Bitcoin [BTC] could soon see an imminent breakout due to recurring bear pennant pattern

The price of Bitcoin is currently in a consolidation phase after formation of a recurring pattern twice within the span of a month. The current price of Bitcoin, at the time of writing, was $3,580, with the market cap hovering at $63 billion.
1-hour
Source: TradingView
Bitcoin’s price action, as seen in the chart above, is the best example of history repeating itself. The overall trend of Bitcoin is a downtrend as it has consistently been forming lower lows as seen in the hourly charts.
Pennant
There is a clear formation of a pennant in the price action chart, which breaks out to the top and then moves in a sideways fashion before dropping to retrace the same pattern all over again. However, it will be in a slightly lesser proportion compared to the one before.
Pennants usually show how the price gets caught up between forming lower lows as they head towards the peak of the pennant, where they have no more room, thus causing a breakout.
The first pattern started its formation on December 27, 2018, and it proceeded to ricochet between the trend lines consistently. The price broke out of the pennant pattern caused a massive spike of 6.56% as the prices rose from $3,838 to $4,090, The spike was followed by a sideways movement, which caused a sudden collapse in prices.
Fibonacci Retracement
The sudden collapse in the prices took place in two distinct steps, which occurred at the 0.618 Fibonacci level. The 0.618 level or the 61.8% level is deemed as the most important level by most traders. The price drop happened from $4,026 to $3,618, making a pit stop at $3,812, which, in total, was a drop of 10.13%. By observation, it can also be noted that the second collapse was almost half of the first one.
The second pattern that formed, followed the footsteps of the previous pattern and the price broke out of the pennant at $3,625 and reached $3,728, which was a total percentage increase of approximately 3%, which is half of the previous breakout. This followed by yet another sideways/downtrend movement, which collapsed again at the same Fibonacci level as the previous pattern. The collapse took place from $3,689 to $3,514 with a stop at $3,587 at the 0.618 or 61.8% Fibonacci level. The total decline was 4.74%, which is approximately half of the previous collapse.
Moreover, before the formation of the second pennant, the sideways movement of the prices found support at 0.886 or 88.6% Fibonacci level of the first pattern which was eventually broken as the prices fell lower.
At the moment, the prices are being supported at the 0.86 or 88.6% Fibonacci level of the second pattern, which is at $3,514, a perfect correlation. If the prices ever decide to break below this support, there is going to be a collapse.
1-day
Source: TradingView
The one-day chart also shows a consistent downtrend with prices forming lower lows, indicating a strong bear trend for Bitcoin. Bitcoin’s fall into the abyss is currently being supported by two supports, the first and the imminent support is at $3,477, which was tested multiple times. The second support is the lowest that Bitcoin reached in 2018, which is at $3,139.
Volume 
The volume indicator shows a very important indication of decreasing volume that has been in play since mid-November, which confirms that the price will undergo a massive and sudden change in the future.
The change, as per the technicals, indicates that the price should move downwards, however, the prices could go either way.
The Relative Strength Index also shows a declining trend, indicating that the selling momentum for Bitcoin is increasing.
Conclusion
The one-hour chart shows a recurring pattern in which the prices are being supported at the 0.86 Fibonacci level. If the price ever decides to drop to below the current support it would face the next immediate support at $3,136. In a worst-case scenario, the price would go into a free fall until $1,900 and the price was last seen at this point on July 14, 2017.
If the breakout happens to the upside then the price would have no resistance until $4,422 to $5,000, where the prices will be tested before it moves up. However, the one-day chart shows a declining volume trend, which indicates a strong movement in price that might happen in a few days.
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Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Bulls ride the prices out of the immediate resistance zone

