Ripple Price Analysis: Can XRP/USD Avert The Impending Breakdown?

Ripple price support areas in grave danger if triangle support gives in the prevailing selling pressure.
Ripple short-term technical picture has a strong bearish bias.

Ripple (XRP) investors should strap their belts tightly on readiness for a bumpy rollercoaster ride. Sustained movements above the resistance at $0.2550 have been very scarce. Also pressing down on the price movement is the 100 Moving Average on the one-hour chart.
A broader look at the chart reveals a market that has been trending upwards although gradually. However, the prominent pattern is the lower highs pattern experienced from Sunday last week. An ongoing bearish correction risk setting off the trigger if XRP steps below the forming symmetrical triangle support.
XRP/USD 1-hour chart
XRP/USD price chart by Tradingview
The technical levels applied to the chart also paint a negative picture. The Stochastic RSI retreated into the oversold levels. The signal is right at the bottom of the scale (0.00) signifying the increasing selling pressure on the market.
On the contrary, the Moving Average Convergence Divergence (MACD) has ignored the downtrend on Friday. Its recovery uptrend stalled at the mean line (0.0) but it has maintained a positive divergence. If this trend continues, Ripple could avert the impending triangle breakdown.
Several support areas will come in handy to cushion XRP from the potential breakdown. The initial support area is $0.2500. Extended declines will seek refuge above the major support at $0.24. On the upside, Ripple needs to rise against all odds to clear the resistance at $0.2550. Trading above the triangle resistance will place XRP in a trajectory to attack the targets at $0.28 and $0.33 respectively.
Ripple Key Technical Analysis
Spot rate: $0.2532
Relative Change: -001799
Open: $0.2542
High: $0.2561
Low: $0.2524
Trend: Generally bearish
The post Ripple Price Analysis: Can XRP/USD Avert The Impending Breakdown? appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC Price Hovers Above $10k; What To Expect In Nearest Future?

Bitcoin price continues to narrow with lower highs below $12,000 and higher lows under $10,000.
Bitcoin’s Bollinger Band suggest possible trading opportunities from the developing squeeze.

Bitcoin price is holding on to the long-term bullish trend in spite of the recently witnessed up and down movements. The bullish bias remains intact for the largest cryptocurrency in the world even as the price hovers above the historical support ($10,000). The impressive rally commenced in April took a downturn in the last week of June after Bitcoin hit new 2019 highs around $13,800.
The trend following the reversal has been narrowing below a descending resistance. Bitcoin has in the last 10 weeks witnessed lower highs under $12,000. At the same time, the downside has been characterized by higher lows below $10,000.
A current 1-hour chart shows Bitcoin narrowing within a forming falling wedge pattern. In fact, the time of writing, Bitcoin’s uptrend hints a breakout. If this breakout is not false, BTC/USD could gain momentum to ascend above the first resistance at $10,200. Glancing higher, the 100 Moving Average will offer resistance. For now, Bitcoin bulls eye $10,400 level which is possible in the near-term if the current technical levels stay put.
BTC/USD 1-hour chart
BTC/USD price chart by Tradingview
Bitcoin is trading above the Bollinger Band 1-hour middle curve. A developing squeeze suggests that Bitcoin is near a breakout. Similarly, the fact the price is trading close to the upper band means that Bitcoin is overbought in the short-term and likely to regress.
The conditions are witnessed with the Stochastic RSI currently brushing shoulders with the overbought (70) region. A possible reversal suggests an imminent reversal for Bitcoin in the near-term.
In the event a reversal ensues, traders need to adjust their positions to cater for tentative support areas $10,100, $10,000 and $10,800. Acute reversal patterns could target lower support zones at $9,600, $9,400 and $9,000.
Bitcoin Key Levels
Spot rate: $10,170
Relative Change: -5
Open: $10,158.98
High: $10,205.70
Low: $10,036.92
Trend Bullish
Technicals: Positive in the short-term
The post Bitcoin Price Analysis: BTC Price Hovers Above $10k; What To Expect In Nearest Future? appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC Volatility Spikes Again, Is It Time Dump?

Bitcoin has been narrowing towards $10,000 under descending resistance.
A bearish triangle breakdown could send Bitcoin in the range of $8270 – $8300.

