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
 
 
 
The post Bitcoin Price Analysis: BTC Got Ahead Of Itself-CNBC’s Brian Kelly Turns Bearish appeared first on Coingape.
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

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.
The post Bitcoin Price Analysis: BTC Sets for $10,000 Before Re-Surfacing Above $11,000 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.
The post Bitcoin [BTC] Pennant Pattern Reaction Sets Eyes $13,000 if not $9,000 appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC Pivotal at $10K – Gravitational Pull to $9,000 Lingers

Bitcoin pivotal at $10,000 but risks refreshing lows towards $9,000.
The buyers must realize that Bitcoin has a bearish gravitational pull.

Bitcoin continues to hunt for treasure above $10,000 amid a gradually growing bullish momentum across the market. Bitcoin and the crypto market has come under extremely high selling pressure in the past couple of weeks. In addition to that, there has been negative volatility pushing on key support levels.
The up and down movement has seen Bitcoin price plunge from highs around $13,800 to July lows at $9,070. Trading below the moving averages has given the bears a lot of power against the bears. However, looking at the four-hour chart, Bitcoin has managed to stay in an uptrend supported by the ascending trendline.
The recent correction initially above the 100 Simple Moving Average (SMA) 1-hour and later the 200 SMA 1-hour gave Bitcoin an impressive boost past the $10,000 critical level. However, the battle to break the $11,000 milestone has become an uphill task with the moment pausing at $10,168.
BTC/USD 1-hour chart
Chart source: Tradingview
Bitcoin price briefly dived below $10,000 but embraced support from the trendline. A resurface above $10,000 has seen Bitcoin poke the bears around $10,050. Moreover, a weak building bearish momentum is likely to push Bitcoin back under $10,000 critical level.
The buyers must realize that Bitcoin has a bearish gravitational pull. The failure to stay above $10,000 could culminate in lower corrections refreshing the lows around $9,000. The Moving Average Convergence Divergence (MACD) is currently within the positive region. Nonetheless, the negative divergence suggests increasing bearish pressure in the short-term.
On the brighter side, Bitcoin is staring into a breakout from the rising triangle resistance at $10,250. Immense support at this level is likely to give Bitcoin a mega push towards $11,000 milestone.
Bitcoin Key Technical Levels
Key Support Levels: $9,800, $9,500 and $9,000.
Critical Resistance Levels: $10,250, $10,600 and $11,000.
Moving Averages: BTC above moving average (1-hour chart) is a key bullish indicator.
MACD: Bearish divergence suggest the presence of sellers.
The post Bitcoin Price Analysis: BTC Pivotal at $10K – Gravitational Pull to $9,000 Lingers appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Overwhelmingly Supported at $9,000; Will Consolidation Trigger Surge to $10,000?

Bitcoin dominance continues to take center stage at 64.5%.
Bitcoin price remains range-bound between $9,800 and $9,300.

The cryptocurrency market is strangely calm this week. Since the declines on Sunday that affected most of the major cryptocurrencies, the market has avoided sharp moves either side. The market capitalization has experienced a marginal increase from $263 billion yesterday to $264 billion at the time of writing. Bitcoin dominance continues to take center stage at 64.5% which means altcoins are not doing good in recovery.
At press time, Bitcoin is trading at $9,545 following a subtle 24-hour increase of 0.58% in value. Looking back to the trend last week, Bitcoin reclaimed $10,000 support over the weekend session. The buyers made a persuasive move above $10,200. Nonetheless, increasing selling pressure at the descending trendline coupled with the Simple Moving Average (SMA) 1-hour resistance barred the buyers from pushing the price any higher.
BTC/USD 4-hour chart
Chart source: Tradingview
Instead, Bitcoin dived under $10,000 amid extreme volatility. The bulls had to endure the painful selloff below several key support levels including $9,800, $9,600, and $9,400. Fortunately, immense support at $9,100 put a stop the losses.
The shallow recovery from the support tried to break above $9,800 hurdle but failed. Bitcoin price has since remained range-bound between $9,800 and $9,300. At present, BTC is teetering at $9,565 as a weak bullish momentum beats on the trendline resistance. The Moving Average Convergence Divergence (MACD) is stuck in the negative region. A negative divergence confirms the presence of selling pressure.
Meanwhile, the bulls must ensure that Bitcoin stays in the range mentioned. Otherwise, the price is staring towards $8,800 support if $9,000 gives in. On the upside, $10,000 resistance needs to be reclaimed and a compelling move made towards $10,000 for Bitcoin to be on the safer side.
BTC Key Technical Levels
Key Support Areas: $9,100, $9,000 and $8,800.
Key Hurdles: $9,800, $10,000 and $10,200.
MACD: Stick stuck in the negative but leveling to show consolidation will continue.
 