Bitcoin has once again been moving in a sideways trend stuck in the $3,600 range consolidating for over nine days now.
The market cap of Bitcoin is at $64 billion with 24-hour trading volume at $5.3 billion after dipping as low as $4.92 billion. Most of the trade volume for Bitcoin is coming from BitMEX exchange for trading derivates of Bitcoin paired with USD.
1-hour
Source: TradingView
The uptrend for Bitcoin has extended and it now ranges from $3,498 to $3,593, while the downtrend extends from $4,025 to $3,724. The prices are being supported at $3,578 which is the immediate support, and at $3,498. The resistance for Bitcoin are at two points, $3,648 to $3,666 and $3,919 to $3,944.
The Aroon indicator shows that uptrend for Bitcoin in the one-hour shows that the Aroon green line has struck the 100-line after showing signs of crashing. The Aroon indicator shows that the bulls have taken control of the price and are pumping it.
The Chaikin Money Flow shows that the money flowing into the Bitcoin market is far greater than the money flowing out, which indicates that the buyers are in control of the market.
The Relative Strength Index shows that the momentum for BTC has shifted towards the buyers, as the RSI line has broken the over-bought zone.
1-day
Source: TradingView
The one-day chart shows that the downtrend is far more dominant and doesn’t compare to the measly uptrend in the larger time frame. The uptrend extends from $3,184 to $$3,514, while the downtrend extends from $9,800 to $4,004. The prices are supported at $3,183 while the resistance lines can be seen hanging at $7,359 to $9,075.
The Bollinger Bands show that the prices are undergoing a squeeze and the prices are trying to swim above the simple moving average line.
The MACD line and the signal line look like they are about to coincide and cross each other in a bullish crossover. The histogram shows that the red bars below the zero-line are reducing in strength post the price hike that Bitcoin has seen.
Conclusion
The Aroon, CMF and the RSI all indicate that the bulls have returned taking riding the prices in an uptrend. The one-day chart also shows the same as the Bollinger Band and MACD indicator both indicate a possible bullish crossover that is imminent.
The post Bitcoin [BTC/USD] Technical Analysis: Bulls ride the prices out of the immediate resistance zone appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: The Digital Gold is barely hanging on

Bitcoin, which was holding the $3,600 line has been breached on January 13, 2019, at 15:00 UTC and BTC is currently being traded at $3538. The market cap of BTC has also collapsed and is currently at $62 billion with 24-hour trade volume at $5.15 billion.
BitMEX is the biggest contributor to this trade volume as it contributes a total of $964 million via trade pair BTC/USD in the form of derivatives. CoinBene is the second exchange that has contributed the most i.e., $300 million via trade pairs BTC/USDT, LTC/BTC, QTUM/BTC, and XLM/BTC.
1 Hour
Source: TradingView
Bitcoin’s prices in the one-hour chart show an uptrend that extends from $3238 to $3498 while the downtrend extends from $4205 to $3538. BTC has broken its support at 3578 and dropped lower, creating new support at $3498. The resistance points are still the same, i.e, $3,919-$3,944 and $4,203-$4,239, which are yet to be tested.
The Aroon indicator shows a bullish trend for Bitcoin as the Aroon green line has hit the 100-line. The Aroon red line has plunged lower indicating that it has lost control of BTC’s trend.
The Stochastic indicator shows a bearish downtrend as the Stochastic line has crossed the signal line to the bottom indicating a bearish crossover.
The Chaikin Money Flow shows a positive outlook for BTC as the money is flowing into the market, which means that the buyers are dominating when compared to sellers.
1 Day

Source: TradingView
The one-day chart shows a small uptrend that extends from $3,184 to $3,626, while the downtrend extends from $9,800 to $4,004. The long-term support can be seen hanging at $3,183 while the resistance points are seen at $7,359 subsequent resistance can be seen at $9,113.
The Parabolic SAR markers for Bitcoin in the one-day chart have spawned above the price candles which indicates a bearish pressure for the prices.
The MACD indicator, just like the SAR shows a bearish outlook as the MACD lines are undergoing a bearish crossover.
The Awesome Oscillator shows a bearish crossover that has just begun as the red lines have moved to the bottom of the zero-line.
Conclusion:
The one-hour chart paints a positive picture for Bitcoin as indicated by the Aroon, CMF, and Stochastic indicators. The one-day time frame shows a rather negative outlook for Bitcoin as indicated by SAR, MACD and the AO indicators.
The post Bitcoin [BTC/USD] Technical Analysis: The Digital Gold is barely hanging on appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: The bulls have come to stay this time

