Bitcoin Price Analysis: BTC/USD Trends of February 18–24, 2019

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Bitcoin Price Analysis: BTC/USD Trends of February 18–24, 2019

Bitcoin price may have its high at $4,237 in case the demand level of $3,679 holds and the Bulls gained enough momentum. Also, the BTC price will find its low at $3,247 if there is a breakdown of the $3,679 price level.

Bitcoin Price Analysis: BTC/USD Trends of February 18–24, 2019

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Source: CoinSpeaker

Bitcoin Price & Technical Analysis: BTC Fails to Continue Rising

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Bitcoin Price & Technical Analysis: BTC Fails to Continue Rising

Bitcoin is trading at $3,570 Thursday, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Bitcoin Price & Technical Analysis: BTC Fails to Continue Rising

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Source: CoinSpeaker

Bitcoin Price Analysis: BTC/USD Trends of February 11–17, 2019

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Bitcoin Price Analysis: BTC/USD Trends of February 11–17, 2019

In case the demand level of $3,679 holds and the Bulls gained enough momentum, there will be a bullish rally towards the resistance levels of $4,237-$4,692. The breakdown of the $3,679 level will return the Bitcoin price to the previous low of $3,247.

Bitcoin Price Analysis: BTC/USD Trends of February 11–17, 2019

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Source: CoinSpeaker

Bitcoin Price Analysis: BTC Price Just Broke Out Of The Descending Wedge, What Is Going to Happen Next?

The price just broke out of the descending wedge after previously being rejected four times by the resistance line. The breakout was preceded by bullish divergence in the RSI and price is moving upward to the next area of resistance at $3610-$3670.
Important Points:

The current daily candle is a bullish engulfing candle.
Daily indicators are undecided
Price is in the process of attempting to break past the 7-day moving average for the fourth time.
The closest support area is found at $3240-$3320.
The closest resistance area is found at $3610-$3670.
Price just broke out of the descending wedge.

Bitcoin Price Analysis: BTC/USD 24 hr Chart
24 hr Chart Source by Tradingview, Bitfinex

A look at the Daily chart shows that the price of BTC has retraced all the way to the 0.88 fib line of the entire upward move ($3273 to 4175) and is currently trading at $3500. A break below this area would put in action the double bottom scenario in which price retraces all the way to the most significant support area at $3240-$3320. Price has made three unsuccessful attempts at breaking through the 7-period moving average and is currently on the process of attempting to break through it for the 4th time. Furthermore, the 7 and 21 period MAs have made a bearish cross. The price is currently trading below all the moving averages and the Ichimoku Cloud, giving us a bearish outlook. However, there is a portion of the cloud that is positive and lasts until February 12, possibly allowing price to break through. The retracement started after the double top on January 7th and is currently on day 32.
As for the rest of the indicators, after making a bullish cross 7 days earlier, the MACD seemed to lose power, however, it just rejected a bearish cross and started another move upward. The RSI is at 43, indicating neither oversold nor overbought conditions and does not show any significant divergence of any kind.
Bitcoin Price Analysis: BTC/USD 2 hr Chart
2 hr Chart Source by Tradingview, Bitfinex

A look at the 2-hour chart gives us a structure of price movements. The BTC/USD price was trading in a descending wedge (bullish pattern) for the past 20 days, and today it broke out. The breakout happened on a significant but not immense amount of volume. However, the breakout was preceded by significant bullish divergence in the RSI, which is now going up strongly. The closest significant resistance area is found at $3600-$3650, while there is another minor resistance at $3550. It is also possible that the price falls to validate the resistance line before starting an upward move.
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Source: CoinGape

Bitcoin [BTC] Price Analysis: Is A Breakout From The Descending Wedge Imminent?

Key Highlights:

The current daily candle is a bearish engulfing candle.
Daily indicators are bearish
Price has made three unsuccessful attempts to break above the 7-day moving average.

