Bitcoin prices rallied Wednesday to reach an intraday top at about $6,983 but the move did not improve its bearish outlook for the rest of the month.
The bitcoin-to-dollar daily chart saw the formation of two extremely bearish patterns: Death Cross and Double Top. The former appeared after bitcoin’s short-term moving average slipped below its long-term moving average. Meanwhile, the latter appeared as the price reached a peak two consecutive times with a moderate decline between them.
BTC/USD forming death cross and double top on the same day | Source: TradingView.com, Coinbase
The chart confirmed the partial formation of Double Top after traders failed to move prices past the $6,900-resistance level second time in two weeks. They plainly liquidated their long positions at local tops to take short-term profits, remaining unsure about how the bitcoin market would play out long-term against the Coronavirus-induced global market sell-off.
The bitcoin-to-dollar exchange rate corrected by more than 6 percent from its $6,983-top during the European morning session. The pullback raised the possibilities of a full-fledged Double Top confirmation, now eyeing a confirmation once the price hits the Double Top Support of $5,657, as shown in the chart above.
As for Death Cross, the technical indicator’s formation last year led traders to push the bitcoin price down by 39 percent. In 2018, the cryptocurrency plunged by almost 55 percent after the bearish signal flashed in March.
Bulls Don’t Care
As technical indicators print a scary outlook for bitcoin, its long-term supporters are finding the bullish case in macroeconomic narratives.
The fast spread of Coronavirus pandemic wiped about $4 trillion off the US stock market since its February’s peak, according to CBS News. The Federal Reserve and the US government took a combined action to cure the market’s outlook. Their solution: cutback interest rates to near zero, launch bond-buying programs and inject $2 trillion into the banking system.
Changpeng Zhao, the chief of the world’s leading crypto exchange Binance, treated the Fed’s emergency stimulus program as good news for bitcoin. The celebrated entrepreneur noted that some portions of the new liquidity could end up in the cryptocurrency market, leading its overall valuation higher.
“As we get used to [talking] about Trillions, a modest $2 trillion market cap of bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right? As most BTC are not for sale (HODLers), we only need a small portion of that $2t to buy to reach it.”
Michael Novogratz, a billionaire investor who oversees crypto merchant bank Galaxy Digital, built upon Mr. Zhao’s comments, stating that “Millenials and Gen Z” would buy bitcoin to safeguard themselves from hundreds of trillions of dollars worth of debt their predecessors – boomers – have left for them.
Millennials and Gen Z get to inherit all these liabilities being written by the +75 crowd in charge today. Really doesn’t seem just. The Boomers will go down as the generation that bankrupted the USA. Maybe why young people like $BTC.
— Michael Novogratz (@novogratz) March 25, 2020
As of the time of this writing, the BTC/USD exchange rate was trading close to $6,500, down almost 3.6 percent from its intraday high. Meanwhile, the overall cryptocurrency market was down $6.36 billion into the day. origin »
Bitcoin is likely forming a double top pattern near the $6,000 resistance against the US Dollar. BTC price remains at a risk of a sharp decline below $5,000 if it fails to recover above $6,000. Bitcoin is showing a few bearish signs below the $6,000 and $6,200 resistance levels against the US Dollar. There is...
Chainlink saw its price double since December. Nevertheless, LINK is preparing for a steep correction, according to one prominent chartist. Different indicators support the prediction. Chainlink Presents Multiple Bearish Signals...The post Chainlink Will Suffer Deep Decline Says Analyst appeared first on Crypto Briefing.
On Tuesday, the crypto market mounted a strong recovery, with the prices of Bitcoin, Ethereum (ETH), and other digital assets strongly bouncing off the weekend lows. At Tuesday’s local peak, BTC was trading 8.
The derivatives market has been one of the largest benefactors of the recent bullish rally. Bitcoin's price is up by more than 35 percent since 2020 dawned and December's bearish doubts have been castThe post Bitcoin premium rates on BTC contracts double for February, March appeared first on AMBCrypto.
Bitcoin struggled to break the $8,900 resistance on two occasions against the US Dollar. BTC price is showing a few bearish signs and it seems like it could decline towards $8,300 or $8,200. Bitcoin price is likely forming a double top pattern near the $8,900 resistance against the US Dollar.
