Bitcoin has mounted a strong recovery since the lows seen last week. The leading cryptocurrency traded as high as $9,750 on Saturday, over 13% higher than last weekend’s lows.
Even still, there remain textbook technical indicators suggesting there is a “high chance” BTC sees a correction in the coming weeks. According to the analyst that made this observation, this may be the largest correction Bitcoin has seen since March’s capitulation event.
Watch Out: Bitcoin Could Fall in the Next 2 Weeks
BTC may have bounced strongly since last week’s correction lows, but the asset’s weekly chart is printing four textbook signals indicative of an impending correction. A top analyst recently shared these signals:
The Tom Demark Sequential has printed a “9” candle. The time-based indicator prints “9” or “13” candle near or at inflection points in an asset’s trend. This latest “9” suggests an end to the Bitcoin rally that has transpired over the past few months.
Hidden bearish divergences have formed between the Klinger indicator and the price.
The Stochastic Relative Strength Index (RSI) has seen a bearish cross for the first time since February.
Bitcoin formed a “Heikin-Ashi spinning top” pattern last week, which suggests a likely trend reversal.
Chart from Crypto Hamster (@CryptoHamsterIO on Twitter).
Adding to the confluence, there remains sell-side resistance on Bitfinex’s BTC/USD order book.
Below is a chart of recent BTC price action alongside the Order Book Dominance Bands indicator, which shows there is resistance from investors to let the asset pass the low-$10,000s.
The chart is significant because the order book data accurately predicted the tops of previous BTC rallies.
Image of BTC’s price over the past few weeks alongside the Order Book Dominance Bands indicator. Chart shared by analyst Coiner-Yadox (@Yodaskk on Twitter).
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Long-Term Outlook Still Bullish
The case may be growing for Bitcoin to correct in the short term, but that’s not to say that the uptrend formed from the $3,700 lows is over. Far from, some analysts have said.
As reported by NewsBTC previously, BTC just closed the price candle for May above the crucial $9,360 level.
This is “incredibly significant for bulls” because the low-$9,000s acted as macro resistance for BTC on multiple occasions over the past year. As one analyst remarked in reference to the chart below:
“We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.”
BTC price chart from a crypto trader “Cold Blooded Shiller” (@ColdBloodShill on Twitter).
When Bitcoin failed to surmount this level in February, prices crashed to $3,700. Furthermore, when BTC rejected this level in 2018, there was a brutal bear market to $3,150 in the ten months that followed.
The fact that BTC has managed to clear this level suggests that the macro bear trend is over, leaving room for the cryptocurrency market to run higher.
Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps
Featured Image from Shutterstock origin »
The Bitcoin price is trading inside an ascending channel, but technical indicators are showing weakness. A breakout is more likely, but both options remain possible. The Bitcoin price is currently trading inside an ascending triangle and has been doing so since reaching a high on May 14.
Bitcoin is looking to form two historical bullish Golden Cross patterns this week. Traders use the indicators as a signal to gauge the cryptocurrency’s direction. The next breakout could see Bitcoin closing at or above $10,500, its year-to-date high.
Bitcoin’s transaction fees are currently at a 10-month high as it approaches its third halving, tentatively set to happen on May 12. General buyer interest has increased, as has other indicators showing that the network is experiencing an uptrend in nearly all facets.
Bitcoin extended its rise towards the $10,500 resistance area against the US Dollar. BTC is now showing signs of exhaustion and it could dip a few points before continuing higher. Bitcoin price is struggling to gain momentum above $10,400 and $10,450 against the US Dollar.
Over the last 28 hours, Ethereum surged nearly 8 percent invalidating the bearish signals that multiple indicators were presenting. The bullish impulse allowed it to reach a new yearly high of $199.
Bitcoin has continued climbing today, nearly reaching a three-month high. Indicators such as open interest, however, are signaling that a correction may be imminent. A few hours ago Bitcoin made another sustained move higher to knock on $9,400, its highest price since early November.