The world’s first cryptocurrency, Bitcoin has been doing well for itself considering the previous year. The currency has picked itself up above the $4,000 line and has been holding it steadily. The market cap of Bitcoin is $71 billion with 24-hour trading volume at $5.08 billion.
1 Hour
Source: TradingView
The one-hour chart of Bitcoin shows prices in an uptrend bullish movement which extends from $3,238 to $3,891. The downtrend, however, extends from $4,205 to $4,062. The prices are holding above the support at $3,578, while the resistance band range from $3919 to $3944 has been successfully breached and holding. The next resistance band range is from $4203 to $4239.
The Parabolic SAR markers are formed below the price candles which indicates a bullish trend for Bitcoin.
The MACD indicator is showing a bullish crossover as the MACD line has crossed above the signal line. The MACD histogram is also started sprouting green.
The Awesome Oscillator shows a bullish crossover that is still underway as the green bars have crossed over to the top of the zero-line.
1 Day
Source: TradingView
The uptrend for Bitcoin in the longer time-frame cannot be expected to be formed yet. The downtrend, however, can be seen hanging at $9800 to $4035. The prices are supported at $3183, with resistance lines present at $7359, $8385.
The Aroon indicator shows a sharp rise in uptrend i.e., the green Aroon-line to power as the downtrend seeps down to the zero mark.
The CMF is riding the wave above the zero-line which indicates that the money is flowing into the market for Bitcoin and buyers are controlling the market.
The Relative Strength Index shows a similar scenario where the buyers are controlling the Bitcoin markets as the RSI line is high and near the 55-line.
Conclusion
The one-hour chart for Bitcoin is showing a bullish scenario which is indicated confidently by SAR, MACD and the AO indicators. The one-day chart shows a similar bullish scenario as the one-hour chart which is indicated by the Aroon, CMF and the RSI indicators.
The post Bitcoin [BTC/USD] Technical Analysis: The bulls have come to stay this time appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Prices stuck in a sideways pattern with no way out

Bitcoin prices are steadily bouncing between the immediate resistance and support lines trying to find a way out. The prices are currently trading at $3,824 with a market cap of $67.4 billion. The 24-hour trading volume shows $5.11 billion, of which the most volume is contributed by BitMEX via trading pairs BTC/USD.
1 Hour
Source: TradingView
The one-hour chart for Bitcoin shows prices varying between the imminent supports and resistance points in a sideways fashion. The uptrend extends from $3238 to $3822, while the downtrend spans from $4205 to $3859. The prices are being supported by immediate support at $3577 and the immediate resistance that ranges from $3919 to $3944. The subsequent resistance range for Bitcoin exists between $4203 and $4239.
The Aroon indicator shows a decline in the downtrend of a short-term rally for Bitcoin while the downtrend has exhausted completely.
The Chaikin Money Flow is hanging just above the zero-line indicating that the money flowing into the market is slightly more than the money flowing out of the market for Bitcoin.
The Relative Strength Index for Bitcoin shows a reduction in the buying momentum to an almost neutral position.
1 Day
Source: TradingView
The uptrend for Bitcoin in the longer time-frame cannot be expected to be formed yet. The downtrend, however, can be seen hanging at $9800 to $4035. The prices are supported at $3183, with resistance lines present at $7359, $8385.
The Bollinger Bands in the one-day timeframe indicate that the BTC prices are undergoing a squeeze and the prices are holding steadily above the simple moving average.
The MACD indicator shows a bullish crossover that is underway from the bottom of the zero-line and a possible crossover to the top of the zero-line.
The Awesome Oscillator shows almost nil movement as the green spike is barely visible above the zero-line.
Conclusion
Bitcoin in the one-hour time frame is hanging in the middle, consolidating and moving sideways without any major rally to the upside or a slip to the downside as indicated by the Aroon, CMF and the RSI. The one-day chart shows a slightly bullish presence for Bitcoin as indicated by the MACD indicator, and the Bollinger Bands, but the AO indicates a stagnant motion for Bitcoin.
The post Bitcoin [BTC/USD] Technical Analysis: Prices stuck in a sideways pattern with no way out appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Prices climb up as the bulls are back in town

