As Bitcoin continues its range-bound trading phase, traders are placing their bets on which direction it will trend next
This consolidation has caused the cryptocurrency’s volatility to plunge to lows not seen in over a year
It is unlikely that this trend will last for too much longer, as extended bouts of sideways trading are typically followed by massive movements
One technical pattern that is strikingly similar to that seen in 2019 is now suggesting that Bitcoin could be positioned to see notable downside in the coming weeks
This comes as one analyst notes that it is “do or die” time for Bitcoin
Bitcoin and the aggregated cryptocurrency market have struggled to garner any clear momentum in recent times.
This is primarily due to the benchmark cryptocurrency’s multi-month bout of sideways trading that it has been caught within since May.
As for where the cryptocurrency could trend next, it does appear that the signs are all pointing in favor of sellers.
In addition to being unable to surmount a crucial level that it was rejected yesterday, the crypto has now dipped below $9,000 on multiple occasions without any ardent response from buyers.
One technical pattern similar to that seen in June of 2019 also spells trouble for what could come next.
Bitcoin Fails to Bounce After Posting Rejection at a “Bounce or Die” Level
At the time of writing, Bitcoin is trading up marginally at its current price of $9,100. The crypto has been trading at this level for the past few days.
Earlier this week, buyers attempted to catalyze some momentum that led it to $9,300 before it faced a harsh rejection.
As Bitcoinist reported yesterday, the rejection at $9,300 coincided with a rejection at the crypto’s 200-day EMA. As cited in the report, one analyst noted that it is now a “bounce or die” moment for BTC.
“4h was rejected from resistance of cloud (200 ema). Now resting on 21ema – bounce or die.”
Image courtesy of Teddy. Chart via TradingView.
It has maintained above its 21-day EMA in the time since but has yet to post any bullish reaction to this support.
This Pattern from 2019 Spells Trouble for BTC
In the summer of 2019, when Bitcoin posted its intense rally to highs of nearly $14,000, it formed a distribution pattern that ultimately resulted in its price entering a yearlong downtrend.
This decline eventually led it to lows of $3,800 this past March.
One analyst is now noting that there is a striking correlation between the distribution pattern seen last year and that being formed presently.
“90 day distribution at $10k – $13k vs 60 day current range for BTC,” he said while pointing to the below chart.
Image courtesy of Cold Blooded Shiller. Chart via TradingView.
If this pattern plays out as it did last summer, the crypto could soon see some significant losses.
Featured image from Shutterstock.
Charts from TradingView. origin »
As we enter the second month in Q1 2023, bitcoin investors and Wall Street could have a reason to smile as both asset’s charts are closing in on the bullish trend.
The long-term Bitcoin trend is still decisively bullish, suggesting a new all-time high is likely in the medium term.
The post Bitcoin (BTC) Drops Back But Bullish Trend Remains Intact appeared first on BeInCrypto.
With November only one week away and Bitcoin taking a dip under the $60k level on 27 October, bears seem to be dictating the market trend. At least in the short term. In fact, after a power-packed ‘The post Bitcoin: Assessing the possibility of this bull cycle trend repeating itself appeared first on AMBCrypto.
For new investors, the best time to buy is when the market is below trend, and “now is one of those times,” says Pantera CIO Dan Morehead.
The post Bitcoin Has Only Been This ‘Cheap’ Relative to Trend 20.
According to Bloomberg, the GT Vera Convergence Divergence Indicator, which detects trend fluctuations, is signaling that the bear trend of the cryptocurrency may now be coming to an end. While Bitcoin is ranging, altcoins and DeFi tokens are taking this as an opportunity to pump hard.
Bitcoin has been caught within a prolonged consolidation phase throughout the past few days and weeks, with buyers and sellers both being unable to take control of its near-term trend. This has done little to offer investors with insight into where it may trend next, and its close correlation to the U.S. stock market makes […]
The cryptocurrency market has been noting an upward trend lately; however, while many of the market's major alts are lacking strength, others are charging ahead like bulls.
Bitcoin Cash [BCH]
SThe post Bitcoin Cash struggles with negative pressure, while VET & LINK trend higher appeared first on AMBCrypto.
