Bitcoin Price Breaks Below $8,000, Is $7,000 or $9,000 Next?

This morning, Bitcoin price briefly broke back below $8,000 and is currently teetering on the support line – which could possibly be the last stand for bulls in this range before new lows are reached.
But all is not lost for bulls, and if Bitcoin buyers can push the price of the leading crypto asset up past a key resistance level, the bull market could be back on. If not, falling even deeper to find new support will be the end result.
Bitcoin Price: Bear Flag Could Bring Crypto Asset to $7,000 Unless Bulls Reclaim $9,000
Following Bitcoin’s bear market bottom, FOMO helped carry the price of Bitcoin to $14,000 bringing investors at the high an up to 350% gain. But once the leading crypto by market cap got there and couldn’t push through to a new all-time high, the buying momentum fizzled out, and interest has all but faded from the crypto market.
Related Reading | Bitcoin Bear Flag Could Cause Crypto Asset To Retest February 2018 Lows 
This can be seen by significant declines in trading volume, and through falling asset prices. After making a rally towards $9,000, Bitcoin price was stopped short and rejected hard at roughly $8,800, which sent the price of the first-ever cryptocurrency plummeting back down toward $8,000.
This morning, Bitcoin momentarily broke below $8,000 and is now trading at the critical support level. If breached, bears could push the price of Bitcoin down to support levels below.
Bitcoin appears to be consolidating within a bear flag on its daily price charts, and if confirmed, could spell disaster for bullish crypto investors. Downside targets below current prices range from $6,800 to $7,400 as the next zone where a bounce most likely could occur and a new trading range be established. If not, the February 2018 low of $5,800 could be tested.
In the chart below, the bearish scenario shows Bitcoin falling from the bear flag formation to the aforementioned support levels.

Also depicted, is a bullish scenario, where if bulls can reclaim the powerful support turned resistance level between $9,000 and $9,600, a return to the bull run before the end of the year is possible. Any upward movement would be the result of one of two remaining diagonal trendlines drawn from Bitcoin’s bear market bottom holding as support.
Related Reading | More Whales Are Hoarding Bitcoin After Accumulating During Bear Market 
The bearish scenario has Bitcoin breaking below the higher of the two trendlines, and if that occurs, bulls will need to hope that the final diagonal support remains unbroken or the crypto asset could return to its bear market bottom, or potentially even set a new, lower low.
For now, Bitcoin price continues to trade at roughly $8,000, and how it reacts to either $7,000 below or $9,000 above will hold the key to the future of the cryptocurrency.
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Bitcoin Price Increases by 838,000,000% in Ten Years

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Bitcoin Price Increases by 838,000,000% in Ten Years
In the last ten years since its inception, the Bitcoin surge has shocked other traditional markets in an unprecedented move. Can we still expect a move like that over the next ten years?
Bitcoin Price Increases by 838,000,000% in Ten Years

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Bitcoin Readies For Next Big Move After Slow Weekend

The weekend has been largely lethargic for Bitcoin and crypto markets with little movement out of their trading ranges. A couple of tests of resistance occurred but BTC was beaten back by the bears and quickly retreated to its support level. A breakout will come soon and traders are eyeing entry and exit zones.
Bitcoin Fails to Break Resistance
Since its very brief pump to $8,700 on Friday, BTC fell back to support at just above $8,300 and remained there for the duration of the weekend. Very little has happened to prices until late Sunday trading in the US session when they were pushed above $8,400 for a couple of hours.
This too did not last with Bitcoin returning sharply to support again signaling a lack of buyers to take the asset higher. At the time of writing, Bitcoin had fallen below weekend support levels and was trading at around $8,280, just below its weekend support zone according to Tradingview.com.
BTC price 1 hour chart – Tradingview.com
A death cross appears inbound on the daily chart and this could be as soon as next weekend if the consolidation continues. The last time the 50 day moving average dropped below the 200 day MA was in March 2018 and a year-long bear market followed.
Long term trader and analyst Nick Cote has eyed what he described as an ‘easy setup’ forming for Bitcoin.
“Upside= $9,000 – $9,300 (Throwback level)
Downside= $7,450 – $7,700 (Weekly support block)
A good 9% move on each side of the break.”

Easy set up forming on #bitcoin
Daily inside bar pattern.
Upside= $9,000 – $9,300 (Throwback level)Downside= $7,450 – $7,700 (Weekly support block)
A good 9% move on each side of the break.
The previous two inside bar setups I shared yielded 25% and 5% spot price movements. pic.twitter.com/mcGrCfAVEA
— Nick Cote (@mBTCPizpie) October 14, 2019

Analysts were in two minds over the weekend as to BTC’s next move which it has yet to make by Monday morning. Traders appear to be waiting for confirmation before entering or exiting their positions. A break of support is likely to lead to another plunge to the high $7,000s and a break of that could get very messy very quickly.
What About The Altcoins
The picture is largely green as we start a new week in crypto land though gains are skinny for most altcoins.
Ethereum has been weakening over the past couple of days following its big move to $195 on Friday. Until it can break the psychological $200 barrier independently of its big brother ETH will remain bearish. At the time of writing it was trading flat on the day at just above $180.
Ripple’s XRP has made more progress today adding a further 4% to reach $0.285. However, it too is bearish at anything below its psychological $0.30 barrier.
Other altcoins getting a marginal lift this Monday morning are Binance Coin topping $18 with 3.5%, and Stellar adding 2.5%. Tron has made 5% in a rare climb and Cardano is 3% higher today and the 0x protocol is one of the day’s top gainers adding 10%.
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Bitcoin Poised For Another Breakout as It Clings to Support, Which Way Next?