Bitcoin is miraculously staying above $10,000 following the drop to levels close to $9,856. However, recovery from the low failed to break $10,300 hurdle. Diminishing selling pressure hit a snag around $10,274 leaving a gap currently being explored by the bulls. The price at press time is hovering around $10,100. Besides, the lethargic movement is connected to the decreasing volume in the last few days.
The 4-hour chart shows Bitcoin narrowing towards $10,000 for three months in a row. The price become allergic to $11,000 but it has a higher affinity to a lower high pattern trend. The formation of a bearish triangle is likely to send Bitcoin further down. Especially with $10,000 support having been broken, the only support that needs to give in before a massive to comes is $9,800.
BTC/USD 4-hour chart
BTC/USD price chart by Tradingview
The descending resistance also shows that Bitcoin could continue to dump and until we find a viable bottom (key support). BillCharison, an analyst with Tradingview predicts that Bitcoin will continue with the dumping trend it started towards the end of June.
“If the price dumps lower than the bottom of the triangle, then we need to wait for another bottom in the range of $8270 – $8300, because it is one of the strongest support now. In the case of the breakdown, this zone is perfect for opening a LONG position.”
A short-term bullish trend could help avert testing of $9,800. The Relative Strength Index (RSI) and the Stochastic RSI both have tested the oversold levels at 30. A slightly visible divergence suggests that buying action is coming back. If the indicators can manage to pull towards the average, the resistance to watch will be $10,600 and $10,800.
Bitcoin Key Technical Levels
Spot rate: $10,075
Relative Change: -21
Open: $10,094.44
High: $10,274.23
Low: $9,864.18
Trend: Slightly bullish
RSI: Slightly bullish above 30
The post Bitcoin Price Analysis: BTC Volatility Spikes Again, Is It Time Dump? appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis: Bitcoin’s Falling Wedge Pattern Reversal Spotted – BitMEX Margin Trading

Bitcoin short-term trend is bearish but a long-term reversal is imminent especially with the formation of a falling wedge.
Bitcoin trading volume is growing thinner by the day suggesting looming declines.

A keen observation in both the 4-hour chart for XBT/USD trading pair for the perpetual inverse swap contract on BitMEX clearly shows the formation of a falling wedge pattern. Although this pattern is considered a reversal pattern, Bitcoin has a high affinity to lower correction in the short-term.
XBT/USD 4-hour chart
XBT/USD price chart by Tradingview
At the time of writing, Bitcoin is revisiting $10,000 support after the recovery from the dip to $9,900 failed to gain traction above $10,200. The Relative Strength Index (RSI) and the stochastic RSI are strongly bearish. The RSI has been forming a lower high pattern since September 3.
At the same time, it is probably not a good thing that the RSI has not explored the oversold. This means that Bitcoin still has a vulnerability to declines that could retest $9,000 level for a significant reversal from the ‘oversold levels.” As long as the RSI remains in this bearish trend, an analyst referred to as UfukDogan predicts a continued price drop.
“10.100$ is important Fibonacci support points for us, if this point is broken then we can see 9.800$. RSI and Stoch RSI seem bearish as well. That’s why in my opinion we can see 10.100$ or 9.800$ again.”
Bitcoin trading volume is growing thinner by the day a signal that the bear trend will last longer. Bitcoin is likely to find immense support around $9,800 which will give way for long positions to become profitable above the falling wedge pattern. Following the break above the wedge pattern, the next target for Bitcoin is probably at $12,000 (61.8% Fib retracement).
XBT/USD Key Technical Levels
Spot rate: $10,003
RSI: Bearish
Stochastic RSI: Bearish
Support: $9,800 with a possible drop to $9,000.
Upwards target for long positions: $10,900 and $12,000.
The post XBT/USD Analysis: Bitcoin’s Falling Wedge Pattern Reversal Spotted – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

Bitcoin Cash Price Analysis: Will BCH/USD Win The War At $310?

A reversal saw BCH win several battles by pushing correction past the simple moving averages over the weekend session.
Providing immediate support is the accelerated trendline as seen on the chart.

