Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K

Bitcoin price is trading in a bearish zone below the $8,880 and $9,000 resistances against the US Dollar.
The price is struggling to recover and it is likely to face sellers towards $9,000.
Yesterday’s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
There are a few key supports on the downside near the $8,600 and $8,500 levels.

Bitcoin price is facing an increase in selling below $9,000 against the US Dollar. BTC might correct higher, but sellers remain in control near $8,880 and $9,000.
Bitcoin Price Analysis
Yesterday, there was a decent recovery in bitcoin above $8,850 and $8,900 against the US Dollar. Moreover, BTC climbed above the $9,000 resistance and the 100 hourly simple moving average.
However, the upward move was capped by the $9,150 resistance. A high was formed near $9,150 and the price started another decline. It broke many supports near the $9,000 and $8,900 levels.
Additionally, there was a close below $8,850 and the 100 hourly simple moving average. Finally, the price broke the $8,700 level and traded to a new monthly low near the $8,612 low.
It is currently correcting higher above the $8,700 level. Besides, bitcoin is trading above the 23.6% Fib retracement level of the recent decline from the $9,150 high to $8,612 low. On the upside, there are many resistances, starting with $8,800 and up to $9,000.
The first major resistance is near the $8,880 level and the 100 hourly SMA. It also represents the 50% Fib retracement level of the recent decline from the $9,150 high to $8,612 low.
The main resistance on the upside is near the $9,000 level. More importantly, yesterday’s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC/USD pair. Therefore, bitcoin is likely to face a strong resistance near the $8,880 and $9,000 levels.
On the downside, an initial support is near the $8,680 level. The first key support is near the $8,600 level, below which there is a risk of an extended decline towards the $8,500 support area.
Bitcoin Price
Looking at the chart, bitcoin is showing signs of a short term upside correction above $8,700. Having said that, the bears are likely to protect gains near the $8,880 and $8,980 resistance levels. Only a close above $9,000 might start a strong recovery in the near term.
Technical indicators:
Hourly MACD – The MACD is struggling to gain strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering towards the 50 level.
Major Support Levels – $8,600 followed by $8,500.
Major Resistance Levels – $8,880, $8,980 and $9,000.
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Crypto Market Cap & Bitcoin Declining: BCH, Litecoin, ADA, TRX Analysis

The total crypto market cap is struggling to stay above the $225.0B support area.
Bitcoin price is down around 3% and it is trading well below the $9,000 level.
Litecoin (LTC) price is declining, but it is still trading above the $60.00 support area.
BCH price failed to surpass the $300 resistance and is correcting lower towards $285.
Tron (TRX) price is slowly declining towards the $0.0185 support area.
Cardano (ADA) price is trading in a range above the $0.0420 support area.

Bitcoin (BTC) and the crypto market cap are currently under pressure. Ethereum (ETH), LTC, BCH, EOS, cardano, ripple, TRX, XLM and BNB might extend losses.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to climb above the $300 resistance area against the US Dollar. However, the BCH/USD pair failed to gain momentum above $300 and recently started a fresh decline. It is currently trading below $292 and it seems to be approaching the $285 support area.
If there is a downside break below the $285 and $280 support levels, the price could extend its decline towards the $265 support. On the upside, the $295 and $300 levels are decent hurdles for the bulls.
Cardano (ADA), Litecoin (LTC) and Tron (TRX) Price Analysis
Litecoin price is facing a strong resistance near the $64.50 and $65.00 levels. On the downside, there are many key supports near the $61.00 and $60.00 levels. Therefore, a downside break below $60.00 could start a major decline in the coming sessions.
Tron price is struggling to clear a major resistance near the $0.0200 level. TRX price is currently declining and is slowly moving towards the $0.0185 support. On the upside, the $0.0200 and $0.0205 are important hurdles, above which the price could revisit $0.0220.
Cardano price is currently consolidating above the $0.0420 support area. On the upside, the $0.0445 and $0.0450 levels are strong resistances. A successful close above $0.0450 is needed for a decent upward move. If not, the price might decline below the $0.0420 support area.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, there was a downward move from the $240.0B and $242.0B resistance levels. The market cap declined below the $235.0B and $230.0B support levels. At the moment, it seems like the market cap is struggling to recover and also finding hard to hold the $225.0B support.
Therefore, there is a risk of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term. Conversely, a break above the $235.0B and $240.0B resistance levels is needed for a decent rise in the coming sessions.
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XRP's collective breach of ascending channels raises red flags

XRP’s price has been under immense volatility off late.

