Bitcoin’s long-held consolidation phase came to an end yesterday evening when sellers pushed the benchmark cryptocurrency below $9,000
Although buyers stepped up and quickly defended against further losses, they have been unable to catalyze any type of sharp recovery
It now appears that BTC is well positioned to see a notable decline in the days ahead as sellers target the key support at $8,600
If this level is broken below, a massive distribution pattern will have been confirmed and the crypto could be positioned to see major downside
Bitcoin and the aggregated cryptocurrency market have flashed some immense signs of weakness throughout the past several days.
This weakness first began earlier this past week when BTC pushed to highs of $10,050 before facing a firm rejection that sent it tumbling down to $9,000.
From this point buyers were able to guard against further downside, but the damage was done, and bulls lost the edge they previously had over bears.
It now appears that the benchmark cryptocurrency could be on the cusp of posting a massive downside movement that fundamentally alters its macro market structure.
In order for this bearish possibility to be confirmed, however, the crypto would need to decline beneath $8,600.
Bitcoin Sees Overnight Decline as Selling Pressure Ramps Up
At the time of writing, Bitcoin is trading down just under 4% at its current price of $9,100.
This marks a slight bounce from daily lows of $8,900 that were set overnight, but a notable decline from daily highs of $9,500 that were set during the multi-day bout of consolidation it was previously trapped within.
The support at $9,000 has proven to be quite strong in the past, so it remains a possibility that buyers step up and defend against a decline beneath this level.
One analyst recently pointed out that $8,600 is a critical level to watch in the near-term, as a break below it would confirm that Bitcoin has been forming a massive distribution channel over the past several years.
“BTC Weekly: $8600 key level imo. Break below confirms distribution top,” he said while pointing to the chart seen below.
Image Courtesy of TraderXO. Chart via TradingView
Here are the Factors Suggesting a Decline Beneath $8,600 May Be Imminent
There are a few bearish factors currently working against Bitcoin’s buyers.
Another analyst pointed to the fact that this latest dip caused BTC to break below its bullish cloud support. He notes that this makes a rejection at the cloud’s lower boundary likely, and could cause the cloud to form a “death cross.”
“Price lost the support of the cloud. Bearish bias until price manages to reclaim it by closing back inside/above it. Would not be surprised to see: – Retest of cloud as resistance (93xx) – Rejection – Cloud to death cross (turn red),” he explained.
Image Courtesy of Teddy. Chart via TradingView
The culmination of these events does suggest that further downside may be right around the corner.
Featured image from Shutterstock.
Charts from TradingView. origin »
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
APT consolidated below $5.6 in early SeptemThe post Can sellers gain from Aptos’ consolidation below $5.6? appeared first on AMBCrypto.
Bitcoin is down more than 5% and it broke the key $9,300 support zone against the US Dollar. BTC traded as low as $9,089 and it is currently correcting higher towards hurdles. Bitcoin declined sharply after it was rejected one more time near the $10,000 level.
Bitcoin saw a sharp and unexpected rally past $10,000 yesterday that caught sellers off guard This movement allowed the benchmark crypto to rally to highs of $10,400 before it lost its momentum and declined back to the lower five-figure price region The cryptocurrency now appears to be trading at a pivotal point, and analysts are noting that it could still see further downside in the days and weeks ahead There is one level that, if […]
After an extremely strong rally of over 100% from the March lows, Bitcoin Cash and the rest of the crypto market have started to reverse over the past few days. BCH in and of itself has shed approximately 15% from its highs, crushed as sellers take over the market.
Bitcoin’s match to higher prices has failed to break above key resistance once again as sellers push it below $9,000. The top cryptocurrency is trading lower this morning, just days away from the May 12 halving.
Key Highlights BTC/USD market has fallen under selling pressure after a line of range movements. One of the vital bearish restraining points at $9,000 has been breached downward. If the BTC/USD market sellers continue to hold-strong below the $9,000, further declines are imminent.
After attempting to hold above $130 yesterday, Ethereum’s sellers were able to push it below this level, and it now appears that ETH is targeting its near-term support levels that exist at $125 and $120 respectively.
Ethereum is slowly moving down and it recently broke the $125 support against the US Dollar. The price is now facing a couple of key hurdles near the $126 and $128 levels. Yesterday’s key bearish trend line is active with resistance near $127 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price crashed in the past three sessions below the $7,680 and $7,520 support levels. BTC to USD is currently under a lot of pressure and upsides are likely to face sellers near $7,325 or $7,520.