The post Bitcoin [BTC] Overwhelmingly Supported at $9,000; Will Consolidation Trigger Surge to $10,000? appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC Holding Above Key Support as $10,000 Remains Unconquered

Bitcoin is pushing for recovery but it is strongly opposed at $9,800.
Bitcoin could make a compelling move towards $10,000 persuaded by strong technicals.

Bitcoin tried and failed to break the resistance at $10,200 during the trading on Thursday. The tussle to secure formidable support also suffered great blows as $10,000 failed to hold. Bitcoin commenced another painful downtrend right where it began the recovery this week.
The bears got overwhelmingly strong after retracing below the 100 Simple Moving Average (SMA) 1-hour. This forced Bitcoin against key levels starting with the 50 SMA 1-hour at $9,861. The price pressed sturdily on the key support area we discussed in yesterday’s technical analysis at $9.400 – $9,600. On forming a low at $9,658 (on Coinbase), Bitcoin pushed for a shallow recovery that was strongly opposed at $9.770.
BTC/USD 1-hour chart
Bitcoin price Chart source: Tradingview
At press time, Bitcoin teeters at $9,707 amid equal bear and bullish pressure. The indecision comes after the slump from highs close to $10,200. The buyers are not confident in the recovery if anything they are exhausted. If a breakout above $10,000 delays Bitcoin price disintegration towards $9,000 is in the offing.
Technically speaking, the trend is neither bearish nor bullish as observed from the Moving Average Convergence Divergence (MACD) currently leveling slightly below the mean line (0.000). The zero divergences mean that movement to either side is solely depending on demand-supply.
Traders can look out for the narrowing gap between the 50 SMA and the 100 SMA. If 50 SMA manages to cross above the longer-term 100 SMA Bitcoin could make a compelling move towards $10,000. Before, that the intense resistance at $9,800 must be cleared for buyers to thrust BTC further up.
Bitcoin Key Technical Levels
Support Areas: $9,600, $9,400 and $9,000.
Resistance: $9,800, $10,000, $10,200.
MACD 1-hour chart: Cross into the positive will encourage bulls to stake more
The post Bitcoin Price Analysis: BTC Holding Above Key Support as $10,000 Remains Unconquered appeared first on Coingape.
Source: CoinGape

$10,000 Milestone in Rear View Mirror; Bitcoin Now Focusing on $11,000

$10,000 milestone in rear-view mirror: Bitcoin now focusing on $11,000
Bitcoin breaks the painful downtrend to resurface above $10,000.

The avalanche of selling pressure appears to have found anchorage at the formidable support areas between $9,400 and $9,600. After Bitcoin price retreated from $11,000, the bears continued to force the price past critical levels. The struggle to defend the $10,000 support area this week failed incredibly. And sellers ravaged through the support and extended the losses towards $9,500.
Meanwhile, the recovery that occurred following yesterday’s support broke the painful downtrend. BTC smashed through the 50 Simple Moving Average (SMA) 1-hour chart as well as the critical $10,000. Bitcoin tried and failed to conquer the resistance at the 100 SMA 1-hour chart. However, a break has just occurred above $10,100.
BTC/USD 1-hour chart 
Bitcoin Chart | Source: Tradingview
Technically, Bitcoin has an immense distribution of support areas. Which means, there is a high chance that Bitcoin will thrust past the critical $11,200 resistance in the coming sessions. The ability to sustain the tremendous gains on Thursday relies on the prevailing technical levels.
For instance, the Moving Average Convergence Divergence (MACD) crossed into the positive region during the Asian sessions today. The current bullish divergence persuades the buyers to increase their positions. Another key signal upward correction is to see the 50 SMA close the gap towards the 50 SMA.
As far as support is concerned, $10,000 is not reliable. Therefore, it essential that the bulls pull Bitcoin above $11,000. On the downside, if a reversal inches through $10,000, then $9,600 – $9,400 is a rock-solid support area.
Bitcoin Key Technical Levels
MACD 1-hour chart: Bullish divergence in the positive signals continued to surge towards $11,000.
100 SMA 1-h: Trading above this level signals stronger momentum.
Support Areas: $10,000, $9,800 and $9,400 – $9,600.
Hurdles: $10,200, $10,600 and $11,000.
The post $10,000 Milestone in Rear View Mirror; Bitcoin Now Focusing on $11,000 appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Bears Shaking the Ground, Possible Drop to $9,000?

Bitcoin continues to press down on levels under $10,000.
Bitcoin is likely to slide lower before finding a bottom for fresh demand.

