Bitcoin has been flashing signs of immense strength throughout the past few days as it pushes up towards the mid-$9,000 region.
Although on a surface level this movement appears to be bullish, it is important to note that the cryptocurrency is now pushing up against heavy resistance. A rejection here could ultimately lead it to see massive losses in the days and weeks ahead.
This potentially imminent decline could erase virtually all of the gains that have come about as a result of the latest uptrend.
One analyst believes that it could even result in a full-fledged downtrend if buyers are unable to support the crypto above $9,100.
Bitcoin Climbs to $9,500 as Upwards Momentum Mounts
At the time of writing, Bitcoin is trading up just over 3% at its current price of $9,460. This marks a notable upswing from the cryptocurrency’s recent lows of $8,800 that were set earlier this week.
BTC has been struggling to garner any significant momentum in the time following its recent series of rejections at $10,000. Today’s climb may allow it to revisit these highs, however.
In the near-term, analysts are cautious about being too bullish on Bitcoin, as it is currently pushing up against a heavy resistance level that could ultimately lead it to see some major losses.
It appears that this resistance exists around $9,500, and another rejection here could be enough to spark a full retrace.
One popular pseudonymous trader spoke about this in a tweet, explaining to his followers that there are a few factors suggesting that the crypto is fundamentally weak.
He points to the fact that the crypto is currently trading at its range highs, is underneath a key trendline, and is pushing against heavy resistance as reasons why he is bearish.
“BTC – Still remaining flat. Areas of interest: * 94 – 95s * Range highs * Trendline underside * Any signs of weakness and failure to hold 91s – then may flip short,” he explained while pointing to the $8,300 target on the chart seen below.
Image Courtesy of TraderXO
BTC Fast Approaches Critical Monthly Close
Another analyst recently explained that Bitcoin is fast approaching a key monthly close that could have heavy influence over where it trends throughout the summer months.
He notes that Bitcoin has not closed above $9,360 in nearly 12 months, adding that previous rejections at this level have catalyzed massive downturns.
“People referring to the importance of this BTC level, so I thought I’d provide you with the Monthly view. We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k. 4h range bouncing around this level,” he stated.
Image Courtesy of Cold Blooded Shiller
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Celestia has gained nearly 6% in the past 24 hours, and traders are watching closely to see if it can push even higher. Right now, the key resistance level sits between $4. 50 and $5. 00. If the price of TIA can break above this zone and hold, it could continue climbing toward $5.
Ethereum is showing positive signs and it broke the $205 resistance against the US Dollar. ETH price could rally significantly if there is a clear break above the $210 resistance. Ethereum gained traction and managed to climb above the $205 level and the 100 hourly SMA.
Bitcoin may have stumbled at resistance and could be heading for a prolonged period of consolidation at lower levels. Ethereum, however, could be on the cusp of another bull market as on-chain metrics and signs continue to improve.
Bitcoin saw a sharp rise overnight that allowed it to firmly surmount the $9,000 region This upwards movement liquidated nearly $20 million in short positions, with buyers now attempting liquidate even more shorts in an attempt to fuel an uptrend The crypto has been rejected within the $9,200 region, however, which could halt its short-term uptrend Analysts are now also noting that heavy resistance just above Bitcoin’s current price level could be enough to fuel […]
MATIC has just broken out from an important resistance level and could increase rapidly due to the lack of resistance above the current price level. While REN has successfully flipped and important horizontal resistance level, its upside potential seems limited, due to the fact that it has yet to clear numerous important resistance areas.
The crypto market is flashing some overt signs of weakness as Bitcoin leads most major altcoins lower Although some smaller tokens have been able to escape these losses, the aggregated market recently tapped a major resistance level, opening the gates for major downside This has led traders to widely note that Bitcoin and other major alts like Ethereum could be positioned to see immense losses in the near-term Bitcoin and the aggregated crypto market have […]
ALGO has reclaimed a long-term support level and created a bullish reversal pattern. RSR is attempting to break out above a very important resistance level but has yet to do so. Algorand (ALGO) The possibility of the ALGO price moving upwards was shown by @damskotrades, and it shows that the price has just reclaimed the […]
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The ICON (ICX) price has been rapidly increasing since May 15 but has reached an important resistance level and it is unclear if it will break out from it. WazirX (WRX) has been showing similar movement to ICX prior to the breakout but has yet to break out from its descending resistance line.
Ethereum is trading nicely above the $192 and $200 support levels against the US Dollar. ETH price could start a strong rally if it clears the $210 and $215 resistance levels. ETH price is showing positive signs above $200 pivot level against the US Dollar.
Bitcoin failed to climb above the $9,950 and $10,000 resistance levels against the US Dollar. BTC price is currently plunging and it is now vulnerable to more losses below $9,400. Bitcoin is down more than 3% from the weekly high and it is now showing bearish signs.
Theta Token (THETA) has broken out above an important resistance level and validated it as support afterwards. RVN has yet to break out but is showing strong signs of a reversal. Ravencoin (RVN) Cryptocurrency trader @IncomeSharks outlined an RVN chart in which the price is exiting his buy zone, which is found at 200 satoshis.