Bitcoin price is trading in a bearish zone below the $8,880 and $9,000 resistances against the US Dollar. The price is struggling to recover and it is likely to face sellers towards $9,000. Yesterday’s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC/USD pair (data feed from.
Bitcoin (BTC) and the aggregated crypto markets have incurred some bearish momentum over the past several hours, as sellers have pushed the cryptocurrency’s price below a key support level, which could mean significantly further losses are imminent.
Bitcoin’s bulls and bears have been locked in a fierce battle over the past few days, with buyers attempting to push BTC firmly into the five-figure price region, while sellers have been attempting to push the cryptocurrency below the key psychological price region of $10,000.
Bitcoin and the aggregated crypto markets have been facing a significant amount of pressure from sellers as of late, which has driven BTC’s price to below $10,000, putting the cryptocurrency’s recent bullishness in grave jeopardy.
Zimbabwe’s worsening economic conditions have seen the citizens of the Southern Africa republic turn to Bitcoin leading to them paying a premium price on over-the-country crypto trading platform LocalBitcoins.
Stellar Lumen has a bearish short-term trading bias, with the cryptocurrency tumbling below key technical support The four-hour time frame shows that sellers are attempting to invalidate a bullish inverted head and shoulders pattern The daily time frame shows that a large head and shoulders pattern could be forming Stellar Lumen / USD Short-term price […]
The post Stellar Lumen Price Analysis XLM / USD: Not So Lumenous appeared first on Crypto Briefing.
DASH has a bearish short-term outlook, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows that sellers are trying to invalidate an inverted head and shoulders pattern The daily time frame continues to show an extremely large bullish pattern Dash / USD Short-term price analysis […]
The post Dash Price Analysis DASH / USD: Pausing For Breath appeared first on Crypto Briefing.
Bitcoin Price Analysis Bitcoin has increased to form a new 2019 high and reapproaches a critical area for price action. $6150 acted as a key level of support in 2018 for the price of Bitcoin before price broke below in November which spurred large amounts of sellers to enter the market.
BCH has a bearish short-term bias, with the BCH / USD pair trading well below its 200-period moving average on the four-hour time frame BCH now has a neutral medium-term trading bias Sellers are testing towards the BCH / USD pair’s 200-day moving average BCH / USD Short-term price analysis BCH has a bearish short-term […]
The post BCH / USD Price Analysis: High Selling Pressure appeared first on Crypto Briefing.
Bitcoin price settled below the $5,380 and $5,200 support levels against the US Dollar. The price is currently under pressure and facing sellers near $5,160 and $5,200. There is a short term declining channel forming with resistance near $5,160 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Dash has a bearish short-term outlook, with the DASH / USD pair now trading below its 200-period moving average on the four-hour time frame Dash has a neutral medium-term outlook, with sellers probing towards the pair’s 200-day moving average The bullish inverted head and shoulders pattern on the daily time frame has now reached its […]
The post DASH / USD Price Analysis: Triangle Breakout appeared first on Crypto Briefing.
Tron Price Analysis Tron seems likely to be re-entering a phase of consolidation. Prior to the significant price increases of three weeks ago, Tron underwent a long period of consolidation from mid-February to late-March with several Doji candles forming on the weekly chart.
ETH price traded above the $174 and $175 resistance levels before it faced sellers against the US Dollar. The price traded towards the $178 level and later started a downside correction below $172.
Ripple price climbed sharply towards the $0. 3500 resistance before sellers appeared against the US dollar. The price formed a high near $0. 3489 and recently corrected lower sharply below $0. 3400.
Тhe WINBIX marketplace aims to create a new channel for sales, allowing participants to sell goods at the demand prices at any time.
The system uses the reversed auction model. The price of the goods decreases until one of the participants stops the auction.
ETH price extended losses and traded below the $170 support level against the US Dollar. Sellers gained momentum and pushed the price towards the $160 support level. There is a key bearish trend line in place with resistance at $164 on the hourly chart of ETH/USD (data feed via Kraken).
ETH price extended gains, but it failed to overcome sellers near the $185 resistance against the US Dollar. The price started a downside correction and traded below the $180 and $174 supports. This week’s key bullish trend line was breached with support at $178 on the hourly chart of ETH/USD (data feed via Kraken).
Ethereum (ETH) prices steady but yet to clear $170 SEC new guidelines is massive for Ethereum (ETH) but sellers are back In an effort to improve and provide clarity on the legitimacy of cryptocurrencies, the SEC has released a new set of guidelines.