The price is trading in a short-term descending wedge and got rejected by the resistance line for the 4th time, sparking a sharp drop on very significant volume from $3520 to $3440 in less than two hours. All the data and charts are taken from the BTC/USD pair on BITFINEX.
Bitcoin Price Analysis – BTC/USD Daily Chart
Daily Chart Source Tradingview, bitfinex
A look at the Daily chart shows that the price of BTC has retraced all the way to the 0.786 fib line of the entire upward move ($3273 to 4175). A break below this area would put in action the minor fib support area near $3361 and then the most significant support area at $3240-$3320 which would effectively make a double bottom pattern. Price has made three unsuccessful attempts at breaking through the 7-period moving average which has made a bearish cross. Furthermore, the price is currently trading below all the moving averages and the Ichimoku Cloud, portraying a bearish scenario. The retracement started after the double top on January 7th and is currently on day 30.
As for the indicators, after making a bullish cross 5 days earlier, the MACD has lost all of its power and is currently on the process of making a bearish cross. There is no significant divergence of any kind in the RSI.
2 hrs Chart Source Tradingview, bitfinex
A look at the 2-hour chart gives us a structure in which price is trading in. Price is trading in a descending wedge and has been doing so for the past 18 days and 2 hours. It got rejected four times by the resistance line and the 2-hour bearish candle which started on 01:00 closed with very significant volume (yellow arrow).
Furthermore, the price made multiple unsuccessful attempts to break past the resistance offered by the 200-period moving average which coincided with the wedge resistance and has now fallen considerably below it. Also, the 7 and 21 period MAs have made a bearish cross and are both dropping sharply. Similarly to the daily analysis, the price is trading below all the moving averages, a bearish sign. The wedge is projected to end near February 16th.
Conclusions

The closest support area is found at $3240-$3320.
The closest resistance area is found at $3610-$3670.
Price is trading in a descending wedge.

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Source: CoinGape

Bitcoin Technical Analysis: BTC Is A Breakout From The Descending Wedge Imminent?

Key Highlights:

The price made a double top at $4200 and retraced.
It made three unsuccessful attempts to break above the 7-day moving average.
Price broke down through the minor $3600 support area which now acts as resistance.

The price is trading in a short-term descending wedge, a breakout from which would put into play the resistance areas at $3600, $3900 and the previous top at $4200.
Short-Term Outlook – BTC/USD 6Hr Chart
6 hrs Chart, bitfinex
Finally, a look at the 6-Hour chart gives us two possible trading structures for the price of Bitcoin. We can see that after reaching the $4300-$4400 resistance area, price initiated a retracement. Price is trading in a possible descending wedge, with the solid green line acting as support. For the resistance, there are two possible lines which have not been validated yet. In the first scenario (purple dashed line), we have broken out of the descending wedge and are close to the $3600-$3700 resistance area. I believe this to be less likely since the breakout was done on minuscule volume. The second scenario (red dashed line) we are still trading in a descending wedge which ends on February 11.
 
Medium-Term Outlook – BTC/USD 3 Days Chart
Chart Source Tradingview 3 Days, Bitfinex
A look at the 3-Day chart gives more information about price movements. Preceding the recent upward move the price developed bullish divergence in the RSI. Price is currently trading below the 7, 21, 50, 200 period MAs and the Ichimoku cloud, while facing very close resistance from the 7-period MA.
However, the MACD has made a bullish cross and is heading upward, albeit with decreasing strength.
Chart Source Tradingview daily Bitfinex
A look at the Daily chart shows that price has retraced to the 0.786 fib line of the whole upward move ($3273 to 4175). The retracement has been going on for 20 days, starting on December 15th and after making a double top on January 7th, it is now trading at $3500. Price is facing very close resistance from the 7-period MA, which made a bearish cross on January 23rd.
However, there is a part of the projected cloud which is positive, possible allowing the price to break out. 
 
Long-Term Outlook  – BTC/USD 3 Days Chart
Chart Source Tradingview 6 Days, Bitfinex
A look at the Weekly chart for Bitcoin in logarithmic form shows that price has found support at the 200-period moving average (white line) which coincides with the $2700-$3300 area of support, formed by the May 2017 high and subsequent August low. It has been trading just above the 200-period MA since early December. Price is trading below the 7, 21, and 50 MAs and the Ichimoku Cloud, facing very close resistance from the 7-period MA. If the support area fails, the next one will be found at $900-$1100 formed by the January 2014 top. As for the Indicators, the RSI is at 33, indicating neither oversold nor overbought conditions. It briefly went below 30 (oversold conditions) at the end of December 2018, but immediately jumped back. Finally, the MACD is very close to making a bullish cross. 
 
Conclusions

Price has found support at the 200-week moving average.
The major support area is found at $2700-$3300
The major resistance area is at $5900-$6100 with a minor area at $4300-$4400

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Source: CoinGape

Bitcoin Price Analysis 4th Feb 2019: Bulls are yet to arrive?

