Bitcoin price failed to stay above the key $8,500 support area and extended its decline against the US Dollar. BTC price is likely to continue lower towards $8,000 or $7,880.
Bitcoin started a strong corrective decrease from the $9,200 resistance area.
The price broke the key $8,500 and $8,470 support levels to move further into a bearish zone.
Yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to extend its decline towards the $8,000 support level in the near term.
Bitcoin Price Is Facing Hurdles
Yesterday, we discussed the importance of the $8,500 and $8,470 support levels for bitcoin against the US Dollar. BTC price failed to stay in the bullish zone and recently declined below $8,470.
Moreover, there was a close below $8,500 and the 100 hourly simple moving average. As a result, there was a downside extension and the price traded below $8,300.
A new weekly low is formed near $8,263 and the price is currently consolidating losses. An initial resistance for the bulls is near the $8,380 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.
The first major resistance on the upside is near the $8,470 level (the recent breakdown level). Additionally, yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair.
Bitcoin Price
The next key resistance is near $8,500 and $8,520. It coincides with the 50% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.
Therefore, bitcoin price must settle above $8,470 and $8,520 to move back into a positive zone. In the mentioned case, it could revisit the $8,800 resistance area.
BTC Could Revisit $8,000
If BTC price continues to slide, it could struggle to stay above the $8,200 support area. In the mentioned case, there are high chances of it hitting the $8,000 support level in the near term.
Overall, bitcoin is showing a few bearish signs and it seems an interim top is formed near $9,200. The next set of bearish targets could be $8,000 or $7,800, below which the bears might even aim $7,200.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.
Major Support Levels – $8,200 followed by $8,000.
Major Resistance Levels – $8,470, $8,500 and $8,520. The post appeared first on NewsBTC. origin »
Bitcoin seems to be forming a new range around its current levels as the cryptocurrency moves between the $18,600 and $21,000 area. BTC’s price has seen some recovery during today’s trading session and might experience some volatility due to the U.
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On July 21, the Bitcoin (BTC) price created a bullish engulfing candlestick, breaking out above an important resistance area and moving average (MA) that had previously been hindering Bitcoin’s advances.
On June 18, the Bitcoin (BTC) price failed to break out from its current pattern and fell to the $9,250 support area instead. This area is the middle of the long-term trading range BTC has been stuck in since May.
After a brief pause, it seems that Bitcoin bulls are back at it again trying to break above the $10,000 psychological barrier. There is a lot of resistance around this area and Bitcoin has been rejected 2 times from this area in the last 8 months.
The total crypto market cap is showing positive signs above the $210. 0B support area. Bitcoin price needs to surpass the $8,400 resistance area to continue higher in the near term. Litecoin (LTC) price is still struggling to climb above the key $60.
Bitcoin is currently hovering at an area of interest at the middle of its range on the 1-hour time frame, still deciding whether to bounce to the top or head back to support. The 100...
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Bitcoin’s weekly chart shows its price is trading in a historic area of support and resistance. A break below the $3000 support line opens up the possibility of Bitcoin declining to $2000.
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Bitcoin appears to be gaining traction on its bounce and could aim for the Fibonacci extension levels next.
The post Bitcoin (BTC) Price Analysis: Still Hovering at Area of Interest appeared first on Ethereum World News.
In this overview, we explore Kraken and its journey from a Mt. Gox alternative to soften the blow of bitcoin’s dependence on just one exchange to becoming one of the most respected cryptocurrency exchanges in the world.
BCH/USD Medium-term Trend: Ranging Supply zones: $800, $900, $1000 Demand zones: $300, $200, $100 BCH is still in the range in its medium-term outlook. The strong bullish momentum was increased pushing BCH initially to $449.
There are many things going in the world of ransomware and malware. Crypto has continued to be a major target for criminals who operate in this area. There is a new malware called Xbash, which seems to combine all of the worst aspects of existing malware into one. This is a worrisome development, especially if […]
BCH/USD Medium-term Trend: Ranging Supply zones: $800, $900, $1000 Demand zones: $300, $200, $100 BCH continues in the range in its medium-term outlook. The strong bearish pressure within the range dropped the cryptocurrency initially to $417.
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Crypto, charity and cycling. It’s an unlikely triad, but two fitness enthusiasts-turned-crypto philanthropists believe that, taken in combination, the three can drive positive change.
Bitcoin has formed lower highs and found support at the $6,000 area as it forms a descending triangle pattern.
The post Bitcoin (BTC) Price Analysis: Approaching Triangle Support appeared first on Ethereum World News.
The increasingly high positive correlation between Bitcoin and other cryptocurrencies is bringing their prices down, now that the tide has turned against Bitcoin since the spectacular rally towards the $20,000 area in mid-December 2017.
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Key Points Bitcoin price climbed further higher and tested the $7,400 resistance area against the US Dollar. There is a major ascending channel in place with support at $7,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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Cryptocurrency wallet and exchange, Abra, has announced the launch of support for customers holding Single Euro Payment Area (SEPA) bank accounts. The move allows the citizens of the 28 member states of the European Union, four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and Andorra, Monaco, and San Marino, […]
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Late into 2018, the ICO market continues to thrive. As of end-August, a total of $6. 95 billion has been raised from 1,079 ICOs, which is already $800 million more compared to the total amount raised in 2017.
An American academic has written an article criticizing dominant media narratives surrounding China’s regulatory actions pertaining to cryptocurrencies. The article’s author, Nicholas Krapels, asserts that “most casual observers of Chinese politics do not understand” that “by design, Chinese law maintains a grey area” and get caught up in the “clickbait-oriented sensationalist echo chamber” of contemporary […]
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Key Points Bitcoin price traded higher and moved above the $7,300 resistance area against the US Dollar. There was a break below a key bullish trend line with support at $7,260 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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Bitcoin is bouncing off the area of interest on the 1-hour chart and could resume the rally to the Fib extension levels.
The post Bitcoin (BTC) Price Analysis: Next Upside Targets appeared first on Ethereum World News.
BCH/USD Medium-term Trend: Ranging Supply zones: $800, $900, $1000 Demand zones: $300, $200, $100 BCH continues in the range in the medium-term outlook. The strong bullish pressure was lost when the coin was up $570.
New Hampshire is well known for its large amounts of libertarian residents and many people consider it the ‘free state’ among all the other states in the US due to its freedom promoting activism. Moreover, cryptocurrencies are extremely popular in the area as there are many digital-currency-accepting establishments and BTMs in the region.
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IOTA published a blog post on Medium on Aug 22 announcing the launch of a demo version of carIOTA II, a tangible use case for IOTA’s Tangle that allows users to retrieve their car data using onboard diagnostics Parameter IDs (OBD-II PIDs) through the Control Area Network Bus (CAN Bus) protocol.
Bitcoin might resume its drop after recently getting rejected on a shallow pullback to an area of interest.
The post Bitcoin (BTC) Price Analysis: Just a Pullback? appeared first on Ethereum World News.
Norwegian bitcoin miner Kryptovault is facing a shutdown of its operations due to extensive noise complaints from locals and a lack of proper paperwork. The company, which is headquartered in a former paper mill in Norway’s capital of Oslo, uses more than 40MW of power to drive an arsenal of nearly 10,000 computers.
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The post Bitcoin (BTC) Price Analysis: Can More Bulls Join In? appeared first on Ethereum World News.
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