24th September marked a collective fall for the entire crypto industry after which XRP continued to recover its valuation. The third-largest The post XRP’s collective breach of ascending channels raises red flags appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Advocate Calls For Ban On Gold Amidst Danske Bank Scandal

Bitcoin advocates call for a ban on gold as on-going investigations into Danske Bank reveal the lender offered gold bars to clients as an off-the-table service. This bypassed money laundering checks and was sold based on helping to keep the fortunes of wealthy clients hidden.

At the height of the Danske Bank dirty-money scandal, the lender started offering gold bars to wealthy clients to help them keep their fortunes hidden, sources say https://t.co/r0c0BnC7m9
— Bloomberg (@business) November 10, 2019

Danske Bank Laundered $220 Billion
Authorities in both the US and Europe are probing Danske Bank over money-laundering allegations. Investigators believe the operation spanned Denmark, Estonia, and France, with around $220 billion funneled between 2007 and 2015.

Investigations into the bank have been on-going for some time now. But recently, it emerged that representatives, from the bank’s Estonian operation, offered a select group of mostly Russian clients the opportunity to purchase gold.
While the sale and purchase of gold are not illegal, details of this service were never openly publicized, to which compliance lawyer, Jakob Dedenroth Bernhoft said:
“It puzzles me that the bank’s own report on the case didn’t discover this. This is a service that is completely against all anti money-laundering laws. It is definitely suspicious.”
According to Bloomberg, anti-money laundering checks were performed before customers collected their bars. However, if clients opted to keep the gold in long-term storage, these checks did not apply.
The fallout from this has Bitcoin advocates calling for a ban on gold. While made as a tongue-in-cheek response, the intention is to highlight the hypocrisy that exists within the banking and precious metal sectors.

Spoiler: no one will end up in prison
— hodlonaut (@hodlonaut) November 10, 2019

Criminals Use Bitcoin Less Than Other Methods
The fact is, criminals, launder money using Bitcoin, as well as a range of other methods. But the public at large often has a skewed opinion on the scale of the problem. Which in turn leads to an unfair representation of Bitcoin, and cryptocurrencies in general.
At the same time, money laundering by many well-known banks is a part of their daily business. And fines have done little to halt the practice.
According to Patrick Tan, CEO at Novum Global Technologies, this is because banks price in the cost of fines when doing new business. He said:
“Banks already price in the risk of a fine by the regulator when they consider these type of transactions. As long as the profits from the transaction exceed the fine, it’s more or less good to go.”
If that wasn’t enough to stir anger, Tan also brings to light the scale of the problem compared to the cryptocurrency market:
“According to the United Nations Office on Drugs and Crime, questionable transactions continue to reach as much as US$2 trillion a year. By comparison, the total market cap of cryptocurrencies is barely US$120 billion on a good day.”

Criminals will use whatever means necessary to achieve their goals. And many banks are only too happy to help in that respect. As such, the association of criminality with Bitcoin is wholly unjust. Especially when considering that cryptocurrencies are far from the number one choice for criminals.
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Bitcoin turns bullish 20 days into CME Futures' expiry; Average return of 11% witnessed

Bitcoin’s mania caused a major influx of retail, especially toward the end of the 2017 bull run. 2017 was a significant year for Bitcoin considering the development and launch of Bitcoin Futures. BothThe post Bitcoin turns bullish 20 days into CME Futures’ expiry; Average return of 11% witnessed appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin (BTC) Price Rebound Facing Key Resistance Near $9,100

Bitcoin price started an upside correction from the $8,674 swing low against the US Dollar.
The price is up around 3%, but it is facing hurdles near the $9,100 and $9,150 levels.
There is a key bearish trend line forming with resistance near $9,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
On the downside, there is a decent support forming near the $8,860 levels.