Bitcoin (BTC) awakened from its post-holiday slump, breaking easily above $8,000. A combination of geopolitical tensions and renewed appetite for trading led BTC as high as $8,360. Bitcoin on Verge of Entering Six-Month Bullish Channel The most recent price move also shifted the analysis of technical indicators, signaling bitcoin may be ready to follow a bullish scenario.
In the last few hours, Tezos broke out of a bearish trend it endured since mid-December 2019. Now, technical indicators show XTZ aiming for higher highs. Tezos Technical Analysis On Dec. 13, Tezos peaked at a high of $1.
Bitcoin on Monday was trading above $7,500 as sellers showed signs of exhaustion near a crucial support area. The cryptocurrency could swell further to test $8,000-8,500 area, according to textbook technical indicators.
Despite a fall this year of around 40%, many Bitcoin price metrics are still overwhelmingly bullish. The number of addresses holding over 1000 coins, and the number of BTC millionaires have both increased this year alongside network health indicators such as hash rate.
Even though Bitcoin has a high probability of a continued decline, multiple indicators show that it there’s also an opportunity for a bullish impulse up to $9,800. Technical analysis Bitcoin recently broke out of a three months long consolidation period that began on June 26 when it peaked at nearly $14,000.
GitHub and development activity are one of the indicators for a healthy crypto startup project. Some repositories boast of high activity, especially around key launches. Crypto Startups Lag in New Commits But as much as 32% of all cryptocurrency projects failed to publish a single line of code in 2019.
In only three days Bakkt will introduce its long-awaited Bitcoin futures contracts. As the date approaches, indicators predict that Bitcoin may soon experience high levels of volatility. Bakkt Bitcoin futures Following several delays due to regulatory concerns, Bakkt, a subsidiary of the Intercontinental Exchange (ICE), finally received the green light from the U.
Fundamental indicators show strong growth on the Bitcoin network. The two-week average hash rate reached a record high of 99 exahashes per second on Monday, while the mining difficulty jumped to nearly 12 trillion.
Bitcoin price has been chopping back and forth, up and down, since this past June when its parabolic rally was stopped short of retesting its previous all-time high. While bears have repeatedly failed to push Bitcoin price through critical support, the crypto asset has been clearly locked in a downtrend for the last three months.
Although most coins are still staggered, Ethereum Classic, Basic Attention Token, and Ravencoin still posted strong gains. Do the indicators suggest their prices will keep rising? Ethereum Classic On June 3, Ethereum Classic hit a yearly high of $9.
Bitcoin has been in a steady uptrend since the weekend. The short term picture looks promising but a conflicting technical signal indicator on a longer term chart could spell the end of the upturn.
Introduction Cryptocurrencies (or crypto) has been thrown in the limelight recently with Bitcoin’s meteoric rally this year, the cryptocurrency having risen for the fifth month straight since February 2019.
The Bitcoin price collapsed below $10,000 on Sunday night in yet another stormy weekend session for the world’s largest cryptocurrency. Bitcoin briefly hit $9909 on Coinbase, marking an 13 percent drop in 24 hours.
After the recent 30 percent correction that Bitcoin experienced, some altcoins are showing signs of a possible breakout while others have indicators of further decline. This technical analysis will explore whether EOS, Tezos and BitTorrent are preparing for an upswing or a nosedive.
The bitcoin price has peaked at $13,000 on the day following a staggering 11 percent gain against the U. S. dollar. Three months ago, the bitcoin price was hovering at around $4,000 and within a three month span, the asset has grown by more than three-fold.
Cryptocurrency investors received an unexpected boost Sunday morning when Bitcoin (BTC) managed to keep its head above the $9,000 mark. Bitcoin’s price is now at a 13-month high and the death knell has sounded for crypto winter – where BTC prices fell to an all-year low of $3,200.
GXChain has a bullish short-term bias with the cryptocurrency advancing to a new all-time high The GXC / USD pair has performed a major bullish breakout on the daily time frame Technical indicators across both time frames are starting to appear overstretched Fundamental Analysis GXChain has surged after the project announced a second round of […]
The post GXChain Price Analysis GXC / USD: Short-Lived Buyback Boom appeared first on Crypto Briefing.