Bitcoin prices have been seeing a lot of bull rallies right from the start of December since the month holds a lot of sentiments from last year.
At the time of writing, the prices were trading at $4,180 with a market cap of almost $73 billion. The 24-hour trading volume can be seen holding strongly at a massive $7 billion.
Most of the trading volume comes from BitMEX via the trading pair BTC/USD, which contributes a whopping $2 million trading volume.
1 Hour
Source: TradingView
The uptrend for Bitcoin in the one-hour chart seems very bullish as it spans from $3,240 to $4,120, while the downtrend has diminished in size and length as it extends from $4,350 to $4,185. The support for Bitcoin is holding strong at $3,160, while the resistance points are seen hanging above at $4,240 and $4,345.
The Aroon indicator shows that the uptrend for Bitcoin reached the maximum level and is now slowly fading away as it declines towards the zero-line.
The stochastic indicator shows the same as Aroon, as the Stochastic lines reached the top-most level in a bullish crossover and are now heading down in a bearish crossover.
The Chaikin Money Flow shows an overflow of money into the Bitcoin markets as the CMF has hit the top, and is heading down.
1 Day
Source: TradingView
The downtrend for Bitcoin in the one-day chart extends from $9,800 to $4,140 without an uptrend erupting yet. The support for prices can be seen at $3,185 with resistance lines holding the prices from crossing at $8,385 – $7,360.
The Parabolic SAR markers are formed below the price candles which indicates a bullish future for the Bitcoin prices in the larger time frame.
The MACD indicator which had dipped during the sell-off is now recovering in an upward fashion after undergoing a bullish crossover that hasn’t ended yet. The histogram is lit up with green bars above the zero-line.
The Awesome Oscillator shows a bearish crossover as well with the bars that are extending above the zero-line.
Conclusion
The one-day chart shows a decline in Bitcoin’s prices after a brief rally, the same is indicated by the Aroon, Stochastic and the CMF indicators. The one-day chart for Bitcoin shows a positive outlook as indicated by Parabolic SAR, MACD and the Awesome indicators.
The post Bitcoin [BTC/USD] Technical Analysis: Prices climb up as the bulls are back in town appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] Technical Analysis: A possible take-over by bulls indicated by the technicals

Bitcoin seems to have found the long needed respite it was looking for, as the prices are climbing higher than expected. The 24-hour price change shows a sway of ~10% towards the positive side. The market cap has risen to $67 billion with 24-hour trade volume $6.8 billion, and the prices are currently trading at $3,900.
1 Hour
Source: TradingView
The uptrend has a range that extends from $3238 to $3828, while the downtrend spans from $5518 to $3847. Bitcoin has left the support [$3,160] at the bottom as the prices have taken off, and it will be testing resistance points at $4,345, $4,750, and $5,545.
The MACD indicator shows a positive and a bullish crossover that has over-reached its stay. It shows a clear bullish sign.
The same goes for Stochastic indicator as it has risen above and reached the over-bought zone.
The Chaikin Money Flow shows an influx of money into the Bitcoin market as the CMF indicator has risen from the depths of the abyss.
1 Day
Source: TradingView
The one-day chart still has no signs of an uptrend but the downtrend ranges from $9,800 to $3,670, and the support can be seen hanging at $3,185. The resistance points are seen at $7,360 and $8,385.
The Parabolic SAR markers have formed below the price candles indicating a bullish trend.
The Relative Strength Index is also showing a dramatic increase as it has crossed the 50-line indicating an impending over-bought position for Bitcoin.
The Awesome Oscillator shows receding green lines transitioning from red lines, which indicates a possibility of an impending bullish cross-over.
Conclusion
The one-hour chart is lit up with bullish signals indicated by MACD, Stochastic and the CMF, while the one-day chart is still not completely bullish as there are bearish signs indicated by Awesome Oscillator.
The post Bitcoin [BTC] Technical Analysis: A possible take-over by bulls indicated by the technicals appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price Analysis: BTC Up 9 Percent, Bulls Aim at $4,500