Bitcoin price is currently correcting higher above $8,800 against the US Dollar. However, BTC is still facing a couple of key hurdles near $9,100 and $9,150.
Bitcoin Price Analysis
After a major decline, bitcoin found support near the $8,670 level against the US Dollar. A new monthly low was formed near $8,674 before the price started an upside correction.
The price recovered above the $8,800 and $8,900 levels. Moreover, there was a break above the $9,000 resistance area and the 100 hourly simple moving average. The bulls were able to gain strength, but they faced a strong selling interest near the $9,150 and $9,160 levels.
A high was formed near $9,146 and the price is currently retreating from the high. It broke the $9,000 support area and the 100 hourly SMA. Additionally, there was a break below the 23.6% Fib retracement level of the recent wave from the $8,674 low to $9,146 high.
An immediate support on the downside is near the $8,900 level. It represents the 50% Fib retracement level of the recent wave from the $8,674 low to $9,146 high. The main support is near the $8,860 and $8,840 levels.
More importantly, there is a connecting bullish trend line forming with support near $8,840 on the hourly chart of the BTC/USD pair. Finally, the 61.8% Fib retracement level of the recent wave from the $8,674 low to $9,146 high is near $8,854.
Therefore, a downside break below the $8,840 level might restart the decline in bitcoin. The next key support is near the $8,700 area, below which the price could revisit the $8,500 level.
On the upside, the price is facing hurdles near the $9,100 and $9,150 levels. Besides, there is a key bearish trend line forming with resistance near $9,100 on the same chart.
Bitcoin Price
Looking at the chart, bitcoin seems to be struggling to continue above $9,100. If it continues to struggle, there is a risk of another bearish wave below the $8,800 level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and approaching the 50 level.
Major Support Levels – $8,900 followed by $8,840.
Major Resistance Levels – $9,100, $9,150 and $9,300.
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Bitcoin And Crypto Market Facing Hurdles: BCH, Tron, XLM, ADA Analysis

The total crypto market cap is currently correcting higher towards the $240.0B resistance.
Stellar (XLM) price is performing nicely and it is up more than 5% above the $0.0750 resistance.
Bitcoin cash price is likely to break the $300 resistance area in the near term.
Tron (TRX) price is facing hurdles near the key $0.0200 resistance area.
Cardano (ADA) price is consolidating below the key $0.0450 and $0.0465 resistance levels.

The crypto market cap and bitcoin (BTC) are correcting higher. Ethereum, BCH, ripple, stellar (XLM), EOS, TRX, and cardano (ADA) are trading near key resistances.
Bitcoin Cash Price Analysis
After a downside correction, BCH price found support near the $285 area against the US Dollar. As a result, the price started a fresh increase and traded above the $295 level. On the upside, an immediate resistance is near the $300 level, above which the price is likely to struggle near the $308 level.
On the downside, an initial support is near the $290 level. However, the main supports are near the $285 and $280 levels, below which the price could retest $265.
Stellar (XLM), Tron (TRX) and ADA Price Analysis
Stellar price is still following a bullish path above the $0.0700 support area. XLM price is up more than 5% today and it is trading nicely above the $0.0750 level. On the upside, an immediate resistance is near the $0.0795 and $0.0800 levels, above which the price could trade towards the $0.0820 level.
Tron price is currently consolidating below the $0.0200 resistance area. TRX price is likely to clear the $0.0200 resistance area and trade towards the $0.0212 and $0.0220 resistances. Conversely, it could retest the $0.0180 support area in the near term.
Cardano price is currently trading in a range above the $0.0420 support level. ADA price is facing a strong resistance near the $0.0450 level. If there is a clear break above the $0.0450 and $0.0465 resistance levels, the price could continue to rise towards the $0.0500 resistance area.
Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery from the $225.0B support area. The market cap climbed back above the $232.0B level. However, it is facing a lot of hurdles near the $240.0B level. The main hurdle on the upside is near the $250.0B level.
Crypto Market Cap
Moreover, there is a connecting bearish trend line forming with resistance near the $242.0B level. Therefore, an upside break above $242.0B is needed for a decent upward move. If not, there are chances of another decline in bitcoin, Ethereum, EOS, stellar, LTC, ADA, EOS, ripple, TRX and other altcoins in the near term.
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Ethereum Price Weekly Forecast: ETH Holding Uptrend Support

ETH price declined recently below the $188 and $186 support levels against the US Dollar.
The price is still trading above the key $180 and $178 support levels.
There is a crucial bullish trend line forming with support near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase as long as there is no daily close below the $178 support.