Bitcoin has been able to find some relative levels of stability in the upper-$5,000 region and has settled slightly lower today as it drifts towards $5,700. Despite this, over a seven-day period BTC is still sitting just below its highs, and it may currently be consolidating before it forms another leg up.
Many societies are currently moving towards the so-called cashless society. Will Bitcoin be a part of this trend? In order to discover this, we have to look at this trend closely. Australia, for instance, is about to ban cash for large transactions.
BTC/USD Sideways trend is observed in the last 24hrs. A bearish market rally was seen at the beginning of the day (A) when sellers overpowered buyers. But later on, due to the emergence of a reversal pattern, an uptrend followed where the price rose from $5668 to $5799 (A to B) then it pulled back […]
The post Bitcoin (BTC), Ethereum (ETH) and XRP Price Analysis and Forecast appeared first on ZyCrypto.
Joseph Stiglitz, winner of the 2001 Nobel Prize in Economics, is of the opinion that cryptocurrencies should be “shut down. ” While contending that digital payment systems are the way of the future, the economist does not believe that decentralized currency is part of this trend.
There is a strong possibility that the bitcoin price would surge by 350 percent in roughly 378 days, according to past trend behavior noted in the Gold Futures market. Cryptocurrency management firm Trading Shot found striking similarities between the Gold Futures (COMEX) and the Bitcoin spot market.
On the upside, if the 0. 382(38. 2%) retracement level holds, the BTC price will rise to retest the $6,100 price level. On the downside, if the 0. 382(38. 2%) retracement level is broken, the BTC price will be in a downtrend.
Bitcoin price corrected lower recently after trading above the $5,800 level against the US Dollar. The price declined below the $5,700 level and tested an important support near $5,580. There is a key bullish trend line forming with support near $5,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The short-term is in a range while the medium-term outlook is in the uptrend. Traders may consider buying at keys areas within the range. BCH/USD Medium-term Trend: Bullish Supply zones: $300, $400, $500 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term is in a bullish trend. The momentum to the upside was sustained […]
Joseph Lubin, the co-founder of Ethereum (ETH), was able to predict the bottom of the bear market for Bitcoin (BTC). During 2018, digital assets were in a bear trend that dragged them to the lowest price in more than a year.
There were heavy gains in bitcoin price above the $5,500 pivot and resistance level against the US Dollar. The price rallied above the $5,700 and $5,800 resistance before there was a minor downside correction.
Bitcoin price surged above the $5,800 level and traded to a new 2019 high against the US Dollar. The price traded as high as $5,837 on Kraken and recently corrected below the $5,600 level. This week’s followed two bullish trend lines are intact with support near $5,500 and $5,480 on the hourly chart of the.
The collective cryptocurrency market sprung up to a market cap of $185 billion after a protracted bearish trend. The largest crypto-asset on CoinMarketCap Bitcoin [BTC] spiked to new high and surpassed the $100 billion market cap while its silver counterpart Litecoin [LTC] also held on to the bulls.
BSV/USD market still moves in the range spots between $60 and $50 marks. The BSV/USD market may get push northwards to find other range spots between $70 and the $60 current upper range spots. BSV/USD Long-term Trend – Ranging Distribution territories: $80, $90, $100 Accumulation territories: $40, $30, $20 The market trend between Bitcoin SV […]
The crypto's price is in the 0. 236 and 0. 382 Fibonacci retracement levels continuation zone . On the upside, the crypto’s price is likely to rise but may face resistance at the $6,500 price level.
The month of April was quite friendly to the cryptocurrency market in general and Bitcoin (BTC) in particular. However, this first week of May has proven to be the best so far with Bitcoin pushing past $5,500 to even hit $6,000 on some exchanges, bringing its market cap to over $100 billion for the first […]
The post Bitcoin Bound to Surpass $330,000 in Two Years by Following the 2017 Trend appeared first on ZyCrypto.
As long as the trend line is unbroken the bullish trend is ongoing. The crypto’s price has broken the resistance levels and it is expected to reach the highs of $6,000 and $6,500 price levels. BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $5,500, $5,400, $5, 300 Yesterday, May 2, the price […]
Bitcoin price is following a steady uptrend and recently broke $5,450 against the US Dollar. The price surged above $5,580 against the USDT and it is currently near $5,500 vs USD on Kraken. Yesterday’s two bullish trend lines are intact with support near $5,410 and $5,380 on the hourly chart of the BTC/USD pair (data.
