Bitcoin (BTC) Price Analysis: Near-Term Upside Targets

2019-3-13 06:28

Bitcoin is bouncing off a short-term area of interest visible on the 1-hour time frame. This could keep it on track towards testing the next upside targets marked by the Fibonacci extension tool.

Price is closing in on the 38.2% level at the $4,000 major psychological mark, which might serve as a take-profit point again. The 50% level lines up with the swing high around $4,040 that might also lead cautious buyers to book profits. Stronger bullish momentum could take price up to the 61.8% Fib at $4,062.80 or the 78.6% level at $4,100. The full extension is located at $4,168.70.

The 100 SMA is above the longer-term 200 SMA for now to indicate that the path of least resistance is to the upside. However, the gap between the indicators has narrowed enough to signal weaker bullish momentum and a potential bearish crossover. In that case, price might dip below the area of interest again and head back to the lows at $3,770.

RSI appears to be heading south even without hitting the overbought zone, indicating that sellers are eager to return. Stochastic is also heading lower to indicate that bears have the upper hand and could take bitcoin further south, especially since the oscillator has plenty of ground to cover before reaching oversold levels.

Bitcoin traders appear to be holding out for major catalysts that could confirm that the bull run isn’t over, as price would likely to clear several upside barriers before drawing more buying interest.

For now, the focus seems to be on the drop in volumes that is weighing on volatility. According to CoinMetrics.io, the decline in bitcoin transaction count has coincided with the end of VeriBlock’s testnet phase. This startup accounts for 25-40% of bitcoin transactions, which is a pretty hefty amount for its size. Testing ended on March 4 and the daily transaction count dropped 21% then.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Bitcoin (BTC) Price Analysis: Near-Term Upside Targets appeared first on Ethereum World News.

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upside bitcoin price targets analysis btc near-term

Источник: ethereumworldnews.com

upside bitcoin → Результатов: 126


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Bitcoin Price Analysis: Keep an Eye Out for a Close Above the Current High

Shortly after falling from its test of the low $4,000s, bitcoin managed to find support in the mid $3,500s. This has proven to be a relevant level over the last few months, and finding support here would be a sign of relatively strong demand:Figure 1: BTC-USD, Daily Candles, Local SupportThe high candle spread rejection following our test of the low $4,000s was an indication that we had strong levels of supply left in the market, but for the time being we are holding support.

2019-3-1 03:44


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Bitcoin Price Analysis: Bullish Setups Could Break Current Market Structure

The cryptomarket remains coiled as we lead into the weekend with no new highs and no new lows being established for bitcoin. However, it is nicely consolidating on lower time frames and hints toward the possibility of another leg up:Figure 1: BTC-USD, Hourly Candles, Consolidating PennantThe pattern shown in Figure 1 outlines a potential continuation pattern called a “bullish pennant.

2019-2-23 02:23


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Bitcoin Price Analysis: Consolidation Breaks Out Into Macro Resistance Test

Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:Figure 1: BTC-USD, Daily Candles, Macro ResistanceWe can see a clear, descending supply-and-demand channel that governed the market for the last two months.

2019-2-20 01:38


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Bitcoin Price Analysis: After Sudden Upswing, Bitcoin Price Drifts Downward

Last week, we saw a violent move to the upside as bitcoin rallied 11% over the course of one day. Since peaking in the upper $3,600s, bitcoin has seen close to zero bullish follow-through, and the price has begun to drift downward over the course of the last week:Figure 1: BTC-USD, Hourly Candles, Downward DriftDownward-drifting markets like this can often be a sign that distribution is taking place.

2019-2-15 00:21


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