The sustained ‘crypto-winter‘ has created a cloud of uncertainty in the direction of Bitcoin Price. The delay in the Bakkt launch and an extended date of ETF decision has neutralized the positive catalyst in the market. The bear market has lasted for 58 weeks and still shows no apparent signs of a trend reversal is observed.
Analysis of 1-Hour Chart – BTC/USD
1-Hour Chart of USD/BTC on Bitfinex
There are four Doji single-chart patterns identified on the chart which suggests the indecision in the market. The day traders action seems to be subsidized considerably. The Bullish Marubuzo observed in the morning also lost its stop-loss target at $3530 confirming the bearish market.
Analysis of Daily Chart – BTC/USD
On the daily chart, the signal is bearish. The chart seems to be approaching a critical point of action. Furthermore, if a comparison with the last such uncertain period during Oct-Nov is made, the charts suggest starking similarities suggesting a move downwards to $2390. The RSI signal is also 40 which is still above over-sold conditions implying there is further room downwards.
The volume has also decreased on the weekend, which might be an oversold condition but also lack of buying interest. The market sentiment leans towards lack of buying interest with traders waiting on the sidelines looking for action.
Daily Chart of Bitcoin on Bittrex
Final Say 
The new support seems to be building at $3370 which is an important support line. The resistance to the upper side is observed at $3530 which if broken would test to $3700 resistance ahead. Moreover, the market can be expected to have a quiet week as well with 10-20% convergence of the triangle is still in formation, a break above 3450-3500 would be a bullish signal.
The market is still indecisive, and market sentiments are bearish; hence the traders must look to maintain a neutral position and look for a clearer signal before placing their orders. The fundamentals also suggest long-term positive but short-term stagnation due to delayed regulations, liquidity problems with altcoins and development and associated operational cost spent on progress could delay the bull a bit longer.
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Source: CoinGape

Bitcoin Price Analysis: BTC/USD Trends of January 21–27, 2019

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Bitcoin Price Analysis: BTC/USD Trends of January 21–27, 2019

The strong bearish daily candle that broke down and closed below the $3,679 price level yesterday, followed by another bearish candle today implies that Bitcoin may find support at the previous low of $3,247.

Bitcoin Price Analysis: BTC/USD Trends of January 21–27, 2019

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Source: CoinSpeaker

Bitcoin Price Analysis Jan 9: BTC Targets Fresh Yearly Highs

Bitcoin price corrected lower after trading as high as $4,094 against the US Dollar. BTC/USD remains in an uptrend and it could soon break the $4,094 high and $4,180 resistance.
Important Points:

Bitcoin price is trading nicely above the $3,830 support and the 50 simple moving average (4-hours).
BTC/USD is following a major ascending channel with support at $3,830 on the 4-hours chart.
BTC price may test the $3,875 or $3,830 support before climbing above the $4,094 swing high.

Bitcoin Price Analysis
There was a decent upward move above the $3,900 level in bitcoin price. BTC/USD even traded above the $4,020-4,050 resistance area and climbed to a new 2019 high at $4,094.
The 4-hours chart of BTC/USD indicates that the price formed a high at $4,094 and later started a downside correction. It moved below the $4,050 level and the $4,020 pivot level to start a short term bearish wave.
Chart Source by TradingView, Binance
There was also a break below the 23.6% Fib retracement level of the last upward move from the $3,734 low to $4,094 high. However, the price remains well supported above the $3,830 and $3,910 levels in the near term.
Initial support is near the $3,910 level and the 50% Fib retracement level of the last upward move from the $3,734 low to $4,094 high. Below $3,910, the price may test the $3,830 support and the 50 simple moving average (4-hours).
More importantly, there is a major ascending channel in place with support at $3,830 on the same chart. Below the channel support, there is a significant bullish trend line at $3,780.
Should there be a downside break below $3,780, the price may continue to decline towards the $3,700 and $3,600 support levels. On the upside, initial resistance is near the $4,090 level, above which the price is likely to climb to a new 2019 high. The next major resistance is at $4,180, followed by $4,220.
Overall, bitcoin is trading with a positive bias as long as the price is above the $3,830 and $3,780 support levels. BTC buyers may soon target $4,100, $4,180 or even $4,220.
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Source: CoinGape

Bitcoin Price Analysis Jan 8: BTC Targets Fresh Yearly Highs

Bitcoin price corrected lower after trading as high as $4,094 against the US Dollar. BTC/USD remains in an uptrend and it could soon break the $4,094 high and $4,180 resistance.
Important Points:

Bitcoin price is trading nicely above the $3,830 support and the 50 simple moving average (4-hours).
BTC/USD is following a major ascending channel with support at $3,830 on the 4-hours chart.
BTC price may test the $3,875 or $3,830 support before climbing above the $4,094 swing high.