Cardano (ADA) has broken out from a short-term descending resistance line. However, it is still trading inside a longer-term symmetrical triangle. A breakout from the latter could send the price to 690 satoshis.
Earlier this week, Ethereum broke out of its long term range. By climbing above $210, Ethereum set itself for long term gains. The largest altcoin has found resistance at $215 and has since retracted to the $212 position.
The Bitcoin price is in the process of breaking out from a descending wedge This movement could take the price all the way to the closest resistance area to create a triple-top. The Bitcoin price is currently trading inside a minor support level, found at $9,550.
Bitcoin appears to have entered a firm consolidation phase within the mid-$9,000 region following the latest rejection at $10,000 In spite of the signs of weakness that BTC has flashed throughout the past several days, it is important to keep in mind that it has sustained above multiple key technical levels It now appears that the cryptocurrency could be well positioned to see further upside, but there is one key resistance level that must be […]
Bitcoin has entered a firm bout of sideways trading as it struggles to garner any notable near-term momentum This comes shortly after its latest rejection at $9,900, which confirmed that the heavy resistance around $10,000 may prove to be insurmountable This short-term volatility doesn’t seem to be phasing investors, as data shows that exchanges have seen a balance decline of $3 billion worth of BTC since March 12th Bitcoin and the aggregated cryptocurrency market have […]
The Bitcoin price has broken down from an important support area and is in the process of validating it as resistance. If the price gets rejected, it could signal the beginning of a corrective period.
The Tezos (XTZ) price is approaching an important support level that could reverse the ongoing bearish trend. The reversal would be confirmed with a breakout above the current descending resistance line.
Bitcoin is breaking out as demand continues rising, but there is a major resistance barrier sitting ahead that could put a stop to its advance. Demand for Bitcoin Is Skyrocketing...
The post Bitcoin Takes Aim at Multi-Year Resistance as it Heads to $10,000 appeared first on Crypto Briefing.
Bitcoin broke a major resistance zone near $9,000 and $9,100 against the US Dollar. BTC price is gaining momentum and it could soon climb above $9,500 and test $10,000. Bitcoin started a strong rise and broke the key $9,100 resistance zone.
Ripple remained strong above $0. 1900 and $0. 1920 against the US Dollar. However, XRP must surpass the $0. 2000 and $0. 2050 resistance levels to gain bullish momentum in the near term. Ripple is slowly moving higher and it is trading above the $0.
Bitcoin jumped above the $8,800 and $9,000 resistance levels against the US Dollar. However, BTC is facing a major hurdle at $9,100, above which it could rally sharply. Bitcoin is currently consolidating in a broad range below the $9,000 and $9,100 levels.
Bitcoin has been able to maintain the bulk of the gains that came about during yesterday’s intense upswing Buyers are still struggling to firmly surmount the key $10,000 region, however, as it appears that bears have established heavy resistance here The cryptocurrency could still be on the cusp of entering a macro bull-cycle, and one analyst is noting that the key level that needs to be shattered exists just above BTC’s current price Bitcoin has […]
Ethereum is up around 2% and it broke the key $210 resistance against the US Dollar. ETH price is showing positive signs and it could rise further, similar to bitcoin. Ethereum is slowly moving into a bullish zone above the $210 pivot level.
Bitcoin has posted a notable upswing today that has allowed it to approach its next key resistance level at $9,500 The cryptocurrency’s intense uptrend is showing no signs of slowing down as it continues gaining dominance over the entire market Some analysts are now noting that altcoins could be positioned to see some serious losses in the weeks ahead as they all decline against their BTC trading pairs The aggregated cryptocurrency market has continued declining […]
Ethereum saw a sharp overnight selloff that caused it to briefly dip into the sub-$200 level, putting it at grave risk of seeing a capitulatory decline Buyers were able to guard against this, however, and subsequently propelled the cryptocurrency back into the $200 region It now appears that ETH could still be at risk of seeing significant near-term downside, however, as a failure for it to surmount a resistance level it is currently stuck below […]
Bitcoin saw some notable overnight volatility that caused it to post an upswing followed by a swift rejection, before once again climbing higher The benchmark cryptocurrency is now moving to test its next key resistance that sits at roughly $9,500 Analysts are now noting that a clean break throughout a heavy overhead supply region just above BTC’s current price could be just what it needs to make a move up to $14,000 Bitcoin’s intense uptrend […]
• LTCUSD keeps fluctuating below $50, still struggling and it could decline heavily below the support area. • The coin still remains in a bullish trend in the short-term. LTC/USD Medium-term Trend: Ranging • Resistance Levels : $70, $80, $90 • Support Levels: $20, $10, $5 Litecoin continues in a range-bound market in its medium-term […]
Bitcoin is trading in a positive zone above $9,150 and $9,200 against the US Dollar. BTC could start a strong rally if there is a clear break above $9,400 and $9,500. Bitcoin is slowly rising towards the key $9,400 and $9,500 resistance levels.
