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BTC momentum falling: Back to $10,000?

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After bouncing off of $11,000 support, bitcoin is back to moving upwards. With price still being below resistance of $12,000, we today look at momentum on the higher time frame to see what direction BTC is headed. This is the BTC analysis for 12 July 2019.

Highlights:

– $11,000 tested

– Momentum falling

– $12,000 resistance for today

– $10,000 possible

Starting with a 15min chart and looking at momentum on RSI, we can see that it is currently outside of the downtrend and is already near 70, indicating this move outside of the trend won’t hold, since strong buying power could not get it above the previous local high of $11,800.

We can however still see BTC reach past the previous local high to make a push towards resistance at $12,000. With RSI already starting to make lower highs, tell us that momentum is shifting to the downside, and that we should see any further increases in price as overextended.

BTC/USD chart provided by Tradingview

Moving over to a 4 hour chart, we can see that momentum is back below the downtrend and also below 50, both indicating bearish action. We also notice that RSI is near the downtrend line, with a little bit of room still to grow. The small push up on the smaller time frame would help the 4hour reach the resistance line. Another thing to notice is that RSI will not only find resistance at the downtrend line, but also at 50 RSI. AS we know during a downtrend, 50 RSI acts as resistance for momentum. 

BTC/USD chart provided by Tradingview

Once resistance is hit, we will see BTC then fall back to support at $11,000, which will not be a good sign as we believe another retest of $11,000 will not hold. A break below $11,000 would mean a further decline lies ahead for BTC. According to the downtrend line of ours, we could expect BTC to fall back to a level of $10,000. This price point has not seen much action this past few weeks, plus the fact that it is a psychological price point, leads us to believe that BTC will fall to $10k for a retest of support.

BTC/USD chart provided by Tradingview

Lastly, taking a look at the daily momentum, we can see that RSI has made a lower low yesterday. This is telling us that selling pressure has increased compared to the days before it. With today’s RSI not looking too strong hovering below 55, could indicate that we won’t see much of an increase today, adding some confluence with our smaller time frame analysis. 

BTC/USD chart provided by Tradingview

Do you agree that BTC will see a further decline in price, or has it found support at $11,000 and we will see BTC continue its bull run? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

Source:chepicap

Bitcoin

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

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Cryptocurrency Bitcoin (BTC/USD) is trading at 7991. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

As part of the Bitcoin exchange rate forecast, a test level of 8200 is expected. Where can we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 7260. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at 8420.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​8540. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, one should expect acceleration of the fall of the cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019 implies a test level of 8200. Further, it is expected to continue falling to the area below the level of 7260. The conservative area for selling Bitcoin is located area of 8420. Canceling the option of falling cryptocurrency will be a breakdown of the level of 8540. In this case, we can expect continuation growth.


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Bitcoin re-enters $8,000-zone, but what is its upside potential? – Confluence Detector

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  • BTC/USD went up from $7,998.50 to $8,077.50 this Thursday.
  • The daily confluence detector shows two healthy resistance levels to overcome on the upside.

Following two straight bearish days, which took the price below the $8,000-zone, BTC/USD is on the course to recovery. Bitcoin had gone up from $7,998.50 to $8,077.50 this Thursday before it improved further to $8,087.40 this Friday. The hourly BTC/USD chart shows us that the market found intra-day resistance at $7,943.15 before it bounced up to $8,075. Since then, the price trended horizontally for a bit, negotiating with the $8,090 resistance line. The bulls managed to rally together to break past it and go up to $8,110, before correcting itself to $8,087.40.

BTC/USD daily confluence detector

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The daily confluence detector has two healthy resistance levels at $8,190 and $8,260. $8,190 has the five-day Simple Moving Average (SMA 5) and one-week Fibonacci 61.8% retracement level. $8,260 has the SMA 100, one-day Pivot Point resistance two and one-day Bollinger Band middle curve.

On the downside, there is a support level of note at $8,065, which has the SMA 5, SMA 50, SMA 200, one-hour Bollinger band middle curve, one-day Fibonacci 38.2% retracement level and one-hour previous low.


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Bitcoin could become store of value, as institutional interest increases

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Institutional interest in Bitcoin has seen a significant rise in 2019, as several derivative financial products on top of Bitcoin have flooded the market. Active exposure of these investors to the digital asset realm has brought back the debate about whether Bitcoin is the new “store of value.” According to Grayscale’s managing director Michael Sonnenshein, there has been a certain shift in perception for sure.

Sonnenshein appeared on ‘The Scoop‘ recently to discuss the impact of institutional investor’s exposure to the digital asset class. The managing director of the firm believed that although Gold has been the standard store of value for centuries, and it made sense in the physical age, but given the rapid growth of the digital monetary age, Bitcoin for sure is challenging to become the new store of value. He explained,

“It is now nearly 2020 and we’re starting to ask investors with this question which is, what constitutes a store of value? It historically has been gold but that may have made more sense for a physical age. As we are in fully immersing ourselves now in this digital age perhaps gold doesn’t hold up as much as it once did as that store of value and perhaps investors need to think about a digital store of value such as Bitcoin.”

Institutional investors hold the key for Bitcoin and any other digital asset to gain mainstream adoption, and as of today they are more aware and learned about Bitcoin and its potential as an investment than ever before. More importantly, these investors are using Bitcoin as a hedge fund and store of value to diversify their investment portfolio as well as make quick capital gains on their investment.

The increasing interest of institutional investors is evident from the fact that GrayScale registered its highest gain in the last quarter with over $250 million raised from the investors, Binance has registered the highest daily volumes of over $700 million from its Binance futures platforms. Bakkt has launched its futures contracts recently while CME’s futures contracts year-to-date volumes have seen a significant rise over the past year.

Source:ambcrypto

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