Bitcoin has seen some mixed price action throughout the past couple of days, declining to lows of $9,400 yesterday before garnering some intense upwards momentum that allowed it to recapture its position at $9,800.
It does appear that BTC’s macro outlook is shaping up to heavily favor buyers, as the cryptocurrency’s monthly candle has now flipped into bullish territory.
Analysts do believe that this is a positive sign for its long-term outlook, although its inability to decisively break above $10,000 is a grim short-term factor to be considered.
Assuming that this bullish monthly candle does help boost Bitcoin higher in the weeks and months ahead, some analysts are noting that it could rally as high as $14,000 before finding any strong resistance.
This would coincide closely with its 2019 highs of $13,800.
Bitcoin Flashes Signs of Overt Strength as Monthly Candle Flips Key Trendline
At the time of writing, Bitcoin is trading up over 2% at its current price of $9,700 – stuck within a consolidation phase over the past week.
The crypto’s ability to guard against any type of harsh downtrend even in spite of the harsh rejection it recently faced at $10,400 does seem to be a positive sign for buyers.
It is important to note that the rejection at these highs was the third one seen over the past six months, leading some analysts to note that a triple-top formation could be in play if BTC is unable to push any higher in the near-term.
This grim technical pattern could soon be invalidated though, as the benchmark cryptocurrency has been able to flash signs of overt strength as it maintains its position within the upper-$9,000 region.
One analyst recently offered a chart showing that the cryptocurrency’s monthly candle has now flipped above a massive descending trendline that was formed in the time since it rallied to highs of $13,800 in June of 2019.
“Monthly BTC turned bullish but not a big deal,” he said while pointing to the chart seen below.
Image Courtesy of CryptoBirb
Here’s How High This Trendline Break Could Lead BTC
The month is still young and there remains another three weeks before Bitcoin’s monthly candle closes.
This leaves a lot of room for the crypto to see downside, but it could soon post a massive rally if buyers are able to defend against a break back below this aforementioned trendline.
NewsBTC recently reported that one respected trader believes that BTC is poised to make a movement up towards $14,000 in the coming weeks and months.
The trader explained that buyers have been able to flip its previous resistance in the $9,000 region into support – with this being enough to spark a notable uptrend in the days and weeks ahead.
“Don’t lose sight of the HTF…Our prior resistance region has now been broken and is now being tested as support. Bulls remain in control and gunning for the highs again imo. HTF has been bullish since posting this weeks ago,” the trader noted.
Image Courtesy of CredibleCrypto
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Bitcoin has been on a wild ride over the past several weeks and months, with the benchmark cryptocurrency plummeting from recent highs of $10,500 to lows of $3,500 before garnering significant buying pressure that has since sent it back to its current price within the mid-$5,000 region.
Bitcoin’s intense selloff has slowed over the past 24-hours, with bulls garnering some notable buying pressure within the lower-$8,000 region, subsequently leading BTC to enter a short-term bout of consolidation around $8,600.
Bitcoin (BTC) has been firmly controlled by bulls over the past two weeks, with the cryptocurrency garnering massive momentum after it dipped to lows of $6,800 earlier this month. Ever since it bounced from these lows, Bitcoin has been caught in a firm uptrend that has allowed it to surge towards the $9,000 region, which... The post appeared first on NewsBTC.
The crypto scene is pretty depressed in terms of overall interest at the moment. Markets have plummeted 50% in the latter half of this year and general attention appears to be waning. Google search trends are often a good indicator of what is hot and what is not, and Bitcoin halving is garnering more interest.
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Litecoin has continued cryptocurrency’s price rally into the weekend, with the currency up 8 percent as of writing and making a push to the critical $100 mark. While Bitcoin may be garnering the majority of.
The collective cryptocurrency market boomed this week, garnering a lot of attention from investors and crypto-enthusiasts around the world. At press time, Bitcoin [BTC] was priced at $5,049 and was still gaining against the US Dollar by over 2%.
South Korean cryptocurrency exchange Bithumb is looking to go public in the United States — a first for a major cryptocurrency exchange. Bithumb Seeks Backdoor IPO Bithumb, the world’s second largest cryptocurrency exchange my volume, is reportedly planning on forgoing an Initial Public Offering (IPO) and garnering admission as a publically-listed company in the United States by way of a reverse merger.
Altcoins have not been left out in garnering massive profits. Yesterday, an Altcoin (MonaCoin) emerged the best performing coin, today, BCH and Strat have taken the baton to lead the market with gains of 41% and 37% respectively.
The U. S. Securities and Exchange Commission (SEC) has released a report detailing actions taken against fraudulent ICOs and financial ventures, and, indeed, the year has been wrought with cases.
Index funds have more than proven their worth as
a preferred option for those with an eye on retirement. But now there is
conversation about the value of adding bitcoin and other cryptocurrencies to
this investment mix.
Roger Ver, the controversial virtual currency advocate and current CEO of Bitcoin. com, seems to be having a hard time garnering support for Bitcoin Cash, despite preaching about the second coming of the world’s largest cryptocurrency.
Stellar’s Lumen (XLM), a cryptocurrency that has been garnering lots of investor attention recently, may soon make its way into the top four cryptocurrencies after a great performance in the past week.
Nonprofit organization PoWx has launched this week with the goal of boosting the idea behind proof of work (PoW) through more innovative algorithms. The company is seeking to decentralize Bitcoin mining and make it more accessible to consumers through a new technology that executives have dubbed “optical PoW” — a new type of hardware that utilizes a more advanced and energy-efficient form of laser technology as the cornerstone of mining.
The Securities and Exchange Commission (SEC) is seeking comments on another bitcoin-based exchange-traded fund (ETF). The proposal in question calls for the listing and trading of SolidX bitcoin shares, and stems from the VanEck SolidX Bitcoin Trust, which states it will invest in “bitcoin only.
While Bitcoin continues to capture hefty attention, one crypto player sees some happenings with Ethereum that should be garnering just as much attention.
Today, after nearly a decade of debate, the SEC announced that both bitcoin and ether are not securities. The SEC’s head of the Division of Corporate Finance, William Hinman, delivered the news at the San Francisco Yahoo All Markets Summit earlier today, garnering excitement from the crypto market and an immediate increase in the price […]
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