Bitcoin Cash experienced an impressive weekend session. Besides reclaiming support above $300, the crypto jumped above $310. The price action extended to new September highs around E311.21 before the ongoing retracement swept in.
Looking back into the performance of BCH in August, we see crypto has resilience and potential for growth. The dive to the support at $270 would have left the bulls paralyzed. However, a reversal saw BCH win several battles by pushing correction past the simple moving averages; the 50 SMA 4-hour and the 100 SMA 4-hours.
BCH/USD 4-hour chart
BCH/USD price chart by Tradingview
As reported last week, struggled ensued with $300 remaining stubborn and unconquered for several days. For now, BCH/USD is exchanging hands at $301.36 after a 1.75% loss on the day. The mission the buyers have at the momentum is to keep BCH above $300.
Providing immediate support is the accelerated trendline as seen on the chart. An intermediate trendline will come in handy in case the bears increase their grip. A visible main trend line will become important later depending on the price action below $300.
From a technical perspective, Bitcoin Cash has a bearish bias. The Relative Strength Index (RSI) shows a growing bearish momentum. However, the bulls can avert the potential declaims if the RSI remains above the average. Another key positive indicator is the fact that the 50 SMA has maintained a position above the long-term 100 SMA.
Bitcoin Cash Key Technical Levels
Spot rate: $301.36
Open: $306.78
High: $307.32
Low: $299.84 Trend: Bearish
The post Bitcoin Cash Price Analysis: Will BCH/USD Win The War At $310? appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC Groped With Uncertainty as $9,000 Remains In danger

Bitcoin likely to record the third monthly loss in the entire 2019.
Bitcoin technical picture is slightly bullish but the trend must finish the leg above $9,800 to unlock the energy to jump above $10,000.

Bitcoin remains on track to test $9,000 after falling off a narrowing range earlier this week. The granddaddy of cryptocurrencies is on its way to post a third monthly loss in 2019 following a considerable drop throughout August. Bitcoin is teetering around $9,587 at the time of writing. BTC opened the trading on August 1 around $ 10,077.44 representing a 4.8% loss.
In the event reversal lags until Saturday, this will be the third month Bitcoin is closing at a loss. January saw Bitcoin loss 7.59% of its value while in July Bitcoin posted a 6.27% decline. For five months in a row, Bitcoin posted a winning streak that ended in July.
Bitcoin Price Technical Picture
Bitcoin needs to rise by roughly $493 to correct the negative divergence to avoid closing August in losses. Bitcoin has had massive reversals in the past, therefore, the chance of Bitcoin closing in on $10,077.44 cannot be ruled out.
BTC/USD 1-hour Chart
BTC/USD price chart by Tradingview
However, the prevailing technical picture shows the buyers fighting to get back in action after a two-day battering. BTC already stepped away from the key support at $9,300 and cleared the descending trendline resistance.
A remarkable boost propelled Bitcoin above $9,500. Also, BTC/USD is on an assault mission on $9,600. Correction above this level will encounter resistance at the 50 Simple Moving Average (SMA) currently at $9,629.34.
From a technical perspective, the recovery is likely to last longer and surge towards the completion of the leg to $9,800. Supporting the buyers is the up trending Relative Strength Index (RSI). The Moving Average Convergence Divergence (MACD) is heading towards the positive region and its bullish divergence suggests increasing buying pressure.
Bitcoin Key Technical Levels
Spot rate: $9,587
Relative change: +94.229
Open: $9,490.88
High: $9,627.87
Low: $9,344.91
Trend: Bearish
 
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Source: CoinGape

Bitcoin Price Analysis: BTC Remains Vulnerable To Declines Targeting $9,000

Bitcoin price sheds over $1,000 and explores the levels under $9,400.
Bitcoin needs to find a credible bottom in order to focus on the higher ground.

Bitcoin is back in the rags after testing the ‘riches’ in the leg that failed to breach $10,700 level this week. The leading cryptocurrency gave to the selling pressure which thrusted it under $10,000. The devastating drop ravaged through tentative support areas at $9,800 and $9,500. BTC/USD explored the lows towards the major support at $9,000.
At press time, Bitcoin is trading at $9,430 after gaining $100 from the intraday low recorded at $9,330. The granddaddy of cryptos remains vulnerable to declines especially with technical levels having an inclination to the south.
BTC/USD 2-hour chart
BTC/USD price chart by Tradingview
The MACD
The Moving Average Convergence Divergence (MACD) buried deep within the negative territory, Prior to the slide, the indicator was pivotal at the mean line. The visible negative divergence at -199 signals growing bearish influence.
The RSI
On the other hand, the Relative Strength Index hit extremely oversold levels following the plunge. After bottoming out at 21.34, the indicator is heading north towards the level at 30. Resurfacing above 30 and sustaining a trend towards the average will be signal that the bulls are ready to clear the dust off the feet and focus on $10,000 again.
What’s Next?
Bitcoin needs to find a credible bottom in order to focus on the higher ground. As long as the price stays below $9,500, BTC remains vulnerable to declines that could eventually test $9,000. After all, some experts find $8,900 to $9,100 as the most viable ‘buy zone’. On the upside, it is vital that the next correction breaks the psychological $11,000. Otherwise, Bitcoin price will plunge back to the rags and this time it could explore the levels close to $8,000.
Bitcoin Key Technical Levels
Spot rate $9,457
Relative Change: -257
Open: $9,716.83
High: $9,716.85
Low: $9,330
Trend: Bearish
 