Bitcoin saw a notable upswing today that allowed it to firmly surmount the heavy resistance it was previously facing at $9,200. Today’s price action has marked the first sustained period of trading within the $9,000 region that the cryptocurrency has seen since late-February.
Ethereum has been able to capture some notable upwards momentum today, surging towards its key near-term resistance at $210 as the aggregated crypto market pushes higher. This has allowed the crypto to narrowly avoid seeing massive losses stemming from a previously bearish market structure that it had formed. ETH isn’t completely out of the woods...
On May 6, the Bitcoin price finally broke out from the resistance line it had been following over the past week. This could be a sign that the BTC price is ready to move towards new highs. In this article, we will take a look at the Bitcoin price movement, along with nine other cryptocurrencies, […]
The post Crypto Price Analysis May 6: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK appeared first on BeInCrypto.
Following an extended period of consolidation within the upper-$8,000 region, Bitcoin has finally garnered enough momentum to surmount its resistance at $9,200 This movement has opened the gates for significantly further upside, as it took out a major liquidity region and has yet to face any type of harsh rejection One analyst is explaining that a continued defense of $9,200 is all that BTC now needs to make a bid at the $10,000 region Bitcoin’s […]
The Bitcoin price has reached a descending resistance line that has been in place for more than two years. A breakout above this line would have major bullish implications for the future price. Well-known trader @crypto_rand outlined a BTC chart that shows a possible bullish pennant, which he believes could cause a breakout, giving a […]
The post Outlining a Bullish Wave Count for Bitcoin appeared first on BeInCrypto.
Bitcoin has fallen back into the upper-$8,000 region after facing yet another firm rejection at $9,200 This latest rejection marks the third one that the cryptocurrency has seen in recent times, signaling that the resistance here could ultimately prove to be insurmountable Analysts are now noting that Bitcoin is flashing signs of forming a local top, signaling that the crypto is now poised to see further downside in the days and weeks ahead Bitcoin has […]
Ripple extended its rally above the $0. 2200 resistance against the US Dollar. XRP price is showing many positive signs and it could continue to rise towards $0. 2500 or $0. 2600. Ripple price is up close to 10% and it climbed above the $0.
Ethereum is up more than 12% and it broke the $220 resistance against the US Dollar. ETH price is likely to continue higher and it could even test the $240 and $250 levels. Ethereum is surging and it recently broke the $215 and $220 resistance levels.
The Ethereum price hits eight-week high after rising alongside top rival Bitcoin in tandem. The second-largest cryptocurrency faced resistance near $212, but it could close above it owing to a bullish macro narrative.
Bitcoin resumed its upward momentum Wednesday as the price inched closer towards $8,000. The benchmark cryptocurrency closed the day above the key resistance area around $7,800. While $8,000 remains untouched during the current rally, optimistic traders believe that a new bull run could be in the cards, especially considering that the BTC price currently trading […]
The post Cryptocurrency News Roundup for April 28, 2020 appeared first on BeInCrypto.
Bitcoin is showing bullish signs above the $7,700 level against the US Dollar. BTC could start a strong pre-halving rally if it breaks the $8,000 resistance and the 100-day simple moving average. Bitcoin is following a positive path above the $7,500 pivot level against the US Dollar. The price is now facing a major hurdle...
Ethereum has pushed higher despite Bitcoin’s stability, leading bulls to retest its key near-term resistance The cryptocurrency is on the cusp of forming a highly bearish technical formation that could be confirmed if it posts another harsh rejection at its current price level This comes as 92% of traders on Bitfinex go long on ETH, signaling that a long squeeze may be imminent Although Bitcoin has continued extending its bout of rangebound trading within the […]
Bitcoin remains in the $7,700 area, trying to break through the resistance. A top analyst and trader reveals one condition under which BTC could skyrocket toward $10,000
The Bitcoin price is trading inside both a long and short-term ascending channel. The price is approaching a confluence of resistance levels found near $8,000. A definitive breakout above this level could indicate that the price has begun a new upward trend.
Bitcoin is struggling to overcome stubborn resistance around $7,800 despite two consecutive attempts on Monday. The possibility of a retreat to $7,600 seems likely. Some analysts believe the dip could take BTC to $7,400 before embarking on a new rally towards the psychological barrier at $8,000.
Ethereum is following a short term declining pattern from the $198 resistance against the US Dollar. ETH could spike towards the $188 or $185 support before it rallies above $200. Ethereum is slowly moving lower after it failed to surpass the $198 and $200 resistance levels.
Bitcoin is struggling to surpass the $7,800 resistance area against the US Dollar. It seems like BTC price could dip towards $7,600 or $7,400 before a fresh rally towards $8,000. Bitcoin made two attempts to clear the $7,800 hurdle against the US Dollar, but it failed.
Bitcoin’s rebound from its mid-March lows has led the cryptocurrency to climb up towards $8,000 – a price point that is proving to be a major resistance level for BTC. This resistance has led the crypto to face multiple harsh rejections here, although buyers have remained largely unphased due to the strength of this recent...
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