Bitcoin along with most of the cryptocurrencies are suffering under increased bear pressure. The market, mostly painted in red portrays a picture of hibernating bulls with bears working hard to stick their heads out.
Bitcoin, for example, continues to press down on levels under $10,000. This comes after failing to find support at $10,500. Besides, the bears go demoralized after failing to correct above $10,800 as covered by Coingape on Monday.
The initial correction below the 50 Simple Moving Average (SMA) during the Asian session on Tuesday added gas to the fire pushing Bitcoin below the key $10,000 level. Moreover, the double-cross of the 50 SMA under the longer-term 100 SMA at $11,220 late last week, meant that Bitcoin was going to seek lower support.
BTC/USD 4-h chart 
Bitcoin Chart source: Tradingview
However, the biggest question is, where will this support be. Looking at it technical perspective, we should expect Bitcoin slide a bit lower from the current market value at $9,985 towards the next support target at $9,500. This will see Bitcoin run into fresh demand just like the recent drop to $9,000 which later elevated Bitcoin above $11,000. Although, those gains were not sustainable.
The Moving Average Convergence Divergence in the ability to stay above the mean line also says that Bitcoin has a bearish tune to the current trend. The increasing divergence to the south is a key indicator of the increasing selling pressure.
On the upside, $10,000 is a critical level whose resistance must be cleared in the near-term if buyers want to prevent a slide towards $9,500 and $9,000 support levels respectively.
BTC Key Technical Levels
MACD: Stuck under the mean line despite recovery suggesting rising selling pressure.
Moving average double-cross: 50 SMA slide under 100 SMA opened Bitcoin to declines last week.
Key support areas: $9,800, $9,500 and $9,000.
Critical Hurdles: $10,000, $10,500 and $11,000.
The post Bitcoin [BTC] Bears Shaking the Ground, Possible Drop to $9,000? appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: Can Technicals Push the Price Above $11,000?

Bitcoin plunged from trading highs above $13,000 to test the support at $9,000.
The struggle is expected at $10,800 before the bulls launch an assault on $11,000.

Bitcoin woke up to the weirdly uneventful quiet start of the week’s trading unlike other weeks in the recent past. In less than ten days, Bitcoin plunged from trading highs above $13,000 to test the support at $9,000. The extremely volatile levels last week saw BTC/USD recover above $10,000 later stepping past $11,000 during the weekend trading session.
The 15-minutes chat shows bitcoin having corrected below $11,000 after failing to sustain the gains over the weekend. Besides, support at 23.6% Fib retracement level taken between the last swing high at $11,117 to a swing low of $10,323 marginally above $10,500 failed to offer support.
BTC/USD 15-mins chart
Bitcoin Price Chart | Source: Tradingview
At press time, Bitcoin is trading at $10,493 following a 1% lower correction on the day. The upside is currently limited by the 50 Simple Moving Average (SMA) currently at $10,565 while further movement north will enter resistance at $10,600. The struggle is expected at $10,800 before an assault is launched on $11,000.
In a technical perspective, Bitcoin will continue with the stable movement in the coming sessions. The Moving Average Convergence Divergence (MACD) is currently below the mean line (0.0). A slightly diverging signal to the north shows that the bulls have the upper hand in the near-term. Up and down movements are expected in the coming sessions as well.
However, we can expect Bitcoin to stay between $10,400 support and $10,800 to the upside as long as volatility levels remain relatively stable. It is clear that the bulls are getting exhausted and lack of a breakout past $10,800 limit will eventually result in $10,000 support level being tested.
Bitcoin Key Technical Levels
MACD 1-h chart: The slightly upward diverging signal suggests a bullish bias.
100 SMA: A correction above this level will allow BTC to focus on $11,000.
Key support areas: $10,400 and $10,000.
Critical hurdles: $10,800 and $11,000.
The post Bitcoin Price Analysis: Can Technicals Push the Price Above $11,000? appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: [BTC] Bounce Rejected at $10,000: Staring at $9,000 Again

Bitcoin price pushing down on key support areas amid growing volatility.
Bitcoin must break above the descending channel resistance in order to focus to higher levels above $10,000.

