Bitcoin was rejected on a few occasions near $7,260 and $7,300 against the US Dollar.
The price is currently declining and it remains at a risk of more downsides below $7,000.
There is a declining channel forming with resistance near $7,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Ethereum is also struggling below $132, but it is likely to bounce back as long as it is above $120.
Bitcoin price is showing a few bearish signs below $7,300 and $7,260 against the US Dollar. BTC could decline heavily if there is a clear break below $7,000.
Bitcoin Price Analysis
In the past few days, bitcoin bulls failed to gain traction above $7,320 and $7,300 against the US Dollar. Moreover, there were a few attempts to rise steadily above $7,300, but BTC failed to settle above $7,260.
The price is now trading well below $7,300 and the 100 hourly simple moving average. The last swing high was formed near $7,235 before the price declined below the $7,200 support.
Besides, there was a break below the 50% Fib retracement level of the upward move from the $7,111 low to $7,235 high. It opened the doors for more losses below $7,150 and $7,100.
At the moment, bitcoin price is trading below the last swing low at $7,111. Therefore, it could extend its decline towards the 1.236 Fib extension level of the upward move from the $7,111 low to $7,235 high at $7,082.
However, the bears are likely to gain momentum below $7,080. In the mentioned case, the next target may perhaps be $7,000 in the coming sessions. An intermediate support is $7,040 or the 1.618 Fib extension level of the upward move from the $7,111 low to $7,235 high.
Any further weakness below $7,000 might accelerate decline and the price could even hit the $6,800 support area. On the upside, there are many hurdles forming near $7,200 and $7,260.
Additionally, there is a declining channel forming with resistance near $7,180 on the hourly chart of the BTC/USD pair. A successful break above the channel resistance, $7,260, the 100 hourly SMA, and the $7,300 barrier is needed to start a decent upward move towards the $7,500 resistance.
Bitcoin Price
Looking at the chart, bitcoin price is clearly struggling to climb above $7,260 and the 100 hourly SMA. As a result, there are chances of a sharp decline below the $7,080 and $7,000 support levels.
Technical indicators:
Hourly MACD – The MACD is currently gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.
Major Support Levels – $7,080 followed by $7,000.
Major Resistance Levels – $7,260, $7,300 and $7,320. The post appeared first on NewsBTC. origin »
The bitcoin price just strongly rejected the $8,600 level, breaking down from a tight range for the first time in four days. BTC dropped below $8,400 on major exchanges like BitMEX, leaving the dominant cryptocurrency vulnerable to a deeper pullback.
Over the past few hours, Bitcoin (BTC) has shown strength rather uncharacteristic to its performance over the past few weeks, surging to $7,520 just an hour or two ago. But since then, the price of the leading cryptocurrency has retreated, returning to $7,350 after bulls failed to break through $7,500.
Bitcoin’s price has been stuck within a firm and unwavering trading range within the lower-$7,000 region over the past week, with each attempt to rally being quickly rejected by aggressive selling pressure that has led BTC to remain stuck around its current price levels.
Bitcoin has incurred multiple bouts of bullishness over the past several days and weeks, with each rally resulting in a strong rejection that leads the cryptocurrency to fully retrace its gains. This pattern occurred again today, when BTC surged to highs of nearly $7,500 before incurring a strong and swift rejection.
Since yesterday, Bitcoin’s price movement has been flowing downward in a series of waterfalls, with some sideways movement in between. The daily close yesterday being rejected at the two-year movingThe post BitMEX Bitcoin longs worth $3.
Bitcoin price has been falling over the last few months ever since the first-ever cryptocurrency was rejected at $14,000 this past June. The severity of the downtrend has picked up over the last several weeks, and may have just come to its climax, if a powerful upsurge in response to today’s low ends up being.
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In October this year, the SEC rejected Bitwise’s application for a Bitcoin ETF in partnership with NYSE Arca. The regulator has now announced they are willing to give the ETF proposal a second look, and invites any party to file a statement in support of the product by December 18, reported on November 18, 2019.
Towards the beginning of last month, the United States' Securities and Exchange Commission [SEC] rejected a Bitcoin Exchange Traded Fund [ETF] proposal put forward by Bitwise Asset Management. The SECThe post Bitwise's rejected Bitcoin ETF proposal to be reviewed: SEC appeared first on AMBCrypto.
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The post Bitcoin Price Analysis: Breakout Gets Rejected as Supply Drowns Bulls appeared first on Bitcoin Magazine.
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The hope and anticipation associated with a Bitcoin ETF bit the dust yet again after the last proposal for an ETF, one submitted by Bitwise Asset Management, was recently rejected by the United States’ Securities and Exchanges Commission.
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The post SEC Rejects Bitwise’s Bitcoin ETF Proposal appeared first on Bitcoin Magazine.
US Securities and Exchange Commission (SEC) has rejected the last Bitcoin exchange-traded fund (ETF) of the year and crushed the hope for a BTC ETF in 2019. On Oct. 9, the SEC issued a 112-page order disapproving NYSE Arca’s proposed rule change to list and trade shares of the Bitwise Bitcoin ETF Trust. The “detailed […]
The US Securities and Exchange Commission (SEC) stated yesterday that it hadn’t approved the Bitcoin exchange-traded fund (ETF) proposed by Bitwise Asset Management. SEC’s Decision on Bitcoin ETF in Line with Expectations While the SEC rejected Bitwise’s BTC ETF, the regulator didn’t mind to release a super-detailed explanation that counts 112 pages.
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Bitcoin (BTC) has been facing a long bout of consolidation ever since it was rejected at its 2019 highs of $13,800 earlier this summer. Simultaneously, the equities markets have also faced a period of consolidation throughout 2019, after trade tensions and global political instability slowed the market’s meteoric ascent.
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Bitcoin price is finally taking a much-needed breather, after rallying for five months straight and bringing crypto investors who bought the bottom as much as 300% returns before it was rejected at $14,000 per BTC.
Imagine for a moment that Craig Wright truly is who he says he is; the inventor of Bitcoin. Imagine you are one of the few who, despite the evidence against his many rambling arguments, believe he truly is the creator of this revolutionary monetary system, now rejected by its creator because it has been used […]
The post Wright Buys More Time: But Does His Testimony Hurt Or Boost Bitcoin? appeared first on Crypto Briefing.
All this week, Bitcoin price action has been heating up, bringing traders the most volatility seen since the last bull run. The price of the leading crypto asset by market cap violently bounced back and forth between $10,500 and $13,000 for much of yesterday after it was rejected at overhead resistance at $14,000.
Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.
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