Bitcoin saw some immense overnight turbulence that caused its price to plummet from highs of nearly $9,900 to lows of $9,400 on many exchanges
This movement liquidated over-leveraged long and short-positions, and further confirmed that BTC is caught within a tight trading range
Despite its current stability, one pattern now indicates that Bitcoin is positioned to make a massive movement in the near-term
One analyst believes that this movement will favor sellers, as a pattern he is watching points to the crypto seeing 18 weeks of blood
Bitcoin has continued consolidating around $9,700 in the time following its recent “Darth Maul” candle that was formed late-yesterday.
This candle – aptly named after the red double-sided saber of a popular sci-fi character – was formed after Bitcoin surged to highs of nearly $9,900 before plummeting down towards $9,400.
After tapping these lows, the crypto quickly rebounded to $9,700 – the level at which it has been trading at for over a week now.
Analysts are growing cautious about the cryptocurrency’s near-term trend, however, as one recently explained that he is anticipating at least 18 weeks of bearish price action before BTC is able to kick off a strong uptrend.
This forecast comes due a historically accurate pattern that has predicted many of the benchmark crypto’s previous price trends.
Bitcoin Consolidates Above Key Trendline as Near-Term Trend Grows Unclear
At the time of writing, Bitcoin is trading down marginally at its current price of $9,720.
The sharp movement seen yesterday evening was likely a liquidity grab from some large market participants who moved to liquidate overleveraged traders.
The cryptocurrency’s trend has grown increasingly unclear throughout the past week, with buyers and sellers largely reaching an impasse in the time following last week’s fleeting rally to $10,400.
How it trends in the near-term will likely be based largely on its reaction to a trendline that it is currently trading above – as reported previously by Bitcoinist.
One analyst pointed to this line – which has been formed since March – and noted that a clean break below it would open the gates for Bitcoin to decline to the $7,000 region.
“Decision day has been postponed – slowly but surely reaching apex of greater trend…”
Image Courtesy of Teddy
This Pattern Signals BTC is in for Months of Red
Another popular cryptocurrency analyst with a track record of accuracy recently put forth a grim path forward for Bitcoin.
He explained that a momentum indicator on BTC’s Gaussian channel is about to turn down, signaling that it could see several months of weakness.
“Momentum on the Gaussian channel about to turn down. Expecting at least 18 weeks of red,” he said while pointing to the chart seen below.
Image Courtesy of Dave The Wave
He also explained that Bitcoin’s Gaussian trends do tend to turn red roughly one year after it peaks – further supporting this potential trend shift.
Featured image from Shutterstock. origin »
NEO has increased by nearly 10% since May 30, breaking out from its trading pattern. After a possible retracement, the price is expected to continue its upward movement. NEO Daily Outlook Since the middle of March, the main support area for NEO was found at 116,000 satoshis.
Ethereum posted an intense breakout rally yesterday that allowed it to set fresh local highs This rally came about rather suddenly, with it coming about prior to any movement seen by Bitcoin or the aggregated crypto market Analysts are now noting that this uptrend may start to falter in the days ahead, as it is currently repeating a pattern that is strikingly similar to that seen in months past This potential weakness comes as Ethereum’s […]
XRP has been largely hovering around the $0.20 region in recent times, failing to garner any decisive momentum as the aggregated market stalls The crypto’s lack of growth in recent times has led it to surrender its spot as the third largest digital asset to stablecoin Tether (USDT) One analyst is now pointing to a grim fractal pattern that shows the cryptocurrency could be at grave risk of seeing a massive downside movement in the […]
Bitcoin saw an overnight decline that has caused it to further extend the bout of consolidation that it has been caught within in the time following its sharp rise to $10,000 This latest movement seems to suggest that there is in fact heavy resistance within the lower-$10,000 region Although its inability to gain a solid foothold within this region does seem to be overtly bearish, the crypto was able to form an elusive “golden cross” […]
On April 30, the Bitcoin (BTC) price reached a high of $9485 and dropped shortly after. The movement since shares some resemblance to a bearish Wyckoff distribution pattern — out of which a breakdown is expected.
On April 2, the Bitcoin price initiated a very swift upward move, rallying from a low of $6,551 to a high of $7,194. While initially, it seemed that this movement would cause a breakout above the current pattern, the higher prices could not be sustained and BTC reached a close of $6,794, slightly below the […]
The post Is Bitcoin Moving in an Ascending Triangle or Wedge? appeared first on BeInCrypto.
On March 24, the Bitcoin price reached a daily close of $6,731 and continued its increase the next day, reaching a high of $6,975. However, the higher prices could not be sustained, and the BTC price failed to close above the major resistance area of $6,900.
Over the past week, Bitcoin's value collapsed under $9000, a movement that continued its pattern since the king coin fell below $9300. The support at $8900 could not facilitate a bounce-back either asThe post Bitcoin CME's Open Interest drops by 40% as consolidation commences appeared first on AMBCrypto.