Bitcoin has slumped right back under $9,500 after failing to break above the critical $10,000 level. The price has been pushing down on key support areas in the past few days amid growing volatility. Unlike June where Bitcoin price skyrocketed to new yearly highs around $13,800 this month has seen BTC/USD fail to sustain gains above key levels on several occasions.
The recent drop occurred after attempts to sustain gains above $11,000 failed miserably. The declines that followed as reported by Coingape pushed the price under $10,000. The breakdown continued towards $9,000 yesterday before a bounced occurred.
Looking at the hourly chart, the rejection at $10,000 demoralized the bulls who have been getting tired of the rollercoaster rides. Rising selling pressure is risking the capacity for the next support target at $9,000 to hold ground and resist breakdown.
BTC/USD 1-h chart
Bitcoin Chart | Source: Tradingview
 However, the technical picture shows the rejection from the highs close to $10,000 could have been a healthy correction meant to give Bitcoin a boost in its next assault at $10,000. At present, $9,400 appears to be establishing as support with the price building a bullish moment towards $9,500.
The Relative Strength Index (RSI) is heading back up after hitting a low at 37. Continued traction above the average will further strengthen the moment and the reversal to $10,000. The Moving Average Convergence (MACD) upward trend has stalled slightly below the positive area suggesting the presence of selling pressure.
Bitcoin must break above the descending channel resistance in order to focus to higher levels above $10,000. In the short-term, we can expect Bitcoin price to swing up and down between $9,000 and $10,000.
Bitcoin Key Technical Levels
Key hurdles $10,000, $11,000 and $12,000 supply zone.
Key support areas: $9,400, $9,000 and $8,800.
MACD 1-h chart: Stuck in the negative area.
RSI 1-h chart: Pointing upwards; suggests strengthening momentum.
The post Bitcoin Price Analysis: [BTC] Bounce Rejected at $10,000: Staring at $9,000 Again appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: Bears Push Hard Towards $9,000: $10 Billion Slashed Off the Market Cap

BTC/USD is trading at $9,200 after correcting lower 2.5% on the day.
If the support at $9,200 is breached, Bitcoin price could tumble to $8,800.

Bitcoin bleeds profusely on Tuesday in the second devastating selloff in July further killing investors’ hopes of seeing it recover towards $14,000. In fact, the drop towards $9,000 contradicts the prediction by the CEO of Galaxy Digital Mike Novogratz who said that BTC/USD was going to consolidate between $10,000 and $14,000 before the next rally.
The entire market was squeezed by the selling pressure leading to a $10 billion from the total market capitalization. From $260 billion posted at the close of the session on Tuesday to $250 at press time. Bitcoin’s market capitalization also thinned extensively from $168 billion to $163 billion in the same period.
Meanwhile, BTC/USD is trading at $9,200 after correcting lower 2.5% according to the intraday charts. The prevailing trend is strongly bearish with the next possible support at $9,000. Looking at the 4-h chart, the path of least resistance is to the south.
BTC/USD 4-h chart
Bitcoin Price Chart source: Tradingview
The Moving Average Convergence Divergence (MACD) is exploring lower levels within the negative territory. Besides, the widening divergence signals increasing bear influence. At the same time, the Relative Strength Index (RSI) is stuck in the oversold.
If the support at $9,200 is breached, the Bitcoin price could tumble to the next target at $8,800. Further breakdown is likely to find support at $8,500.
On the upside, the price is trading below the 100 Simple Moving Average (SMA), indicating the presence of selling pressure. If Bitcoin bulls manage to keep the price above $9,200, a continued correction towards $10,000 will encounter resistance at $9,500 and $9,800.
Bitcoin Key Technical Picture
Key Support Areas: $9,000, $8,800 and $8,500.
Critical Hurdles: $9,500, $9,800 and $10,000.
MACD 4-h chart: Increasing divergence suggests bulls are gaining traction.
RSI 4-h chart: Stuck in the oversold – stronger bearish momentum prevails.
The post Bitcoin Price Analysis: Bears Push Hard Towards $9,000: $10 Billion Slashed Off the Market Cap appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Awaits Facebook’s Libra Sail Through Congress for a Breakout Past $13,000

Libra, although still in development Libra is stirring discussions in the United States.
Bitcoin pushed against key support levels following the drop from $13,000.
A double-bottom pattern could lead to a breakout likely to bring Bitcoin back above $13,000.