Latest Bitcoin News
After a damaging fall from Dec 2017 peaks, Bitcoin bulls are well positioned to recover and print above Nov 2018 highs all because of changing sentiments and bullish candlestick formation of the last three days. On the fundamental front, long-term Bitcoin bear and former International Monetary Fund economist, Mark Dow has closed his Bitcoin short trade according to a phone interview with Bloomberg. He had this to say:
“I’m done. I don’t want to try to ride this thing to zero. I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time. People buy into these assets because they believe the narrative, and you look at the asset prices to see if the narrative is weakening or changing. It’s not easy — you could be wrong, but that’s the sign you look for. However, it doesn’t mean you’ll get it right.”
He later posted on Twitter:

Today I say goodbye to the bitcoin short. Sad! #bitcoin $BTC $XBT.
— Dow (@mark_dow) December 18, 2018

Add to this the recent series of higher highs visible in the 4HR chart, and it is clear that Bitcoin bulls are back in contention. At spot prices, BTC is changing hands at $3,724.22 at the time of press up 10 percent in the last week and 8.1 percent in the recent 24 hours. It is the most persistent rally in the last five months, and further higher highs could see BTC break above $4,000 laying tracks for $4,500.
Bitcoin (BTC/USD) Price Analysis

This recovery is a boost to the cryptocurrency market, and after 11 months of lower lows, BTC is expanding, ready for $6,000. After 12 days of horizontal consolidation within Dec 15 lows of $3,200 and highs of Dec 9 at $3,800, Bitcoin bulls broke and closed above this main resistance level.
Because of the high trade volumes behind Dec 18 rally, buyers are technically in charge as long as they trend above $3,800—previous resistance-now-support. More often than not, prices tend to retrace after rapid gains as those of Dec 17, and it is for this reason why we expect BTC to dip and retest $3,800 before trend resumption.
However, if prices reject lower lows and print above $3,900 today, then buyers should enter at spot price with first targets at $4,500.
Otherwise, this is our short-term BTC/USD trade plan:
Buy: $3,800
Stop: $3,550—Dec 18 lows
First Target: $4,500
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin Price Analysis: BTC Up 9 Percent, Bulls Aim at $4,500 appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin [BTC/USD] Technical Analysis: Crestfallen coin loses all hope as it breaks yet another support

Bitcoin [BTC] is in a grim stage as the prices have not stopped bleeding and are collapsing to lows that were last seen in mid-2017. The current market cap of Bitcoin is at $56 billion with the 24-hour trading volume hovering at $4.12 billion.
The 24-hour volume for Bitcoin shows a negative 2.04% change in its price, but the weekly change shows a more shocking decrease of 5%.
1-hour
Source: TradingView
Hoping for an uptrend in Bitcoin is a pipe dream in today’s market. The downtrend, however, extends from $5,520 to $3,220. The support at $3,320 for Bitcoin has been successfully breached and new a support is set up at $3,160. The resistance points at $4,345, $4,750, and $5,545 don’t have a care in the world as the prices have been going down instead of up.
The Parabolic SAR indicator is showing a bullish trend for a change in the one-time frame as the markers have formed below the price candles.
The MACD indicator shows a positive outlook, as well as the indicator, is showing a bullish crossover.
The Stochastic indicator shows a negative stance as it shows a bearish crossover.
1-day
Source: TradingView
The downtrend for Bitcoin in the one-day chart spans from $9,800 to $3,440, and the prices have also broken support at $3350. The resistance points in the one-day chart are seen hanging at $7,360, $8,390, and $9,800.
The Vortex indicator shows Bitcoin is in a bearish crossover as the VI+ has collapsed well below the VI- on December 13, and has been trying to come back up ever since, but failed.
The Chaikin Money Flow shows that the influx of money is very less for Bitcoin and is trumped by the money flowing out of the market.
 Aroon indicator shows that the downtrend has gained maximum strength as it has struck the 100-line.
Conclusion
The one-day chart for Bitcoin shows a bearish presence for Bitcoin as indicated by the Stochastic indicator, but MACD and SAR are showing bullish in the shorter time frame. The one-day chart, however, shows a clear bearish dominion over the longer time frame as the CMF shows money is flowing out of the market, and the Aroon indicator shows a strong downtrend.
The post Bitcoin [BTC/USD] Technical Analysis: Crestfallen coin loses all hope as it breaks yet another support appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Bears control the market, bulls nowhere to be seen