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Source: CoinGape

Bitcoin Price Analysis: BTC Has A 7% Chance of Hitting $20,000 In 2019

Bitcoin price hope of trading at its all-time high around $20,000 is 93% unlikely in 2019.
Bitcoin buyers must fight to defend $10,000 or $9,800 to avoid losses towards $9,000 key support.

Bitcoin price is currently narrowing towards the critical $10,000 level. However, market forecast shows that that the grandparent of cryptos has a 7% chance of catapulting to $20,000. The forecast data was shared on Twitter analyst referred to as Skew. The data shows that the capacity of Bitcoin to rise to levels around its all-time high is dwindling.

Options backed probability of bitcoin closing > 20k by YE gradually eroding with the passage of time – now @ 7%
October should be the most interesting month for bitcoin with two ETF applications under review by the SEC pic.twitter.com/MKWEKc3IdY
— skew (@skew_markets) August 26, 2019
BTC/USD Technical Levels
Bitcoin daily chart displays an asset that is thinning towards a key support area. Rejection from the psychological level at $12,000 saw BTC explore levels under $10,000 over the last two weeks. The reversal staged from Friday unfortunately lost steam shy of $10,700. Retreat from the weekly high is seeking balance above $10,000.
BTC/USD price chart by Tradingview
BTC/USD Daily Chart 
Moreover, the price is holding above the 100-day moving average currently at $10,000. Bitcoin’s technical picture has a bearish bias. The Moving Average Convergence Divergence (MACD) is grinding into the negative region after a break above +400 failed mid-August.
The trend observed with the Relative Strength Index (RSI) suggest that the bearish momentum has strength. A lower low pattern means that sellers have a stronger grip. As long as the RSI stays below the average, Bitcoin price will have limited action to the upside.
If the 100-day Moving Average support fails to hold, traders’ eyes will focus on $9,800. Further breakdown, could find cushion between $9,400 and $9,600. The major support at $9,000 stands to be tested. Besides, some analysts believe the ‘buy zone’ to be in a range between $8,900 and $9,100.
Bitcoin Technical Levels
Spot rate: $10,150
Relative change: -210
High: $10,377.77
Low: $10,024.66
Trend: Strongly bearish
The post Bitcoin Price Analysis: BTC Has A 7% Chance of Hitting $20,000 In 2019 appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC Got Ahead Of Itself-CNBC’s Brian Kelly Turns Bearish

Bitcoin Price Analysis: BTC Got Ahead Of Itself-CNBC’s Brian Kelly Turns Bearish
Brian Kelly is not convinced that Bitcoin has the strength to sustain another uptrend.

Bitcoin price reclaimed its support above $10,000 disapproving many analysts’ predictions that we are in a fore a freefall to $9,000 if not $7,500. The most popular cryptocurrency recently dived under $10,000 following a rejection at $11,000. Unlike the previous corrections, Bitcoin formed a low at $9,768 and managed to catapult itself above the critical $10,000.
Despite the correction, CNBC’s analyst Brian Kelly is not convinced that Bitcoin has the strength to sustain another uptrend. He argues that the fundamentals did not support the recent surge taking into account the decrease in the daily addresses.