Ethereum price is currently holding a significant support against the US Dollar, while bitcoin is declining. ETH price is likely to rise towards $188 and $190.
Ethereum Price Weekly Analysis
This past week, Ethereum started a slow and steady decline from well above $190 against the US Dollar. More importantly, ETH traded below the key $188 support to move into a short term bearish zone.
Moreover, there was a break below the key $186 support area. Finally, the price spiked below the $182 support and the 100 simple moving average (4-hours). However, the bears failed to gain strength below $180.
As a result, Ethereum recovered above $182 and 100 simple moving average (4-hours). Besides, it traded above the 23.6% Fib retracement level of the downward move from the $194 swing high to $180 low.
The price even climbed above a connecting bearish trend line with resistance near $184 on the 4-hours chart of ETH/USD. At the moment, the price is consolidating above the $182 level and the 100 SMA.
An immediate resistance is near the $188 area (the previous support). Additionally, the 50% Fib retracement level of the downward move from the $194 swing high to $180 low is also near the $188 level.
Therefore, an upside break above the $188 resistance could push the price further higher. The next key resistance is near the $194 area. Any further upsides may perhaps set the pace for a break above the $200 barrier.
On the downside, there are many key supports near the $180 and $178 levels. Furthermore, there is a crucial bullish trend line forming with support near $180 on the same chart. Only a daily close below the $178 support could start another downward move towards the $160 level.
Ethereum Price
The above chart indicates that Ethereum price is clearly holding a couple of important uptrend supports near the $178 level. Thus, there are chances of a fresh increase above the $185 and $188 levels unless there is a clear break below $178.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is about to move into the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently below the 50 level, with a few bullish signs.
Major Support Level – $178
Major Resistance Level – $188
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Bitcoin (BTC) Price Weekly Forecast: More Downsides Likely

After consolidating above $9,000, bitcoin declined heavily against the US Dollar.
The price is currently trading in a bearish zone, with a close below $9,000 and $8,920.
There was a break below a major contracting triangle with support near $9,180 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The price is currently showing bearish signs and it could decline further towards $8,560 or $8,300.

Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. BTC remains at a risk of more downsides towards $8,300 in the near term.
Bitcoin Price Weekly Analysis (BTC)
In the past few days, bitcoin consolidated in a range above the $9,000 support against the US Dollar. However, the bulls failed to protect losses, resulting in a downside break below the key $9,000 support area.
Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,317 low to $10,578 high. More importantly, there was a break below a major contracting triangle with support near $9,180 on the 4-hours chart of the BTC/USD pair.
It opened the doors for more losses below the $8,920 support and the 100 simple moving average (4-hours). The decline was strong and bitcoin even settled below the $8,800 level.
At the moment, the price is consolidating below the $9,000 and $8,900 levels. An immediate support is near the $8,600 and $8,560 levels. Moreover, the 61.8% Fib retracement level of the upward move from the $7,317 low to $10,578 high is near the $8,560 level.
If there are more downsides, the price could slide towards the $8,330 and $8,300 support levels. The mentioned $8,300 area acted as a resistance earlier and now it is likely to provide support.
Any further losses may push the price towards the $8,080 support. It represents the 76.4% Fib retracement level of the upward move from the $7,317 low to $10,578 high.
On the upside, the recent support area near the $9,000 level could act as a resistance. Besides, the 100 simple moving average (4-hours) is a major hurdle near the $9,100 level. Therefore, a successful close above $9,100 is needed for more gains in the near term.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $9,000 support and the 100 simple moving average (4-hours). Thus, there are high chances of more losses towards the $8,560 support or $8,300 pivot area.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.
Major Support Level – $8,560
Major Resistance Level – $9,100
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Is Bitcoin Really Doomed? Analysts Skeptical of Bear Bias After $400 Drop

As you are likely aware, Bitcoin (BTC) hasn’t done too well over the past two-odd days. Since Friday, the cryptocurrency has shed 6% of its value, tanking from $9,250 to $8,700 in a strong move lower that came after nearly two weeks of bullish consolidation above $9,000.
Despite this relatively mild price action, which wasn’t exactly a move that slaughtered bulls per se, a number of traders have flipped bearish. Bloomberg, for instance, wrote that there is a likelihood that if the bearish pressure persists for a little more, Bitcoin will trend all the way back to $7,300 — back where it was prior to the most recent swing upwards.
This sentiment, according to a number of analysts, is irrational.
Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak
Bears Are Irrational? 
Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

$BTC has it's 4th biggest bull move ever, $7.2k-$10.5k, and now we are retracing after consolidating. My feed, totally bearish again.
We can go lower sure, but I think the same people waiting for $6k are going to be waiting for $7k and will buy back above $10k.
Never change CT!
— Mayne (@Tradermayne) November 8, 2019

Crypto Michael echoed this line. The Amsterdam Stock Exchange trader poked fun at the euphoria that bears have had over the past days, accentuating the irrationality of the claims that a retest of the lows is on its way, especially in the context of the recent 42% gain:
I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC.