Bitcoin Price Analysis
There was a decent upward move above the $3,900 level in bitcoin price. BTC/USD even traded above the $4,020-4,050 resistance area and climbed to a new 2019 high at $4,094.
The 4-hours chart of BTC/USD indicates that the price formed a high at $4,094 and later started a downside correction. It moved below the $4,050 level and the $4,020 pivot level to start a short term bearish wave.
Bitcoin price analysis chart source by TradingView, Bitstamp
There was also a break below the 23.6% Fib retracement level of the last upward move from the $3,734 low to $4,094 high. However, the price remains well supported above the $3,830 and $3,910 levels in the near term.
Initial support is near the $3,910 level and the 50% Fib retracement level of the last upward move from the $3,734 low to $4,094 high. Below $3,910, the price may test the $3,830 support and the 50 simple moving average (4-hours).
More importantly, there is a major ascending channel in place with support at $3,830 on the same chart. Below the channel support, there is a significant bullish trend line at $3,780.
Should there be a downside break below $3,780, the price may continue to decline towards the $3,700 and $3,600 support levels. On the upside, initial resistance is near the $4,090 level, above which the price is likely to climb to a new 2019 high. The next major resistance is at $4,180, followed by $4,220.
Overall, bitcoin is trading with a positive bias as long as the price is above the $3,830 and $3,780 support levels. BTC buyers may soon target $4,100, $4,180 or even $4,220.
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Source: CoinGape

Bitcoin Price Analysis Jan 7: BTC Could Dip and Rip Above $4,100

Bitcoin price traded above the crucial $3,880 resistance against the US Dollar. BTC/USD could dip a few points, but the same resistance near $3,880 might now act as a buy zone.
Important Points:

Bitcoin price gained traction and broke a major resistance near $3,880.
BTC is following a significant bullish trend line with support at $3,810 on the 2-hours chart.
The price may dip a few points, but it is likely to find support near $3,880 and $3,810.

Bitcoin Price Analysis
In the last few analysis, we discussed above the importance of the $3,880 resistance for bitcoin price against the US Dollar. Recently, the BTC/USD pair formed solid support near $3,740 and started an upward move above the $3,800 pivot level.
The 2-hours chart indicates that the price gained momentum and buyers were able to successfully push the price above the $3,880 barrier. The price even traded above the $4,000 level and settled above the 100 simple moving average (2-hours).
Chart Source by TradingView, Binance 
A new 2019 high was formed at $4,027 and later the price started a short-term downside correction. It declined below $4,000 and $3,980. There was also a break below the 23.6% Fib retracement level of the last wave from the $3,739 low to $4,027 high.
However, there are many supports on the downside near the $3,900 and $3,880 levels. The main support is near $3,880, which was a solid resistance earlier. It also coincides with the 50% Fib retracement level of the last wave from the $3,739 low to $4,027 high.
More importantly, there is a significant bullish trend line in place with support at $3,810 on the same chart. Therefore, if the price corrects lower below $3,950 and $3,900, it is likely to find a strong buying interest near the $3,880 and $3,810 support levels.
On the upside, the recent high near $4,025 is a short-term resistance, above which bitcoin price could spike towards the $4,100 and $4,180 levels. The next key resistance for BTC buyers above $4,180 is near the $4,250 level.
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Source: CoinGape

Bitcoin Price Analysis: BTC/USD Trends of January 7–13, 2019

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Bitcoin Price Analysis: BTC/USD Trends of January 7–13, 2019

The bullish rally of the Bitcoin price is not certain until the coin breaks out at the resistance level of $4,249 and retests the level.