#Bitcoin is back above $10k, but @BKBrianKelly is feeling a little bearish. Here’s why. pic.twitter.com/J5uf9ahq1x
— CNBC’s Fast Money (@CNBCFastMoney) August 22, 2019
Bitcoin Technical Picture
At press time, Bitcoin is trading at $10,147 in the hourly timeframe. The price is relatively bullish in spite of the correction from the intraday high of $10,255. It is clear that, it was an uphill task for Bitcoin to defend $10,200 as a support.
BTC/USD 1-hour Chart
BTC/USD price chart by tradingview
However, there is a gradual uptrend forming from the lows hit on August 22. At the same time, Bitcoin is supported by strong-term technicals. The Moving Average Convergence Divergence (MACD) has made a formidable stride into the positive region. In this case, traders need to be on the lookout for an impending positive divergence. The bullish divergence will signal stronger momentum with a potential to sustain gains above $10,200 ahead of the weekend sessions.
Another credible short-term bullish indicator is the trend observed in the Relative Strength Index (RSI). The RSI after holding onto the average at 50, it is making a shallow recovery north. This trend suggests that buying strength is available but BTC is being dragged back by the defiant selling influence.
Bitcoin Key Levels
Spot rate: $10,185
Relative Change: 77
High: $10,255
Low: $10,043
Trend: Bullish
 
 
 
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Source: CoinGape

Bitcoin Price Analysis: BTC Doubles-Down on $12,200 Trajectory

Bitcoin escapes the bear range ($10,200 – $10,500) stepping above $10,700.
A breakout above the rising wedge pattern will propel Bitcoin towards $11,000.

The bulls managed to shake off the bear pressured we discussed earlier today. As mentioned Bitcoin needed to come out of the battle zone between $10,200 and $10,500. Escaping this range has already revived the investors’ hope that Bitcoin will jump above $11,000 in the short-term.
Bitcoin bulls trampled massively on the resistance at $10,500 and $10,600 respectively. A couple of successive candlesticks pushed Bitcoin above the sellers’ congestion zone at $10,700. At the press time, Bitcoin is trading at $10,718 following a 3.19% rise on the day.
BTC/USD 1-hour chart
BTC/USD chart by Tradingview
A number of former resistance zones are transforming into viable support areas. Although momentum is building towards $10,800 hurdle, a reversal may occur. If that happens, $10,700 will function as a credible support area. Traders must be aware and in the lookout for the next possible support zones including $10,400, $10,200 and $10,000.
In the short-term, it is important that Bitcoin is sustained above $10,200. Otherwise, a lower leg could extend below $10,000 and refresh the support areas between $9,200 and $9,300.
On the upside, the major hurdle is the ascending wedge pattern resistance. However, a break above the hurdle will propel Bitcoin above $10,800. Moreover, it will set the ground for an impending leg up to $11,200 and $11,500 in that order.
Technically, Bitcoin is poised for the trajectory above $11,000. The Relative Strength Index (RSI) is now above 70 and pointing north. If the signal moves higher within the overbought, it will signal a stronger trend and price momentum. However, the retreat from the same zone will signal a reversal.
Bitcoin Key Technical Levels:
Spot rate: $10,789
Open: $10,316
High: $10,792
Low: $10,267.36
Trend: Strongly bullish.
The post Bitcoin Price Analysis: BTC Doubles-Down on $12,200 Trajectory appeared first on Coingape.
Source: CoinGape

Ripple [XRP] Price Analysis: XRP Extremely Oversold; Analyst Believes It’s a Good Buy

Rebound from the incredible $0.24 support failed the new resistance around $0.27.
Oversold levels suggest XRP is a good “BUY.”

Ripple is facing resistance; making recovery above $0.30 a mirage. The rebound from the incredible support at $0.24 failed to break the new resistance around $0.27. At the moment, we can say that Ripple is between a rock and a hard place. Correction towards $0.30 is almost impossible based on the prevailing technical picture. At the same time, it risks further breakdown if $0.24 support is retested.
XRP/USD 4-hour chart 
XRP/USD chart by TradingView
At press time, XRP is trading at $0.25 amid a growing a bearish momentum. Lack of energy to sustain gains above $0.0.27 left a gap currently explored by the sellers. Glancing upward, the descending trendline will also limit retracement. If the bulls manage to clear the resistance at $0.30, they will face resistance from the 100 Simple Moving Average 1-hour currently at $0.3041.
Technically, the trend is strongly bearish. However, this not to say that buying pressure is completely unavailable. The Moving Average Convergence Divergence (MACD) is confined in the negative territory. The slight negative divergence suggests that sellers have the upper hand. Nonetheless, if traders can spot a developing slope towards the positive zone, it will be a good signal to stamp down on their bullish positions.
On the other hand, the full stochastic has a bearish tone. The retreat from the levels close to the overbought hit 25 before lethargically rising to 36. If the gradual slope back to the oversold continues, XRP is likely to break down further towards $0.24 key support.
Meanwhile, a cryptocurrency analyst believes that the third-largest crypto is currently oversold. According to him, this is likely “a good BUY.”