I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of $BTC.
Interesting.
— Crypto Michaël (@CryptoMichNL) November 9, 2019

Delphi Digital has corroborated this sentiment with data. Per previous reports from NewsBTC, the prominent cryptocurrency markets research firm found that there is a confluence of evidence suggesting that Bitcoin found a trend bottom at $7,300 two weeks ago.
One of their tidbits of evidence is that Bitcoin’s volume profile, the amount of cryptocurrency that was traded, has printed clear signs that a bottom is in. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase.
They added that they currently see the cryptocurrency market very tied to risk assets, like the S&P 500. With risk assets setting new all-time highs on Friday after a strong jobs report and a potential trade deal, it could be said that BTC will surge higher with the risk assets.
Related Reading: Bloomberg Analyst Explains Why Bitcoin Price is “Caged” by $8,000 to $12,000 Range
Bitcoin’s Long-Term Bull Case Remains
Indeed, the cryptocurrency long-term charts and signals still seem to be implying that medium to long-term upside is highly likely.
As reported by NewsBTC previously, Trader HornHairs has noted that he “likes the chance we hit $14,000 before $7,000.” He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish.

$BTC Monthly confluence
+1M bullish breaker+.618 retracement+Volume Profile HVN/PoC+Yearly Pivot+Inside bar fakeout
I like the chances we hit $14,000 before $7,000. pic.twitter.com/0l1VlDAmA0
— HornHairs (@CryptoHornHairs) October 31, 2019

Also, trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.
Related Reading: Square’s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth
Featured Image from Shutterstock
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Ethereum's 120-day pattern breached: Longs to be ecstatic soon

World Computer aka Ethereum’s rapid descent in price seems to be slowing down as it has been consolidating for over two months now. The price of ETH hovers at $184 with a market cap of $20 billion makThe post Ethereum’s 120-day pattern breached: Longs to be ecstatic soon appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price Breaks Below $9,000, Historic Rally Now In Jeopardy

Two weeks ago, Bitcoin price set a record for its third-largest 24-hour gain in the young asset’s short history, rocketing from $7,400 to $10,500 from low to high.
After weeks of consolidation, the crypto asset has run out of steam and has begun to fall, first breaking below support at $9,000 where it is currently trading. Can bulls push Bitcoin price back above support and make a push higher, or will bears regain control and potentially set a new local low?
Bitcoin Price Finds Itself In Another Descending Triangle, Breakdown Begins
This morning, after weeks of indecision and ping-ponging between a tightening range, the first-ever crypto-asset finally appears to have made a decision on its direction in the short term and has fallen below support at $9,000.
Related Reading | Bitcoin Momentum Points To Continued Downtrend Short Term, Medium Term Trending Up
Once again, Bitcoin may have found itself trading within a descending triangle pattern – a pattern that has repeatedly spelled disaster for the crypto asset throughout the bear market. The pattern, which makes lower highs but similar lows, on lower timeframes finally gave way, and Bitcoin price has started to fall.
If the pattern is indeed a descending triangle, the resulting breakdown could bring the crypto asset back to local lows, or potentially lower, reaching the bottom of a multi-month channel Bitcoin has been trading within.

Possible Bull Flag Formations Could Save Crypto Bull Market
All hope isn’t lost for bulls just yet, even despite today’s drop. The powerful rally also could have been the flag pole in a massive bull flag that is forming. Bull flags typically make lower highs and lower lows, before eventually once again taking bears by surprise with a quick break above resistance.
If Bitcoin price can find support at current levels – roughly $8,800 – it could suggest that the pattern is actually a bull flag and not a descending triangle, with a target of over $11,000.
A move toward $11,000 or above would set a new higher high, and would likely restore the confidence of bullish crypto investors and support the theory that Bitcoin’s next bull run is beginning.

If not, the historic rally may be almost entirely erased, and a deeper drop would be likely. However, it still wouldn’t mean that Bitcoin’s chances for a bull market are completely lost, as even a deeper drop into the current multi-month channel would still be within a larger bull flag formation on monthly Bitcoin price charts.
Related Reading | Bitcoin Monthly Close Keeps Bull Flag Formation Intact, Target Over $14,000
The target of the bull flag on the monthly price chart, would be a new all-time high. Once Bitcoin broke above its former all-time high in 2017, the true bull run really began – ultimately making Bitcoin and crypto household names and taking the asset to its all-time high of $20,000.
 