Over the past couple of days, Bitcoin has retreated by 12 percent from its 2019 high. Many industry observers have called for this correction following a parabolic surge since the beginning of April.
Bitcoin fund Adamant Capital is convinced that the bottom of the bear market is in, and true to its name, the firm has laid out an unwavering case for this position with some persuasive hard data and fundamental analysis.
Summary The last few hours has seen BTC break temporary resistance levels defined in $5,160 to achieve a high of $5,215. XLM has also breached its range bound market to the upwards and achieved a new high of $0.
NEO/USD trade has been falling in sequential order since April 6 after obtaining a high mark at $14. While the NEO/USD market couldn't break past either of its two SMA indicators northwards or southwards, there would room for range price movements.
Despite the consolidation in price over the last week, Bitcoin is getting strong indicators that the most recent rally will be different from the exponential price jumps experienced in 2017. While current traders may be.
As Bitcoin prices look to consolidate from reaching a relative high over the weekend, Chinese traders in particular are giving bullish indicators as to the future of the currency. Analysts have been struggling to categorize.
The year 2019 will be a year of price gains for cryptocurrencies, according to Fundstrat 2019 Outlook. Fundstrat states in the 2019 outlook that there are several indicators that suggest the year 2019 will be favorable for cryptocurrencies.
As we can see, Stellar broke its long-standing support line (Since March 2018) and is currently free falling without a solid structure in place. The next support area is formed by the May 2017 high, between $0.
November 2018 has been a depressing month for the entire cryptocurrency industry. The market collapsed as Bitcoin plunged below the long supported $6000 handle half way through the month on the brink of a hash war within the Bitcoin Cash community.
Bitcoin Price Key Highlights Bitcoin price recently tumbled below a short-term rising trend line but might be due for a pullback. Applying the Fib retracement tool on the latest swing high and low shows the levels where more sellers might be waiting.
Bear markets refine industries. Overall sentiment becomes negative from all angles, and naysayers proclaim that crypto is “dead. ”Underneath all the fear, uncertainty and doubt, though, developers are still building.
After the market crash on Thursday, the future of a further drop in Bitcoin seems to be a bit brighter according to CoinDesk. The biggest digital currency in the world has been staying relatively steady over the past month but on Thursday there was a massive drop bringing the price down below the $6,500 mark and to the $6,200 level confirming a range breakdown.
Thing is, price is an important asset indicator but more often than not, it’s misleading. It even more flawed in cryptocurrencies where investors and coin enthusiast compare two cryptocurrencies.
The cryptocurrency market is infamous for its volatility and its sheer unpredictability. A token that is high right now need not be high in the next hour and vice versa. The instability of the market is something that all traders and market participants have to keep in mind and eventually figure out ways to deal
The post Top 5 Technical Indicators used in Crypto Market appeared first on ItsBlockchain.
Bitcoin Price Key Highlights Bitcoin price recently made a sharp tumble, breaking below an ascending trend line connecting the lows since mid-August. Applying the Fib retracement tool on the latest swing high and low shows that the 61.
Bitcoin (BTC) is down 68% from its all time high of $19,665 which looks bad for those who had been holding since then. However, for those who have been trading, even just the monthly plays could have easily made a 626% return on their investment with the help of two simple indicators.
Bitcoin saw a breathtaking run-up over the past few weeks, with the price of the asset rebounding off lows at $5,800 to a yearly high of $8,500 last week. Many attributed this most recent recovery to a series of positive technicals and fundamental indicators, such as the influx of institutional money, along with a resurgence […]
The post Bitcoin Staves Off Drop Under $7,500, Investors Remain Bullish appeared first on Ethereum World News.
As covered by Ethereum World News on Tuesday, Bitcoin saw an astonishing price surge, quickly reaching an $8,400 high, which is also the highest the foremost cryptocurrency has been in two months.
Tron Price Key Highlights Tron price bounced off the area of interest marked in an earlier post. Price is now making its way up to the swing high and the Fib extension tool shows the next upside targets.
Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.
Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone.
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone.
Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.
Elon Musk’s crypto investments have soared to staggering new heights, with the combined Bitcoin holdings of Tesla and SpaceX reaching an estimated value of $2 billion.