I personally think that #Ripple‘s $XRP is way OVERSOLD and it could be a good BUY at the current price pic.twitter.com/xYPVkBoDC5
— Naeem Aslam (@NaeemAslam23) August 16, 2019
The post Ripple [XRP] Price Analysis: XRP Extremely Oversold; Analyst Believes It’s a Good Buy appeared first on Coingape.
Source: CoinGape

Bitcoin (BTC) Flashing Buy Signals but $9,200 Will Have to Be Tested First

BTC/USD has been unable to make a headway above $10,000.
Bitcoin requires a catalyst to rise above the resistance at $11,200.

Bitcoin continues to drag altcoins into the ‘crypt’. Following the drop from the former consolidation range above $11,200, BTC/USD has been unable to make headway above $10,000. The recent plunge failed to find support at $10,000 and $9,500 respectively. However, the price hit a low at $9,480 (on Coinbase) giving way for a shallow recovery.
The four-hour chart displays an asset that is yearning for a breather due to the immense selling activity. The short-lived recovery yesterday stepped above $10,400. Unfortunately, the diminishing buying power left a gap currently being explored by the bears.
BTC/USD 4-hour chart

Chart source: Tradingview
Bitcoin currently exchanges hands below the 23.6% Fib retracement level taken between the last drop from $12,335.03 to a low of $9,480. While several technical indicators are sending bullish signals, it is likely that Bitcoin will slide lower before a bottom is found.
The Moving Average Convergence Divergence stands at a slightly higher level compared to yesterday. Although leveling at -328, the MACD has a slightly positive divergence which signals existing buying power. At the same time, as long as the 50 Simple Moving Average (SMA) stays above the longer term 100 SMA, Bitcoin will have a greater potential to reverse the trend.
If the support in the zone between $9,480 and $9,500 fails to hold, BTC/USD could breakdown further. A slide to $9,200 will see fresh interest arise from the investors. More buying entries will sustain recovery above $10,000. Besides, Bitcoin requires a catalyst to rise above the resistance at $11,200 and assault levels around $12,000.
Bitcoin Key Technical levels
Trend: Bearish
Support areas: $9,480 – $9,500, $9,200 and $9,000.
Resistance zones: $10,000, $10,400 and $11,200.
MACD: Leveling motion suggests the beginning of ranging prices before a breakout.
 
 
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Source: CoinGape

Bitcoin Price Analysis: BTC Sets for $10,000 Before Re-Surfacing Above $11,000

Bitcoin bearish wave is catching up with the leading altcoins.
Bitcoin eyes $10,000 to trigger fresh demand for a leg up above $11,000.

The prevailing trend is strongly bearish for Bitcoin price. Besides, the bearish wave is also catching up with the leading altcoins like Ethereum and Bitcoin Cash. Bitcoin correction from its early week consolidation above $11,200. The slide comes after an impressive recovery staged last week lost steam around $12,338. The retracement took a pit stop at $11,500 but the break below the trendline opened the Pandora box.
BTC/USD 4-hour chart 
BTC/USD Chart By TradingView
In addition to that, trading below the 50 Simple Moving Average (SMA) 1-hour chart persuaded the bears to increase their positions. A further drop under the 61.8% Fibonacci retracement level taken between the last drop from $12,338.03 to a swing low around $9,899.31 rejuvenated the bear momentum pressing down on key support areas at $11,000, $10,750 as well as $10,500.
Bitcoin is currently flirting with the 23.6% Fib level while deeply buried in an avalanche of bear pressure. An intraday low formed at $10,360 (on Coinbase) is not strong enough to stop force yearning for $10,000. Besides, the Moving Average Convergence Divergence (MACD) is sliding deeper in the negative territory. The widening negative divergence suggests that the bear’s grip will remain unchanged in the coming sessions,
On the flip side, the 50 SMA 4-hour is above the 100 SMA which hints a higher consolidation. Moreover, investors are likely waiting for Bitcoin to slide closer to $10,000. Buying the ‘dip’ is an investment strategy that allows investors to buy when the price is finding balance after a downtrend. If this happens, fresh demand is likely to push Bitcoin back above $11,000 in readiness for the next leg up towards $13,000.
Bitcoin Key Technical Levels:
Trend: Strongly bearish.
MACD: Acute negative divergence suggests a leg down towards $10,000.
Support Areas: $10,400, $10,200, $10,000 and $9,800.
Resistance: $10,500, $10,750 and $11,250.
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Source: CoinGape

Chainlink Price Analysis: LINK Is Only a Bump Away from Jumping Above $3.0

LINK battles ascending channel resistance amid widespread bear pressure.
High consolidation is expected as long as the price stays above the moving averages.