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin is currently holding steady with a market cap of $59.49 billion and the prices are hanging at $3,415.
The 24-hour trading volume is holding strong at $4.008 billion.
1-hour
Source: TradingView
Uptrend for Bitcoin seems like a distant memory, but the downtrend extends stronger and dips further below every day as the prices collapse. The downtrend currently extends from $5,518 to $3,440. The prices for Bitcoin are holding above the support at $3,320. The resistance points for Bitcoin can be seen at successive points $4,749, $4,345, and $5,545.
The MACD indicator shows an overall bearish trend as the MACD and the signal lines are undergoing a crossover to the bottom.
The Stochastic indicator also shows a bearish move as the indicator is lying in the depths of an oversold market, but the lines are closing in on each other for another crossover.
The Chaikin Money Flow shows money for Bitcoin is flowing out of the market.
1-day
Source: TradingView
The downtrend for Bitcoin in the one-day time frame shows a downtrend that extends from $9,800 to $3,430. The long-term support seems to be holding the prices up at $3,350, while the resistance points are seen hanging at $7,360, $8390, and $9,800.
The prices for Bitcoin have moved well below the 200-day Exponential Moving Average [EMA] indicating that strength for BTC has not replenished yet, and that a reversal is not near.
The Aroon indicator shows a massive downtrend in play for the BTC prices, while the Aroon upline has lost all strength and settled at the bottom.
The Relative Strength Index shows an extremely oversold market trying to recover.
Conclusion
Bitcoin is showing signs of a rather bearish move even in the one-hour time frame, as indicated by the indicators MACD, CMF, and Stochastic. The one-day chart shows bearish signs for Bitcoin as the prices have dipped further away from 200-day moving average and Aroon and RSI both indicate a bearish movement for Bitcoin’s prices.
The post Bitcoin [BTC/USD] Technical Analysis: Bears control the market, bulls nowhere to be seen appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] Technical Analysis: Bears overpower bull’s struggle to rise from pit

Bitcoin [BTC] has suffered a massive loss as it has fallen by more than 80% since its all-time loss. The hash rate of Bitcoin also collapsed by an approximate 20% when the price crashed to ~$3,200 a week ago.
The market cap of Bitcoin at the time of writing was $60.60 billion, with 24-hour trading volume of $4.74 billion.
1-hour

The downtrend for Bitcoin ranges from $5520 to $3405 as an uptrend in the current bear market seems like a distant memory. Prices for Bitcoin broke support at $3320 on December 7 and 8, the prices have since risen and the old support is still valid. The resistance points for Bitcoin can be seen hanging at $4345, $4750, and $5545.
The Bollinger Bands are undergoing a squeeze and the prices are staying afloat the simple moving average which is a slightly bullish sign.
The MACD indicator shows a bullish crossover as well, as the lines are heading up.
The RSI indicator is increasing slowly and rising from the depths of an oversold zone.
1-day

The downtrend for Bitcoin ranges from $9800 to $3425, with no uptrends in existence as the prices keep dipping. The support line for Bitcoin at $3746 has been breached on December 5 and the prices have gone only lower from this point. The long-term resistance points can be seen hanging at $7360, $8390, and $9800.
The Aroon indicator shows the Aroon red-line reaching the highest point indicating that the downtrend is in full strength.
The Chaikin Money Flow shows an oversold market as the line has slipped below the zero line, indicating that the money for Bitcoin is flowing out of the market.
The Stochastic indicator is down in the oversold zone and is in a bullish crossover. The Stochastic might undergo a bearish crossover soon.
Conclusion
The indicators for Bitcoin in the one-hour chart, Bollinger Bands, MACD, and RSI shows a mixture of both bullish and bearish signs . The Stochastic, RSI and the CMF indicators all show bearish presence for Bitcoin.
The post Bitcoin [BTC] Technical Analysis: Bears overpower bull’s struggle to rise from pit appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price Analysis: BTC/USD Targets Fresh Lows Below $3,800

Bitcoin price remained in a bearish trend below the $4,220 and $4,120 resistances against the US Dollar. BTC/USD could accelerate losses below $3,800 and $3,760 in the near term.
Important Points:

Bitcoin price is trading well below the $4,220 resistance and the100 simple moving average (2-hours).
BTC/USD is following a major declining channel with resistance at $4,090 on the 2-hours chart.
BTC price is under pressure and it could continue to move down towards $3,700 or $3,620.

