Bitcoin does not appear to be in a good position at the present moment
Bears are currently attempting to push it below its long-held support at $9,000
This comes just a week after the crypto posted two consecutive rejections at $9,400
Its inability to push higher coupled with mounting selling pressure suggests downside could be imminent
Analysts concur with this notion, with one pointing to a technical structure as a reason why he is anticipating further downside
Bitcoin and the aggregated crypto market are flashing some major signs of weakness.
After making multiple attempts to climb towards the upper-end of its long-held trading range, BTC faced multiple rejections at $9,400 that halted its momentum.
All the while, altcoins have been able to post notable gains throughout the past several days and weeks, with many significantly outperforming Bitcoin.
As for where the market may trend next, analysts are noting that the cryptocurrency’s technical structure indicates that downside is imminent.
One trader is expecting a near-term movement down towards $8,600. The support here may be enough to slow its descent.
Bitcoin Flashes Signs of Weakness as Technical Structure Degrades
At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,070. This marks a notable decline from its daily highs of $9,250.
It was previously able to find strong support at $9,200, but the buying pressure here has since evaporated. Where the crypto trends next could largely depend on whether buyers defend $9,000.
Although this is a crucial support level, it is important to note that it has been broken on multiple occasions throughout the past few months.
Each break below it has proven to be fleeting, however, and followed by a move back into the range.
One analyst recently said that he is expecting the next downside movement to be more decisive than those seen previously.
“The deeper we get into this BTC semi-slanted descending triangle-like thing the more likely I think it breaks to the downside. Usually the deeper we go into the nose of shapes like this the more often we see it break down. Bullish breakouts are more often 2/3-3/4 full.”
Image Courtesy of Jonny Moe. Chart via TradingView.
Trader: BTC Likely to Reel Towards $8,600 Before Finding Strong Support
As for where Bitcoin is likely to go next, one analyst explained that he is watching $8,600.
“BTC HTF Update: This seems to be the real deal and it currently seems as though a close below this support is going to happen on the daily, $9000 really has to show some strength… Honestly, I have a feeling as though $8600 is incoming.”
Image Courtesy of Cactus. Chart via TradingView.
If BTC losses $9,000 and struggles to find intense buying pressure at $8,600, this next decline could mark the start of a far-reaching bear market.
Featured image from Shutterstock.
Charts from TradingView. origin »
Ethereum, like Bitcoin, has been caught within a long-held bout of sideways trading over the past week This consolidation has made it increasingly unclear as to which direction it will trend next It has largely come about as a result of the lackluster price action seen by Bitcoin in recent times Analysts do believe that ETH could be poised to see some notable downside if it is unable to push higher in the days and […]
Bitcoin attempted to push above $10,000 yesterday evening but was once again met with a significant amount of selling pressure that subsequently led it lower The benchmark cryptocurrency is now once again caught within a bout of sideways trading within the mid-$9,000 region Analysts are warning investors against getting too excited about this latest uptrend, as there are a few factors that suggest it could soon see further downside in the days and weeks ahead […]
Ethereum price may be affected by the overall downturn in altcoins right now, as the market flashes red once again. The asset already slid from its recent highs above $270, and may push back to the $200 range.
XRP, the third-largest cryptocurrency, pumped recently, however, the pumps might face an uphill battle, at least in the short term; the decline could push XRP anywhere between 10% and 17%. However, thThe post XRP's surge hits a barricade: 10% to 17% downside in the next 10+ days appeared first on AMBCrypto.
Bitcoin price continues to free-fall after a failed bullish rally. New signals and a breakdown of two confirmed patterns point to bearish downside targets in the low $7,000 range. Bitcoin Forms Elusive Diamond Top, Signaling a Deep Drop On Friday, October 18, Bitcoin price set a higher low at roughly $7,800, signaling that bearish sell pressure may be waning.
What’s Next For Bitcoin? Bitcoin (BTC) has continued to slip into Friday, falling to $11,200 as of the time of writing this. While the selling momentum has undoubtedly slowed, with bulls managing to push back.
Ripple price remained in a bearish zone and declined below the key $0. 3060 support against the US dollar. Bears remain in action as they managed to push the price below the $0. 3000 support. Yesterday’s highlighted important bearish trend line is intact with resistance at $0.
After days and days of consolidation, bitcoin finally managed to break a new high for the first time in almost two weeks. This new high, so far, has been short lived, however, as it was almost immediately sold into by eager bears:Figure 1: BTC-USD, 4-Hour Candles, New HighOur current 4-hour candle is seeing a relatively easy retracement after days and days of an upward grind.
While financial forecasters are predicting a bullish 2019 for the bitcoin price, the cryptocurrency first needs to fight strong technical barriers in the near-term. It is becoming difficult for bitcoin bulls to initiate a substantial push towards the $3,480-barrier and beyond.
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).
For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so let’s check out both sides of the argument because currently the market is sitting in the middle of Indecisionville — the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern:Figure 1: BTC-USD, Daily Candles, Head-and-Shoulders BottomThis current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation.
Bitcoin (BTC) had a steep decline yesterday. During the last hour of trading, it plunged further into the red. This marks the completion of the final wave of capitulation. Bitcoin (BTC) has now begun the day in green.
Stellar (XLM) is currently showing signs of weakness trading against the US Dollar. The price has fallen below the triangle it was trading in last week and looks indecisive. However, the RSI is currently near oversold levels and a reversal could be in the offing.
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.