Ripple price recovered recently, but it failed to break the $0. 3120 resistance against the US dollar. The price is slowly declining and it is currently trading well below the $0. 3100 level. There is a crucial bearish trend line formed with resistance at $0.
Ripple price is under pressure below the $0. 3150 and $0. 3200 resistance levels against the US dollar. The price is struggling to stay above the $0. 3100 support and it could decline sharply. There is a major bearish trend line in place with resistance at $0.
Leading into the London open, bitcoin broke through its local support level in a move that seems to be hinting toward a downward continuation:Figure 1: BTC-USD, Daily Candles, Broken Local SupportSo far, our daily candle has yet to close, but it is currently on schedule to close below local support.
Long-Term Outlook A look at the Weekly chart for XRP shows that price is trading at $0. 32, slightly above the major support area near $0. 27. The previous week’s candle had a large upper wick, indicating that sellers have the upper hand.
Litecoin price failed to break the $33. 00 resistance and declined recently. LTC is currently trading above $30. 00 and recoveries towards $32. 00 or $33. 00 could face sellers. Key Talking Points Litecoin price failed once again to clear the $33.
Ripple prices in a 2 cents trade range below 34 cents Mercury FX demonstrates the power of XRP Prices ranging as daily average trading volumes drop t0 23 million—streams from BitFinex Although the path of least resistance ought to be northwards, sellers are currently pinning down bulls.
Ripple price is struggling to gain momentum above the $0. 3300 and $0. 3320 resistances against the US dollar. There is a key bullish trend line formed with support at $0. 3240 on the hourly chart of the XRP/USD pair (data source from Kraken).
Bitcoin might be in for further declines as it hovers around the bottom of the descending channel on the 4-hour chart. A larger bounce could still take it up to the Fib levels nearby. However, the 100 SMA recently crossed below the longer-term 200 SMA to confirm that the path of least resistance is to […]
The post Bitcoin (BTC) Price Analysis: Can Sellers Gain More Momentum? appeared first on Ethereum World News.
Bitcoin Price slide, potential support at $3,400 or 78. 6 percent Fibonacci level SEC may not approve Bitcoin ETF Reaction at $3,700 important for bulls In the short-term, sellers seem to be in charge and yesterday’s drop below our immediate support at $3,700 may lead to reductions towards $3,400.
ETH price declined heavily this past week below the $146 and $130 supports against the US Dollar. There is a crucial bearish trend line formed with resistance at $138 on the 4-hours chart of ETH/USD (data feed via Kraken).
Bitcoin was previously trending higher inside a wedge pattern but has since broken lower to signal that sellers aren’t quite done yet. The wedge spans $3,700 to around $4,200 so the resulting drop could be of at least the same size.
Key Highlights ETH price traded in a range above the $146 support area against the US Dollar. There are two major bearish trend lines formed with resistance at $152 and $154 on the hourly chart of ETH/USD (data feed via Kraken).
Key Points Bitcoin price declined further and broke the $3,295 and $3,200 supports against the US Dollar. There was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin price failed to break the $3,475 and $3,485 resistance levels and declined against the US Dollar. There was a break below an ascending channel with support at $3,405 on the hourly chart of the BTC/USD pair (data feed from Kraken).
EOS price declined heavily and broke the $2. 00 and $1. 80 support levels against the US Dollar. Sellers remain in control as long as the price is below $2. 25. Key Talking Points EOS price declined significantly after it settled below the $4.
Bitcoin is trending lower inside a descending channel and appears to have already found a ceiling at the mid-channel area of interest. If sellers return at this point, the Fib extension tool on the pullback shows the next potential downside targets.
Key Highlights ETH price recovered recently, but it faced sellers near the $98 level against the US Dollar. There is a crucial contracting triangle formed with support at $88 on the hourly chart of ETH/USD (data feed via Kraken).
Key Points Bitcoin price extended losses below the $4,000 and $3,600 supports against the US Dollar. There is a significant bearish trend line formed with resistance at $3,630 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin cash price settled below the $190 and $200 support levels against the US Dollar. There was a break below an ascending channel with support at $172 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Key Highlights ETH price is under a lot of pressure and declined below $125 and $115 against the US Dollar. There is a crucial bearish trend line formed with resistance at $115 on the 4-hours chart of ETH/USD (data feed via Kraken).
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.