Bitcoin Price Analysis: BTC/USD Trends of January 7–13, 2019

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Source: CoinSpeaker

Daily Bitcoin Price Analysis, BTC Bulls Continue to Struggle Near $3,880

Bitcoin price failed once again near the $3,880 resistance against the US Dollar. BTC/USD corrected lower recently and tested the $3,740 support.
Important Points:

Bitcoin price faced a strong resistance near $3,880 and failed on many occasions.
BTC is placed nicely above a major bullish trend line with support at $3,730 on the 2-hours chart.
The price may bounce back again and it could break the $3,880 resistance in the near term.

Bitcoin Price Analysis, Jan 4th, 2019
Recently, there was an upward move above the $3,800 resistance in bitcoin price against the US Dollar. However, the BTC/USD pair failed once again near a significant resistance area at $3,880 and later declined below $3,800.
The 2-hours chart indicates that the price traded as high as $3,882 and later started a downside correction. It declined below the $3,840 and $3,800 support levels to enter a short-term bearish zone.
Chart Source by TradingView, Binance
Besides, there was a break below the 50% Fib retracement level of the recent wave from the $3,645 low to $3,882 high. However, the decline was protected by the $3,740 support area and the 100 simple moving average (2-hours).
More importantly, the 61.8% Fib retracement level of the recent wave from the $3,645 low to $3,882 high also acted as strong support. If there is a drop below the $3,740 support, the price may extend losses towards the $3,720 level and a major bullish trend line with support at $3,730 on the same chart.
A break below the trend line support and $3,720 will most likely clear the path for sellers to take control in the near term.
On the upside, initial resistance is near the $3,825 level, above which the price may climb towards the $3,880 resistance.
A proper close above the $3,880 and $3,900 resistance levels is a must for an upside acceleration in the coming sessions for bitcoin price. 
Overall, the current bitcoin price action is positive above the $3,720 support. However, if Bitcoin buyers continue to struggle near the $3,880 resistance, there could be a sharp bearish reaction below the $3,700 level. Alternatively, a clear break above $3,880 might set the pace for more gains above $4,000.
Visit our price analysis for more cryptocurrency price updates.
The post Daily Bitcoin Price Analysis, BTC Bulls Continue to Struggle Near $3,880 appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis Jan 2: BTC Signaling Bullish Continuation Above $3,900

Bitcoin price is showing positive signs above the $3,700 resistance against the US Dollar. BTC/USD may continue to rise above the $3,880 and $3,900 resistance levels.
Important Points:

Bitcoin price gained traction and moved above the $3,700 resistance level.
BTC breached a crucial bearish trend line with resistance at $3,710 on the 2-hours chart.
The price is now placed in a positive zone and it may accelerate above the $3,880 resistance.

Bitcoin Price Analysis
Recently, there was a downside correction from the $3,906 swing high in bitcoin price against the US Dollar. BTC/USD declined below $3,700 and $3,680 before buyers emerged near the $3,630 level.
The 2-hours chart indicates that the price bottomed near the $3,632 level and later started a fresh upward move. The price broke the $3,700 resistance and the 100 simple moving average (2-hours) to jump into a positive zone.
Chart Source by TradingView, Binance
Besides, there was a break above the 50% Fib retracement level of the recent decline from the $3,906 high to $3,632 low. More importantly, the price breached a crucial bearish trend line with resistance at $3,710 on the same chart.
At the moment, the price is consolidating near the $3,800 level and the 61.8% Fib retracement level of the recent decline from the $3,906 high to $3,632 low.
Should there be an upside break, the price may even clear the $3,880 resistance level. In the mentioned case, the price may climb towards the $3,940 and $4,000 resistance levels.
On the downside, the $3,710 level is a solid support along with the 100 SMA. If there is a downside break below the 100 SMA, the price may decline back towards the $3,630 level where buyers may reappear. If there is a break below the $3,630 support, the price may decline towards the $3,500 support.
Therefore, the next move in bitcoin price could be either above the $3,880 resistance or below the $3,630 support. The current price action is positive, but BTC buyers need to gain traction above the $3,850 and $3,880 barriers to kick-start a solid upward move.
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Source: CoinGape

Bitcoin Price Analysis: BTC/USD Trends of December 31–January 06, 2019

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Bitcoin Price Analysis: BTC/USD Trends of December 31–January 06, 2019

The bearish candle will have to penetrate and close below the support level of $3,679 before BTC price will experience bearish breakout and this may return it to its previous low of $3,247.

Bitcoin Price Analysis: BTC/USD Trends of December 31–January 06, 2019

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Source: CoinSpeaker