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Bitcoin (BTC) Price Showing Signs Of Bearish Continuation

Bitcoin price is struggling to rebound and declining below the $9,300 support against the US Dollar.
The price is likely to accelerate decline if it breaks the $9,120 support area.
There is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Similarly, there were bearish moves in Ethereum and ripple in the past three sessions.

Bitcoin price is showing bearish signs below $9,300 and $9,240 against the US Dollar. BTC price could accelerate losses if it continues to struggle below $9,300.
Bitcoin Price Analysis
In the past few hours, there was a steady decline in bitcoin from the $9,440 high against the US Dollar. The last swing high was near $9,374 before the price declined below the $9,300 support area.
Moreover, there was a close below the $9,300 support and the 100 hourly simple moving average. Finally, the price spiked below the $9,120 support area and traded as low as $9,084.
It is currently correcting higher above the $9,120 level. Additionally, it surpassed the 50% Fib retracement level of the recent decline from the $9,374 high to $9,084 low.
However, the price is facing a lot of hurdles on the upside near the $9,240 and $9,300 levels. More importantly, there is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair.
The 61.8% Fib retracement level of the recent decline from the $9,374 high to $9,084 low is also capping the upward move. Therefore, a successful break above the trend line and a follow through above $9,300 is needed for a fresh increase.
The next key resistance is near the $9,440 area, above which bitcoin is likely to climb towards the $9,550 and $9,600 levels in the near term.
On the downside, an immediate support is near the $9,120 area. If there is a successful daily close below the $9,120 support, there are chances of more downsides below the $9,020 and $9,000 support levels. The next major support is near $8,920, followed by $8,780.
Bitcoin Price
Looking at the chart, bitcoin is clearly trading in a bearish zone below the $9,300 resistance level. Thus, the price remains at a risk of a bearish break below $9,120 and $9,020. To move into a positive zone and start a decent upward move, the price must settle above $9,300.
Technical indicators:
Hourly MACD – The MACD is likely to move back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it could test the 25 level.
Major Support Levels – $9,120 followed by $9,020.
Major Resistance Levels – $9,240, $9,300 and $9,440.
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Bitcoin And Crypto Market Cap Eye Next Break: BCH, XLM, EOS, TRX Analysis

The total crypto market cap is currently consolidating in a range above the $232.0B support area.
Bitcoin price is holding the $9,200 support area, but it is also facing hurdles near $9,400.
BCH price is currently correcting lower after it failed to break the $300 resistance.
EOS price is consolidating near $3.500 and it could correct lower towards $3.400.
Stellar (XLM) price is climbing higher once again and it might test the $0.0800 resistance.
Tron (TRX) price is facing a strong resistance near the $0.0200 zone.

Bitcoin (BTC) and the crypto market cap are approaching the next key break. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are correcting lower.
Bitcoin Cash Price Analysis
Recently, BCH price climbed higher above the $295 level against the US Dollar. The price tested the $305 resistance area, where it faced a strong selling interest. As a result, the price started a downside correction below the $300 and $295 level.
On the downside, the key support is near the $285 and $280 levels. If there are more downsides, the price could test the $265 support area.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price struggled near the $3.700 resistance area. As a result, there was a downside correction below the $3.650 level. The price is currently consolidating near $3.500 and it seems like it could correct lower further towards the $3.400 support area. On the upside, the main hurdles are near the $3.650 and $3.700 levels.
Stellar price corrected gains after a sharp rally towards the $0.0880 resistance area. XLM price declined and tested the $0.0700 support area. It is once again moving higher towards the $0.0800 resistance. If there are more upsides, the price may perhaps test the $0.0820 level.
Tron price struggled to stay above the $0.0200 support area and recently corrected lower. TRX price tested the $0.0195 support and it is currently consolidating in a tiny range. If there is an upside break above $0.0200, the price is likely to resume its upward move.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, the $250.0B resistance zone acted as a crucial barrier for more upsides. As a result, the market cap declined and it is now consolidating in a range above the $232.0B support area. If there is a downside break, the market cap could retest the $215.0B support.
Conversely, an upside break above the $250.0B resistance is likely to spark a strong rise in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
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