Bitcoin Price Analysis
After trading as low as $3,785, bitcoin price started a short-term correction against the US Dollar. BTC/USD recovered above the $3,950, $4,000 and $4,050 resistance levels, but gains were limited.
The 2-hour chart indicates that the price climbed above the $4,000 level and the 23.6% Fib retracement level of the last dive from the $4,266 high to $3,785 low. However, the price faced a strong selling interest near the $4,090-4,100 area.
 
btc/usd below $3800
Chart sourced by TradingView, Binance
Sellers protected gains above $4,100 and the 100 simple moving average (2-hours). More importantly, there was a rejection near the 50% Fib retracement level of the last dive from the $4,266 high to $3,785 low.
Finally, the price declined once again and traded below the $4,000 and $3,925 support levels. It seems like the price is in a major downtrend as it is following a major declining channel with resistance at $4,090 on the same chart.
The current bearish wave could continue below the $3,850 level in the near term. Below $3,850, the price is likely to break the $3,785 swing low. The next major support is near the $3,700 zone, which acted as a solid buy zone earlier.
On the flip side, if the price corrects higher, it could face sellers near the $4,000 and $4,040 levels. The main hurdle is near the channel resistance at $4,090-4,100.
Overall, bitcoin buyers need to fight hard to protect more losses below $3,800 and $3,700. If they fail, BTC is likely to accelerate declines towards the $3,500 and $3,250 levels in the coming sessions.
The post Bitcoin Price Analysis: BTC/USD Targets Fresh Lows Below $3,800 appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis – Bitcoin Returns Back to Support at $4000; Are we heading further lower?

Bitcoin has seen another price drop over the past 24 hours of trading totalling over -2.98%. The market is now trading at a price around $4027, at the time of writing, after seeing a 7-day period where price action saw a +3.46% increase in price following a disastrous month in November 2017.

Bitcoin has dropped again today into support around $4000.
The market is now trading in a range between $3956 and $4331.
Support moving forward; $4000, $3956, $3672, $3424, $3263, $3154, $3000.
Resistance moving forward; $4331, $4747, $5083, $5419, $5898, $6000.

Bitcoin remains ranked in number 1 position as it holds a $70.09 billion market cap. The market has dropped by over -36% over the past 30 days of trading as the 67 month old coin trades at a price that is -79% from the ATH price.
Let us continue to analyse price action for Bitcoin over the short term and continue to highlight some areas of support and resistance.
 
Bitcoin Price Analysis
BTC/USD – SHORT TERM – 4HR CHART
Taken From TradingView
Analysing the market from the short term perspective above we can see that, since our last article, price action for BTC/USD had experienced a small price surge as the market rose to a high around $4488. However, the resistance around the bearish .236 Fibonacci Retracement level was too overpowering for the bulls causing price action to reverse and decline once again.
After rolling over the price proceeded to decline into short term support provided by the downside 1.272 Fibonacci Extension level (drawn in red) priced at $3956. We can see that this price level has supported the market during the end of November 2018 and has continued to do so far in December 2018.
We can also notice that price action is now trading within a very narrow range between the $4331 handle as the upper boundary of the range and the $3672 handle as the lower boundary of the range.
Moving forward, if the market continues to apply pressure to the lower boundary of the range we can expect price action to collapse below once again. In this scenario, we can expect immediate support below to be located at the $3800 handle followed by the short term downside 1.414 Fibonacci Extension level (drawn in red) priced at $3672. IF the market continues further lower we can then expect more support below to be located at the $3424 and $3263 handles.
Alternatively, in our bullish scenario, if the buyers begin to buy the market up at $4000 we can expect immediate resistance above to be located at the upper boundary of the trading range. If they can penetrate above $4331 we can expect immediate resistance above to then be located at the .382 and .5 Fibonacci Retracement levels (drawn in orange) priced at $4747 and $5083, respectively.
The RSI is trading well below the 50 handle to indicate that the bears are in control of the momentum within the market. However, the RSI has recently turned upward which may indicate that the bears have once again run out of steam. If the RSI can continue to rise above the 50 handle we can expect price action to stay above $4000.
The post Bitcoin Price Analysis – Bitcoin Returns Back to Support at $4000; Are we heading further lower? appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC/USD] Technical Analysis: Bulls to take over in the larger time frame

