Daily candle rejected at 100 MA, we need to stay above the cyan line(8EMA) to continue the rally. We need to close above 6545$ will see more upside bullishness. Close below 6425$ will invalidates will see more downward movement. Conclusion:…
Setting The Stage Imagine a courtroom and Bitcoin making its way to the podium. Seated on the left side of the room are the bullish advocates; opposite to them are the bearish advocates. As Bitcoin passes the barrier and…
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Bitcoin headed for its largest increase in two weeks on Monday, as BlackRock Inc. became the latest big name to signal an interest in the technology underpinning digital currencies.The biggest crypto-coin advanced 5.5 percent to $6,525 as of 6:51 a.m. in New York, according to composite prices on Bloomberg. Rival coins Ripple, Ethereum and Litecoin all climbed at least 5 percent. Bitcoin hasn’t notched a one-day gain of more than 2 percent since July 2.
Its Thursday evening and you are back at it again staring at the charts. You are sitting there pondering to yourself, why is the price dropping again and why did I go all in at $15,000. At the time of…
The bitcoin price has leapt twice in the last four days, taking it up more than 10 percent at one point to just over $6,600 after the price wallowed under $6,000 for most of last week.While some on forums Bitcoin Talk and Reddit’s r/Bitcoin are celebrating a return to a bull market, others are more sceptical — and expect the bears to come out again soon after months of sinking prices for bitcoin and other cryptocurrencies.Here are a few things that are potentially moving the price, and why it might not mean the bitcoin price holds above the psychological $6,000 mark for long.
What the chart claims to show is this – there is somehow a trailing breakeven price at which Bitcoin has historically traded above. Using a 1.8x average Price/Breakeven (the latest novel effort to fit a relative value multiple to Bitcoin price), he thinks Bitcoin (BTC-USD) should trade at ~$36k by 2019 YE.
Bitcoin price led the brief bullish momentum in the market yesterday where it gained more than $200 in less than 1 hour. Bitcoin used $7,120 as a support while the bulls were eyeing $7,600. At the moment, BTC/USD is trading a bullish flag pattern pending another upside breakout.It is still unclear what caused the sudden upsurge in Bitcoin on Tuesday 29, however, one of FXSTREET writers, Yohay Elam believes that there is a connection between the political discord in Italy. ‘Italexit’ might have been the boost that took Bitcoin from trading $7,120 to above $7,500. The elections in March resulted in an economic crisis in the country. Italy’s stock prices have plummeted almost similar to the Brexit situation in Great Britain. The money flowing out of Italy’s bonds, the Euro as well as the global stocks could have ended up in the crypto market. Elam Yohay wrote referring to the crisis in Italy, “When the establishment is in crisis, alternatives are sought after.”
BTC/USD is down 0.3 percent at $8,445 after bouncing from the low of $8,338 at which point it was down nearly 2 percent. On the daily chart, BTC’s Saturday lows is $8,220 few dollars above the 50 percent fibonacci retracement of this entire rise from April lows, which is a significant support.
For this bounce to sustain Bitcoin should now try and target $8,604 which is 38.2 percent fibonacci retracement level only then can bulls come out of their hidings and show a brave face to bounce back above $9,000. Having said that, on the intra day 15-minute charts there are multiple resistances above $8,450 mark which would be a tough nut to crack in a low volume Sunday trading.
Bitcoin’s plunge back below $9,000 has the cryptocurrency facing a dreaded death cross. This occurs when the 50-day moving average breaks below its 200-day counterpart on a closing basis. As the name implies, it’s considered a bearish development.
This would be the first death cross for Bitcoin since 2015.
To be sure, there are some countervailing technical signals suggesting this event might not be so crippling. The 200-day moving average is still rising and served as intraday support Friday. In addition, Bitcoin is setting higher lows, with April’s trough higher than February’s.