The Bitcoin price broke out from a descending wedge. The breakout was swift and done with significant volume. Currently, it is trading slightly above the previous breakdown level, right at the 100-day moving average (MA).
The world’s second largest cryptocurrency has been enduring a tough time in October. After exhibiting strong bullish fundamentals in September and recording a growth of over 30 percent, the asset was back under a bearish stronghold and was dwelling under the $200 range, at press time The steep declined on 24 September stripped off its […]
The post Ethereum sees double ascending channel formation as price nears another fall appeared first on AMBCrypto.
The cryptocurrency market has been trying to breakout from the bearish price movement that began on 24 September, a day which saw a majority of the tokens including Bitcoin, Ethereum and XRP bleeding by double digits.
The cryptocurrency market has been on a recovery mode ever since the drastic price fall on 24 September, a price fall which saw most of the coins bleed by double digits. Cardano’s [ADA] price fell from $0.
Bitcoin price is once again falling, and already there are extremely bearish price targets ranging from former bear market support at $6,000, to under $5,000, to a double bottom, and potentially all the way down at $1,000 per BTC.
Pardon me, may I double-dip in the bearish sauce? Bitcoin, after flirting with $10,000 for several months has finally made a move. Unfortunately for the romantics in the market, that move points to the red of rejection rather than the green of getting somewhere.
With the emergence of two 4-hour candlesticks with double top shadows against a high point of $13 on July 20, the REP/USD pair has relatively dropped. A low point of around $11 may be obtained down out of the REP/USD market's short-term $11.
A bearish week for Bitcoin ended with the majority of the crypto market suffering double digits trading losses. Aside from price action, tweets about Bitcoin and crypto from US President Donald Trump led to an inevitable wave of responses and opinions on crypto social media.
Predicting prices in the financial market could be a tough ask, as there is no certainty on what factors would lead to the next surge or dip. This case gets even more resounding in terms of Crypto space given the volatile nature of the markets, which can see the prices sore in double digits one […]
Bitcoin price seems to be forming a strong support base near $7,440 against the US Dollar. The price recovered above $7,700 and it is currently trading near the $7,800 resistance area. There is a major bearish trend line forming with resistance near $7,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin Cash Price Analysis: Bitcoin Cash / USD Significant declines took place across the cryptocurrency market on Monday and Tuesday this week. A double bearish divergence formed on the Bitcoin Cash daily USD chart prior to these declines.
Steem has a bearish short-term outlook, with the cryptocurrency now trading below its 200-period moving average on the four-hour time frame The STEEM / USD medium-term outlook is bearish, with price trading below the pair’s 200-day moving average The daily time frame is showing that a head and shoulders pattern is taking shape.
Bitcoin price formed a double bottom pattern near $4,940 and climbed higher against the US Dollar. Bulls pushed the price above the key $5,150 and $5,160 resistance levels. Yesterday’s highlighted major bearish trend line was breached at $5,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Introducing our first video price analysis by Bitcoin Schmitcoin.
Summary:Bitcoin broke out of a massive consolidation pattern known as an “Adam and Eve” double bottom.
Long-Term Outlook A look at the Weekly logarithmic chart for XLM shows that the price is currently trading above the between the resistance and support areas at $0.16 and $0.06 respectively. Furthermore, it has found support above the 200-period moving average but is trading below the 21 and 50-period which have made a bearish cross, […]
Stellar Lumens Price Prediction: XLM Made a Short-Term Double Top was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
Monero (XMR) XMR has managed to rise past $50 in the last few hours. In a classic double bottom reversal pattern, the currency managed to extend above $50 on the hourly charts to record its current level of $50.
As Bitcoin moves ever closer to its block reward reduction, analysts are becoming more and more convinced that BTC will rally into the quadrennial event. One analyst notes that as this market nears the auspicious shift in issuance, the cryptocurrency could double by value, especially considering historical trends.
Recent Gains Not Indicative Of Future Growth, Most Analysts Agree On Bearish Run The stock market is known for its capricious nature. Following a rally from last week, most crypto assets saw a surge in its prices.
Long-Term Outlook A look at the Weekly chart for XLM in logarithmic form shows that price is currently trading at $0. 077, slightly above the main support area formed by the highs of 2017 near $0.
