2019-8-27 17:31 |
The cryptocurrency market is continuing its sideways trading dynamic. After falling just above the $10,000 mark, Bitcoin has staged a small recovery, rolling back its weekend losses, currently staying at $10,300. See below for our full Bitcoin price analysis.
Cryptocurrency market dynamics since August 24. Source: Coin360
Altcoins are seeing a more depressing outlook, with few of the coins in the top-50 posting any gains.
Ontology rises on MovieBloc releaseThe weekend brought good news to the Ontology community, as the release of a public beta for MovieBloc was announced. MovieBloc is an Ontology-based movie and content distribution platform – a kind of decentralized Netflix.
The price had a strong response to the event, peaking at $0.88, a 17% increase. It has since fallen to about $0.79, placing the total gain at little over 5%.
Ontology price dynamics. Source: CoinMarketCap The other notable outlier is BAT, which after the impressive run on Wednesday corrected by more than 7% over the weekend. Nathan on BitcoinBitcoin has had a lively start to the new trading week as large moves across global financial markets appear to have made an impact on the price of the number one cryptocurrency. It remains to be seen if Bitcoin can hold onto today’s gains, given the heavy rejection from just above the $10,600 level earlier today.
After testing back towards its 100-day moving average over the weekend and finding no real selling interest, Bitcoin has traded as high as $10,650 this morning, before dropping back to the $10,200 level. At present, Bitcoin is managing to outpace most of the top altcoins in terms of intraday gains, while its overall market dominance has recovered back towards 69 percent.
I would like to point out an interesting observation from a short-term technical standpoint for Bitcoin. The four-hour time frame is currently showing a bearish head and shoulders pattern, with a nine-hundred point downside projection.
The breakout point or the neckline of the pattern is currently found just below the $10,000 level, with the pattern remaining valid while price trades below the $10,985 level. This suggests an upcoming test of the $9,100 level, which would be a potential trend defining momentum for the BTC/USD pair if the pattern plays out to the downside.
*Technical analysis suggests that a sustained break below the $10,000 level is increasingly likely to lead to a test of the $9,100 support level.*
Bitcoin Sentiment Analysis
Intraday bullish sentiment for Bitcoin has increased to 56.20%, according to data from TheTIE.io – while the long-term sentiment indicator has increased to 70.46% positive.
It is worth noting that intraday bullish sentiment has gradually been picking up through the day, despite the pullback in price from the $10,650 level.
UPSIDE POTENTIAL
Short-term bulls need to move price above the $10,700 to inspire confidence for another attempt at the $11,000 technical barrier. Key near-term resistance for the BT/USD pair is currently located at the $10,550 and $10,650 levels.
The daily time frame is showing that the 50-day moving average capped the latest rally, while the Ichimoku indicator on the mentioned time frame highlights that the $10,870 level is the strongest form of intraday technical resistance.
DOWNSIDE POTENTIAL
The Ichimoku indicator on the four-hour time frame suggests that sellers need to push price below the $10,280 level to regain short-term control. The previously mentioned head and shoulders pattern is also dominating the technical landscape across the lower time frames.
The $10,000 level is once again absolutely key this week, particularly daily price closes under the $10,000 to $9,900 technical confluence area. The downside can easily extend towards the $9,100 level if we start to see sellers gaining control under the $9,900 level.
The post Bitcoin Price Recovers: Full Analysis Suggests Possible $9,100 Retracement appeared first on Crypto Briefing.
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