future?

The next few days and weeks will be extremely exciting to follow. If the price can break through the $13’000, there will be no significant resistance left before the $20’000, and we can imagine that this level will be tested. At that moment, a very strong technical and psychological resistance will be encountered, and anything is possible. The most bullish scenario would see Bitcoin pass this level to continue a spectacular ascent (Tom Lee estimates that the Bitcoin can reach 40k in the coming months). Especially if retail investors come into play.

However, we must remain cautious. The current rise is not technically healthy. All technical indicators show an abnormality and the probability of the price returning to the mean is high. A major correction will occur one day or the other before the Bitcoin stabilises. Such a correction could be a good thing to build an intermediate support.

Once the bullish momentum has calmed down for Bitcoin, it will also be fascinating to see how the altcoins will behave. Some of the profits will likely be injected into the most promising and devalued altcoins. Until then, the dominance of Bitcoin is likely to increase further.

If you like this kind of content, follow our Daily Bitcoin Analysis available in our Community App.

Glossary

Moving Average (MA): Trend-following indicator derived from the simple average of the prices on a given time period (for example 20 days).

RSI: The RSI (Relative Strength Index) measures the magnitude and the velocity of price movements. It is deduced from the ratio between positive and negative price changes in a given period of time. This momentum oscillator, measured on a scale from 0 to 100, indicates if the asset is overbought or oversold (usually, an RSI > 70% will indicate an overbought period while an RSI < 30% will indicate an oversold period).

Support/Resistance: Levels where the prices will tend to stop and could probably reverse its trend. A support level will likely tend to stop the prices dropping while resistance is a level where the selling pressure is higher and will likely stop the price rising. Once a support or resistance level are reached, the price will bounce back or breakthrough the level and continue his actual trend.