Long-Term Outlook A look at the Weekly chart for BNB in logarithmic form shows that price is trading at $7, very close to the 7-period MA and the previous resistance area at $7. 5-$8. 5. The nearest support area can be found at $4.
The grinch is in town. What started off as a bullish Christmas eve has turned into quite a bearish Christmas day. What we just experienced is a textbook bull trap. Let’s talk about it. They say a picture is worth a thousand words, that’s why one look at Bitgur’s cryptocurrency heat map is all you […]
The post Cryptocurrency Markets Bleeding – Double Digits Losses Across the Board appeared first on NullTX.
For a markedly bearish year, 2018 turns out to have been pretty good for the spread of cryptocurrency teller machines. The number of bitcoin ATMs around the world has approximately doubled in the past 12 months.
XLM/USD Medium-term Trend: Bearish Supply zone: $0. 2000, $0. 2500, $0. 3000 Demand zone: $0. 1000, $0. 0800, $0. 0600 XLM continues in a bearish trend in its medium-term outlook. The strong bearish pressure from the double top confirmed by the bearish doji on 1st December pushed XLMUSD to $0.
Key Points Bitcoin cash price dipped sharply and retested the $410 support area against the US Dollar. There was a break above a connecting bearish trend line with resistance at $415 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Key Points Bitcoin price declined recently and tested the $6,350-60 support area against the US Dollar. There is a major bearish trend line formed with resistance at $6,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Justin Sun, TRON founder, is among the top 3 social media active crypto figures as of press date. The TRX founder has tweeted to the advantage of this native token a couple of times. In fact, sometimes the impact has been significant enough to counter a bearish market trend even just for a day or […]
When we last discussed the ETH-USD pair, the price was testing support in the mid $200 range. Since then, the market has dropped another 30% as ether tests the waters in the upper $190 range:Figure 1: ETH-USD, 1-Day Candles, Macro TrendThe volume on the current drop has been exceptionally high compared to the beginning of its descent from the $800s.
Altcoins are suffering steep losses today with some in the double digits. Bitcoin is trading flat, but confidence is being lost in altcoins as money moves out and into either Bitcoin or fiat. EOS has returned to sub $5 levels with yesterdays daily candle forming a marubozu candle.
Crypto prices have risen to dizzying heights and then gone through bearish times over the years. Traders have made millions of dollars and others have lost just as much. Some institutions have hailed cryptos as the next big thing while others have banished them, terming them bubbles and scams. However, there has been one market […]
As traders sync with this bearish market, NEO, DASH, IOTA and Cardano have new 2018 lows with ADA especially seeking to print lower than its all-time lows at 7 cents. In the meantime, IOTA, DASH, NEO are registering double digit losses as ETC test $12 reversing June 2018 gains in the process. Either way, the […]
Key Highlights Ethereum classic price retested an important support area near $15. 75 against the US dollar. There is a crucial bearish trend line forned with resistance at $16. 20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
Bitcoin Cash Price Key Highlights Bitcoin Cash also formed a double bottom reversal pattern and appears to be inching past the neckline. In that case, this could confirm that bulls are back in the game and ready to take price much higher from here.
Discover why ZKP is standing out as a top presale crypto, with privacy + verification technology that supports secure, verifiable AI compute as its presale auction goes live.
A staged fake-delivery encounter in San Francisco’s Mission Dolores district escalated into one of the city’s largest known individual crypto thefts, after a disguised assailant subdued a resident and escaped with assets worth $11 million, alongside the victim’s phone and laptop.
Best Wallet Token nears its presale finale with $17M raised, live app utility, and strong staking rewards—making BEST a leading contender for the next 100x crypto.
Hyperliquid displays a Head and Shoulder pattern of HYPE token, which indicates a significant price change. The $35.5 neckline is crucial with a target of $12.
In a recent financial statement on Circle’s (CRCL) third-quarter (Q3) performance, the stablecoin giant saw tremendous increase in key metrics, exceeding Wall Street estimates. Circle’s Financial Disclosures According to the financial disclosures made public by the firm on Wednesday, Circle’s Reserve Income surged to $711 million, marking a substantial 60% year-over-year increase, primarily fueled by […]
According to a recent report by Bloomberg, the cybersecurity arm of China has openly accused the US government of orchestrating the theft of approximately $13 billion in Bitcoin (BTC), adding tension to the ongoing cyber relations between the two nations.