Following yesterday selloff that sent Bitcoin down to lows of $9,500, the cryptocurrency’s buyers have been able to absorb the intense selling pressure and push BTC higher, with it finding some decent stability within the upper-$9,000 region.
On January 20, the ICON (ICX) price broke out above a descending wedge that had been developing since September 2019. This could be the beginning of a long-term upward movement. ICON Price Highlights The ICON price broke out from a long-term bullish reversal pattern.
On January 14, the IOTA price broke out above a descending resistance line in place for 82 days. Since then, it has increased by nearly 30 percent. The movement could have been the first step in the creation of a long-term reversal pattern, which would be confirmed by a breakout over 2500 satoshis.
The Cosmos (ATOM) price has created a reversal pattern at the support area of 49,000 satoshis. From this level, the price is expected to continue moving upwards. Besides the reversal pattern (double bottom), the upward movement is supported by the ascending support line, which has been measuring ATOM’s rate of increase since October.
On January 14, the Ravencoin (RVN) price reached the 280 satoshi support area — a movement that historically has preceded significant upward movements. In anticipation of this possible increase, the RVN price has created a descending wedge — which is considered a bullish reversal pattern.
On December 16, the XLM price broke down from its trading pattern and has reached a significant support area. An upward bounce is expected to follow — preventing the price from breaking down below the support area.
The Bitcoin price has been trading in a bearish pattern but has shown curious signals of bullish momentum. The direction of the ensuing movement could possibly determine the direction of BTC’s next long-term trend.
The Bitcoin price just completed a Bart pattern to the downside and is in the process of completing another one. The latter could take the price to $7200 or below. On December 4, the Bitcoin price initiated a rapid upward movement, which could have been caused by a massive transfer of Tether to the OKEx […]
The post Bitcoin’s Bart Pattern Makes Another Appearance [Premium Analysis] appeared first on BeInCrypto.
The Ethereum price has recently broken down below a significant support area. Whether it reclaims this area or not will have major implications on the future price movement. The price has been decreasing since November 18, having already lost 20% of its value.
After a significant decline on 25 November, Ethereum's valuation has undergone sideways movement over the past week. The 2nd largest crypto-asset has consolidated between the valuation of $140 and $16The post Ethereum expects positive movement after breach of falling wedge pattern appeared first on AMBCrypto.
The Bitcoin price broke out from an inverted head and shoulders (H&S) pattern. It reached the first minor resistance area before retracing near the breakout level. It is currently attempting to flip the resistance area into support and continue its upward movement towards $8000s.
The altcoin market cap has reached a significant support level and has shown some signs of moving upward. However, the lack of a trading pattern does not allow for confirmation of this upward movement.
Bitcoin’s price movement and its hash rate have long been speculated to have a correlation. Recently, a pattern has emerged which suggests that the price of BTC begins to increase shortly after the difficulty is negatively adjusted.
Over the weekend, the Bitcoin price did not experience significant movement. Its price traded in a range between $8700-$8800 — a very small range, especially for cryptocurrencies. During quiet trading sessions such as these, a common occurrence has been the creation of the Bart pattern — named after The Simpsons character, since the price movement […]
The post Bitcoin’s Latest Bart Pattern Splits Analysts appeared first on BeInCrypto.
Bitcoin’s recent price movement has prompted many altcoins to post significant gains on the cryptocurrency charts. XRP has been struggling to keep hold of the key $0. 30 level and has been trading below it for a while, despite its peer coins recording upward momentum.
Bitcoin’s price has been undergoing crest and trough-like movement, ever since its fall on 24 September. With sharp rises and simultaneous drops, the world’s largest cryptocurrency has not managed to recover from its previous fall.
XRP’s movement in the market has been undergoing a crest and trough-like movement since the beginning of 2019, however, there have been spurts of growth noted. The third-largest coin momentarily breached the psychological support at $0.
After a decisive move in any direction, the price of an asset either creates a continuation or a reversal pattern. As stated by the name, a continuation pattern leads to a movement in the same direction as the prior trend, while a reversal pattern does the opposite.
The cryptocurrency market has been struggling to gain bullish price movement after the massive fall on September 24th, which saw Bitcoin and major altcoins lose their value in double digits. Since then the market has not seen any significant surge in prices, as the wave of market corrections often neutralized the small gains.
Chart patterns are used in technical analysis to limit the scope of possible price movement. Additionally, the type of pattern created often indicates the direction of the decisive move that breaks the pattern.
XRP’s price rejoiced in the bullish waves from early September. However, that growth was obstructed by the bear attack. Despite the fall, the price of XRP did see some upward movement as it neared the breaching of an imminent bullish pattern.