Bitcoin [BTC] has been ranging above and below the $4,000 line for a few weeks now, after breaking a major support line at $6,500. The current market cap of Bitcoin is holding at $69.83 billion while the trading volume is at $5.17 billion. The 24-hour change in the price shows a decline of 3.51% for Bitcoin.
1-hour
Source: Trading View
Bitcoin, in the one-hour chart, shows an uptrend that ranges from $3,676 to $3,940, while the downtrend ranges from $5,110 to $4,160. The prices have bounced off the support at $3,605 twice, but it is still holding strong. The resistance points of Bitcoin in the one-hour chart span from $4,345 to $4,750.
The Aroon indicator shows a faster rate of decline of the uptrend as compared to the downtrend. The downtrend, while still stronger than the uptrend, is still reaching an exhaustion.
The Chaikin Money Flow indicator is hanging just above the zero-line, which indicates that the buyers are in a tough fight with the sellers and are winning, even though it’s by a small amount.
The Relative Vigor Index shows a bearish divergence in the market as the prices are correlated directly with the RVGI indicator.
1-day
Source: Trading View
The downtrend for Bitcoin extends from $9,900 to $4,105, with no uptrend in sight as the prices are dipping between the $3,900 to $4,200 range. Bitcoin prices are finding support at the $3,730 point, which was tested on November 25. The resistance points are seen ranging from $7,360, $8,390, and $9,800.
The Parabolic SAR markers are formed below the price candles, indicating a bullish support pushing the Bitcoin prices higher.
The MACD indicator shows a bullish crossover after dipping deep down. The histogram also shows signs of recovery as the green bars are spawning above the zero line.
The Awesome Oscillator shows a transition into green bars which indicates an increase in prices, but not enough for a rise in momentum or a bullish crossover.
Conclusion
The one-our chart shows a bearish outlook for Bitcoin’s prices. The one-day chart for Bitcoin looks surprisingly bullish as indicated by the Parabolic SAR, MACD and Awesome Oscillator.
The post Bitcoin [BTC/USD] Technical Analysis: Bulls to take over in the larger time frame appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Bitcoin falls further down the abyss

Bitcoin is undergoing a long bloody rung ever since its prices plunged below the $6,500. The total market cap of Bitcoin fell from a whopping $111 billion to $64.89 billion, which is a massive depletion of $37 billion dollars in a month.
1 Hour
Source: Trading View
The one-hour chart for Bitcoin shows a strong downtrend that extends from $5495 to $3708. The small uptrend that existed previously has vanished as the prices continue to plunge. Bitcoin is supported at the price range $3605, while resistance points can be seen hanging above the candles at points, $4345, $4749, and $5544.
The Bollinger Bands are showing periods of low volatility since the bands are getting squeezed.
The Aroon lines are riding parallel to each other indicating periods of consolidation.
The MACD line and the signal lines are convoluted as the volatility keeps reducing.
1 Day
Source: Trading View
The one-day charts show a downtrend that extends from $9799 to $3800 with no uptrend in sight. The resistance points are seen hanging at $7360, $8390, and $9799. Support for Bitcoin cannot be seen on the horizon as the prices have been plunging.
The Bollinger bands for the one-day time-frame shows induction volatility into the Bitcoin markets, and the prices are below the simple moving average which indicate an oversold position for Bitcoin.
The Awesome Oscillator shows increasing red spikes hanging below the zero line which indicates that the short term period is trending lower than the long-term period.
Stochastic indicator shows a bearish outlook even in the one-day trend as they are undergoing multiple crossovers.
Conclusion
The Bollinger Bands, Aroon lines, and the MACD together are showing bearish trend engulfing the markets. The Stochastic, Awesome Oscillator and the Bollinger Bands are all showing bearish trend even in the long term one-day chart.
The post Bitcoin [BTC/USD] Technical Analysis: Bitcoin falls further down the abyss appeared first on AMBCrypto.
Source: AMB Crypto