The short-term outlook is in the uptrend while the medium-term is consolidating. Responsible buying at pullback areas as the journey up north continues. BCH/USD Medium-term Trend: Ranging Supply zones: $300, $400, $500 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term is in a range-bound market. After a bullish move to $227.40 in the […]
Delphi Digital’s detailed report on Bitcoin’s UTXO balances highlighted Bitcoin’s hodlers and how they are holding strong. The report stated, “We continue to believe the bottom is in.
The cryptocurrency market performed poorly in 2018 something that could negatively impact the mass adoption of digital assets. The 2018 bear market came in the wake of the bull market witnessed in 2017 where the value of Bitcoin was up by 800%.
Delphi Digital has returned with another installment of its unspent transaction output (UTXO) reports. Recalling its report from January of this year, the research firm says bitcoin’s market cycle is right on track.
Bitcoin price traded above the $5,300 resistance and tested $5,360 against the US Dollar. The price is currently trading with a bullish bias above the $5,280 and $5,250 supports. There are two bullish trend lines formed with support near $5,320 and $5,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Data published recently shows that the number of cryptocurrency wallet users has been steadily increasing over the years, almost independently of the market ups and downs. This positive trend has continued throughout the extended bearish market and has in fact steepened in the last few weeks.
A Medium post published by Spencer Bogart, a general partner at Blockchain Capital, compares data collected from a set of surveys from October 2017 and April 2019 containing identical questions (plus a few new ones).
Bitcoin price returned to its bullish trend May 1 as it followed fresh gains in altcoin markets to jump 3 percent in 24 hours. Bitcoin Price At $5. 3k Across Exchanges Data from cryptocurrency exchange Bitstamp, which offers one of the more conservative Bitcoin price indices, put BTC/USD at around $5310 at press time Wednesday.
Bitcoin price gained bullish momentum and broke the $5,200 resistance against the US Dollar. The price even broke the $5,300 level and it is currently trading with a positive bias. Yesterday’s discussed key bearish trend line was breached near $5,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The BTC price is trading at $5,627.50 as at the time of writing. If the bulls break the $5,655 price level, the crypto’s price will pick up momentum and reach the highs of $5,700 and $5,800. BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $5,300, $5,200, $5, 100 Yesterday, April 30, the […]
The short and medium-term outlook is in the uptrend. Responsible buying opportunities at pullback areas may be considered BCH/USD Medium-term Trend: Bullish Supply zones: $300, $400, $500 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term is in a bullish trend.
Summary:Following unconfirmed claims by the NYC Attorney General regarding Bitfinex and Tether’s insolvency, the bitcoin market had a knee jerk reaction that caused us to retest macro support.
Federal tax season just passed in the United States, but if you’re one to leave responsibility to the wayside and had to apply for an extension, that might just pay off.
The short-term outlook is in consolidation while the medium outlook is in a downtrend. Traders should be patient for a breakout or breakdown before taking a position. BSV/USD Medium-term Trend: Bearish Supply zones: $90, $100, $120 Demand zones: $50, $40, $30 BSVUSD is in a downtrend in its medium-term outlook. The cryptocurrency is within a […]
In what is emerging to be an interesting trend on the bitcoin network, Germany is fast growing as a…
The post Germany Is The European Leader Of Bitcoin & Ethereum Nodes appeared first on Invest In Blockchain.
Bitcoin price is facing a strong resistance near the $5,150 and $5,160 levels against the US Dollar. The price must break the $5,160 and $5,200 levels to start a strong rebound. There is a major bearish trend line forming with resistance near $5,160 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Investors Flip Bullish on Bitcoin as $5,200 is Held For some reason or another, as Bitcoin (BTC) has held at $5,200 for days on end after the Bitfinex and Tether news broke, investors have begun. .
The cryptocurrency market was bathed in red and the trend seemed unlikely to change in the near future. Despite developments in the space managing to keep certain cryptos afloat, many are falling under the pressure of the bear.
By CCN. com: According to a cryptocurrency trader, a technical indicator of bitcoin is signaling a potential downturn in the market for the first time since December 2017. The indicator, known as the Relative Strength Indicator (RSI) bearish divergence, signals a bearish downtrend and a decline in momentum.
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.