Bitcoin has been bombarded on several occasions lately due to the regulatory challenges hitting Facebook’s proposed cryptocurrency Libra. Although still in development Libra is stirring discussions in the United States, Europe and even China. Moreover, Congress has set hearings for Facebook this week. In addition to that, Trump’s negative stand against Bitcoin and other cryptocurrencies are doing little to improve the situation.
Meanwhile, Bitcoin pushed against key support levels following the drop from $13,000. BTC/USD fell under $10,000 forming a weekly low around $9,900. Although the drop under $10,000 was only momentarily, the reversal is capped under $10,400 at press time.
BTC/USD 2-h chart
Bitcoin Chart | Source: Tradingview 
Bitcoin is trading at $10,290 and the trend has a bearish biased with the path of least resistance being to the downside. A look at the technical picture shows that the bears are gaining traction and have the upper hand. The Moving Average Convergence Divergence (MACD) in the 2-h timeframe is stuck in the negative area. However, if the developing divergence progresses, Bitcoin could begin to correct towards $10,400.
The Relative Strength Index (RSI) has recovered from the oversold levels reached yesterday and during the Asian hours today. However, the upward hit a snag under 40 the current signal downwards means that a reversal could test $10,200 support.
On a positive note, a formed double-bottom pattern could lead to a breakout likely to bring Bitcoin back above $13,000. However, this depends on the ability of Bitcoin to find a catalyst. In this case, many experts believe a breakthrough for Libra in the Congress hearings could propel Bitcoin to higher levels and correction the movement in the last few days. Omkar Godbole, CoinDesk analyst says:
“Facebook’s fiat and government bond backed cryptocurrency Libra is widely considered a net positive for bitcoin, an anti-establishment asset.
This is evident from the fact that BTC rallied from $9,000 to $13,800 in the eight days following Facebook’s unveiling of Libra’s white paper on June 18.
So, it is hardly surprising that the leading cryptocurrency is feeling the pull of gravity ahead of the congressional hearings on Libra and will likely take a hit if the U.S. lawmakers throw a spanner in the works for Facebook.”
Bitcoin Key Technical Levels
Key Support Areas: $10,200, $10,000, $9,900 and $9,670 (July lows).
Key Hurdles: $10,400, $10,500, $11,000 and $12,000.
MACD 2-h: Stuck in the negative – negative signal in the near-term.
RSI 2-h chart: Recovery stalls under 40; downward slope hints breakdown.
The post Bitcoin [BTC] Awaits Facebook’s Libra Sail Through Congress for a Breakout Past $13,000 appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Aiming for $12,000 After Walloping in Declines for 24 Hours

Fed’s chair Jerome Powell’s comments on Libra had a far-reaching impact on Bitcoin price.
Bitcoin has revamped the bullish trend and is pushing for a reversal above $11,000 support.

Bitcoin hit a snag slightly above $13,000 yesterday. The momentum that was believed to be strong enough to push Bitcoin above June highs, turned out to be nothing but a bear trap. It appears that the bears were waiting for a catalyst to acutely revenge following the gains from the lows traded in the first week of July around $9,657.
Experts and analyst link the devastating drop to comments from the highest regulator in the United States, the Federal Reserve Bank. The chairman of the central bank Jerome Powell said that Libra cannot go on unless certain issues are addressed. Moreover, Facebook’s “Libra raises many serious concerns regarding privacy, money laundering, consumer protection, and financial stability.” Powell was speaking at is semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee on July 10.
While the comments are not directly linked to Bitcoin, they had a far-reaching impact on Bitcoin as the price tanked 7% during the presentation. Declines progressed after the presentation to the extent Bitcoin stopped just above $11,000. Looking back, the announcement of Libra last month gave Bitcoin a boost to new 2019 high. Therefore, it appears that Libra exposes a lot in the regulatory space for digital assets and performance of the cryptocurrency market could in future depend on how regulation is handled when it comes to Libra
BTC/USD 1-h chart
Bitcoin chart | Chart source: Tradingview
 Bitcoin, on the other hand, has revamped the bullish trend and is pushing for a reversal. A break above $12,500 hurdle has paved the way for correction to the current $11,696. Technically looking at Bitcoin, chances for growth are immense with $12,000 being in focus.
The price is still trading under the 100 Simple Moving Average. However, other technical indicators send positive signals. For instance, the Relative Strength Index (RSI) is currently above the oversold and moving towards the average. The MACD has slowed down the downward slope and could soon increase the divergence north as an indicator of rising buying pressure.
Bitcoin Key Technical Indicators
Key Support Areas: $11,000, $10,500 and $9,500.
Key Hurdles: $12,000, 100 SMA, $13,000 supply zone.
RSI: Trending upwards.
MACD: Moving horizontally after the drop; suggests diminishing selling pressure.
The post Bitcoin [BTC] Aiming for $12,000 After Walloping in Declines for 24 Hours appeared first on Coingape.
Source: CoinGape

Bitcoin Price & Technical Analysis: It’s Nothing Awful in the BTC Correction

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Bitcoin Price & Technical Analysis: It’s Nothing Awful in the BTC Correction
The BTC has been undergoing a correction for two days already. Generally it is trading at $11,500.
Bitcoin Price & Technical Analysis: It’s Nothing Awful in the BTC Correction

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Source: CoinSpeaker