Chainlink is a bull among a sloth of bears. Mid-through this week’s trading, the crypto continues to sustain gains. In fact, for more than three days, LINK has been recording a higher low pattern.
The remarkable performance comes after a couple of weeks of having to painfully endure battering by the bears. The price gravitated from the short-lived recovery mid-August. The double-cross of the 50 Simple Moving Average one-hour chart below the 100 SMA 1-hour chart resonated with the bear momentum action. Link lost balance and trimmed gains to the extent of exploring levels close to $2.0. However, a low formed at $2.13 (Fibonacci swing low) which later functioned as a stepping stone for the impressively ongoing recovery.
LINK/USD 1-hour chart
Link/USD Chart by Tradingview
 The staggering recovery blew away the bear pressure allowing gains in an elongated engulfing candlestick. A struggle occurred at the 50% Fib retracement level taken between the last swing high of $2.59 to a swing low of $2.1357. This necessitated a correction below the moving averages. LINK stumbled into unexpected support at $2.2 giving the price a push within an ascending channel.
Meanwhile, a weekly high formed at $2.59. LINK’s upside is limited by the channel resistance. On the brighter side, the price is trading above both the 50 SMA and the 100 SMA. In addition to that, the 61.8% Fib retracement level is glowing as the next support target. Moreover, as long as the 50 SMA stays above the 100 SMA, we are likely to see a rebound out of the channel resistance. Chainlink only needs to overcome the resistance of the channel for a compelling boost past $3.0.
LINK Key Technical Levels:
Trend: Bullish (short-term and long-term).
MACD: Hints continued bullish influence with the gradually increasing positive divergence.
Support Areas: $61.8% Fib level slightly above $2.4, $2.30 and $2.13 (previous support).
Resistance: $2.5, channel resistance and $3.0.
The post Chainlink Price Analysis: LINK Is Only a Bump Away from Jumping Above $3.0 appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Pennant Pattern Reaction Sets Eyes $13,000 if not $9,000

Bitcoin spectacularly zoomed above $11,000 after reclaiming $10,000 support.
The current trend in a technical perspective has an inclination towards sideways trading.

Bitcoin buyers are fighting tooth and nails stop the price from gravitating below the vital $11,000 support area. They yearning for the support area defends comes after BTC retreated from last week’s high at $12,342 (on Coinbase). Besides, the incredibly inspiring move above $12,000 was as a result of a second leg of the correction from the July low at $9,065.
Initially, Bitcoin stepped above both the 50 Simple Moving Average one-hour charts and the 100 SMA 1-hour. This move opened eye-popping support for BTC, in turn, propelling the price past $10,000. In addition to the jaw-dropping support, the 50 SMA was instrumental for the second leg above $10,500. Hence, Bitcoin spectacularly zoomed above $11,000. Improved bulls’ confidence in the price sent Bitcoin past $12,000. Unfortunately, a high formed amid diminishing buying power ending in retracement towards the above-mentioned $11,000 support.
BTC/USD hourly chart
BTC/USD chart by TradingView
Meanwhile, Bitcoin is trading at $11,145 as bearish hostility builds. The upside is capped by the 50 SMA 1-hour currently at $11,380. If the price manages to clear this hurdle, expect Bitcoin to come face to face with the resistance at the 100 SMA 1-hour at $11,500.
On the brighter side, Bitcoin is trading with a pennant pattern. This pattern and other flag patterns signal price movement following a consolidation movement. In this case, Bitcoin is likely to continue with the surge above $12,000 with an aim of $13,000 in the near-term.
The current trend in a technical perspective has an inclination towards sideways trading. For instance, the Moving Average Convergence Divergence (MACD) is hugging tight on the mean line (0.00). This suggests that Bitcoin will continue to trade sideways above the support at $11,000. Moreover, consolidation will give way for the pennant pattern breakout.
BTC Key Technical Indicators
Support areas: $11,000, $10,500 and $10,000 and $9,000.
Resistance: $11,400, $12,000 and $13,000.
MACD: Zero divergence hints sideways trading.
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Source: CoinGape