September has been surprisingly exciting for altcoins as many witnessed significant price movement and key resistances were breached in the process. Ethereum is noted to be the top-performing alt at the moment; Litecoin also joined the bandwagon of demonstrating positive growth.
XRP’s price has witnessed substantial volatility; over the past two weeks, XRP’s price slumped on various occasions but the valuation managed to exhibit a minor hike. 1-hour chart In the 1-hour chart, it can be observed that the coin’s movement adhered to a falling wedge pattern before a bearish breakout unfolded.
The leading digital asset keeps trading above the support level of $9,100; the buyers manage to keep the leadership. The movement upwards should be confirmed by a breakaway of the upper border of the Triangle pattern and securing above $12,385, in which case the levels of $15,000 and $16,000 per coin may become available in the short term.
OMG/USD market bulls may be pushing northward slowly between $1. 60 and $1. 40 levels afterward. The bears’ force seems to be getting fade gradually in the OMG/USD market. OMG/USD Medium-term Trend: Ranging Supply levels: $1.
Another day has brought another movement in BTC markets and yet again it has been downwards. As bitcoin price battles to stay above $10,000, analysts are looking at new levels of support. Bitcoin Bart Patterns Back Yesterday’s bounce from $9,500 topped out at around $10,180, hitting the 200-hour moving average twice.
The bitcoin price movement has become quite complex and most analysts are not sure where it could be going next. The pattern has been unstable since the last week and the future seems to be getting bleaker as Bitcoin has failed to reach $12,000 again since the 30% correction experienced recently.
Bitcoin (BTC) has not experienced any substantial market movement since June 4. The world’s leading cryptocurrency has been fluctuating between $7,440 and $8,100 from the last seven days. The move has established a strict $600-wide sideways pattern, which is offering day traders plenty of opportunities to enter and exit the market on smaller profits.
The cryptocurrency market saw a sudden surge in the prices of most cryptocurrencies, including Tron. However, this current surge in prices was followed by the large-scale movement of various coins.
Bitcoin has been on a parabolic bullish rally for quite a while, which was followed by sideways movement of the price. However, at press time, the pattern formed indicated an imminent correction.
Ethereum [ETH] rode a slow and consistent bullish wave throughout the year, following the surprising 66% spike in December 2018. On the contrary, Tron [TRX] displayed an overall growth pattern dissimilar to the world’s second largest cryptocurrency, moving sideways through 2019.
The cryptocurrency market’s return to the sideways movement pattern has discouraged many new investors and institutions from trying their hand at the field of digital assets. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Tron [TRX] were all subjected to this price clamp, as evidenced by the stagnation of their market volume and market cap.
Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:Figure 1: BTC-USD, Daily Candles, Macro ResistanceWe can see a clear, descending supply-and-demand channel that governed the market for the last two months.
LTC/USD Medium-term Trend: Ranging Resistance Levels: $66, $68, $70 Support Levels: $30, $28, $26 Yesterday, November 21, the price of Litecoin was in a sideways trend. The digital currency fell to the low of $33.
LTC/USD Medium-term Trend: Bearish Resistance Levels: $66, $68, $70 Support Levels: $30, $28, $26 Yesterday, November 20, the price of Litecoin was in a bearish trend. The crypto's price no longer follow the bearish pattern of lower lows and lower highs.
Bitcoin broke the two-week pattern of low volume consolidation today with bearish downwards movement. Although Ripple’s digital currency XRP was initially outperforming when Bitcoin began its consolidation, it began to mirror Bitcoin and trade sideways over the past week.
Ethereum has continued to mirror Bitcoin with the recent bullish and bearish movements. Bitcoin broke out of its triangle pattern which it had been forming since January on Thursday. Bitcoin underwent a bearish movement which saw it drop below the lower trendline of the triangle.
ETH/USD Medium-term Trend: Bullish Resistance Levels: $260, $280, $300 Support Levels: $200, $180, $160 Last week the price of Ethereum was in a sideways trend. There has been no significant price movement as the digital currency moves in a horizontal pattern.
There is a probability for the uptrend movement this week in case the price breakout to the north from the ascending triangle pattern formed on both daily and 4-Hour charts.
The post Tron (TRX) Price Analysis: Trends of October 2–8, 2018 appeared first on CoinSpeaker.
We are seeing further bullish movement across the market today with some altcoins showing 24-hour increases in the double digits. After a small reversal yesterday, Bitcoin is back to pricing in gains but is fast approaching an area where resistance is to be expected.
Monero has formed the “Ascending Triangle” pattern, which connotes an upward breakout. Should the strong distribution level of $110 get broken, the pair will experience upward movement and get exposed to another strong distribution level at $120.
Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.
Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone.
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone.
Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.
Elon Musk’s crypto investments have soared to staggering new heights, with the combined Bitcoin holdings of Tesla and SpaceX reaching an estimated value of $2 billion.