Bitcoin has spent the past two weeks consolidating just below the 200 day moving average. So far it has managed to cling to support above $8,000 but a big move could be coming soon so which way will it go next?
Bitcoin Trading Range Tightens
Another day has seen Bitcoin bounce between $8,300 and $8,400 as the range bound channel begins to tighten up. According to Tradingview.com BTC is currently within this range at $8,340 since the big dump on Friday.
BTC price 1 hour chart – Tradingview.com
RSI is right on 50 on the four hour chart but below it on the daily. That death cross of the 50 day MA and 200 day MA is looming ever closer and could occur in about a week, especially if the breakout is to the low side.
Trader ‘CryptoHamster’ has observed the sideways channel on the 50% Fibonacci retracement level which is also a signal of a bigger move approaching.
“$BTC will either go above the previous trading zone and 23.6% Fibo, where a lot of shorts stops are concentrated, or BTC will go below the previous trading zone and 61.8% Fibo, where a lot of the longs stops are concentrated.”

Simple:$BTC will either go above the previous trading zone and 23.6% Fibo, where a lot of shorts stops are concentrated, or BTC will go below the previous trading zone and 61.8% Fibo, where a lot of the longs stops are concentrated.Let's follow the trend.$BTCUSD #bitcoin pic.twitter.com/GB7f9kxHPv
— CryptoHamster (@CryptoHamsterIO) October 13, 2019

Stating that Bitcoin will ‘either go up or down’ is pretty obvious but where will it stop is more interesting. On the high side the 23.6% Fibo shows resistance at just below $8,600 while a drop lower to the 61.8% line takes it back to $8,200.
Below that is further support at $8k then $7.8k. At the moment BTC has corrected 40 percent from the 2019 high and is holding ground. Market dominance has failed to regain 70 percent and is currently just below it according to Tradingview.com.
Elsewhere on Crypto Markets
The majority of the altcoins are showing red this Sunday though losses are minor as they also follow big brother’s consolidation. Ethereum has weakened again in a fall back towards $180. ETH is unlikely to decouple from BTC until major network upgrades in Istanbul and early Serenity phases are rolled out in a few months’ time.
Ripple’s XRP has remained flat for the past few days but it has managed to hold on to previous gains keeping the token around $0.275. Bitcoin Cash has weakened again allowing Tether to retake fourth spot with a larger market cap and Litecoin has shown very little movement from its $55 price level.
Today’s top movers on altcoin markets are Binance Coin adding 4 percent to close in on $18, and BSV getting a 3.5 percent lift as it approaches $90. There are no coins in the top one hundred gaining double digits as Sunday trading remains lethargic.
Total crypto market capitalization hasn’t moved much this weekend and remains around $225 billion. Daily volume, according to coinmarketcap.com, has declined below $50 billion but markets are marginally higher than this time last weekend.
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Crypto Analyst: Bitcoin Continues To Follow Bear Market Bottom Fractal

After Bitcoin price broke down from its multi-month triangle formation, the entire crypto market is watching, waiting, and wondering where the bottom of the current downtrend is.
But according to a fractal that appears shockingly similar to Bitcoin’s bear market bottom, the crypto asset has already bottomed and is about to explode back up to retest – and potentially break above – former highs.
Bitcoin Bear Market Fractal Is Too Compelling To Ignore
Fractals are among the most contested chart patterns of the crypto analyst community. Some believe that fractals can be like roadmaps for predicting price movements in assets like Bitcoin and other crypto assets, while others think that they’re not only worthless, but adhering to them can cloud judgment, cause bias to occur, and lead to poor trading results.
Related Reading | Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next? 
However, oftentimes, these fractals can be so compelling by comparison to past price movements, they become difficult to ignore. Such is the case with the current price action playing out in Bitcoin markets following the deep September drop.
After Bitcoin’s triangle broke down, it resulted in a powerful $2,000 drop to from $10,000 to $8,000, and leading crypto asset by market cap has struggled to even make an attempt at getting back over $9,000 so far. But if this fractal plays out not only will $9,000 be broken, but $10,000 will be reclaimed, and Bitcoin will go on to set a new all-time high.
The idea is all based on a fractal that matches up almost perfectly with Bitcoin’s bear market bottom. According to a crypto analyst, the similarities are starting to “get weird” they’re so chillingly accurate.

It's pretty crazy.
$10k $BTC next week?https://t.co/bN8XbFNKTn
— John Smith (@johnsmith3264) October 11, 2019

According to the fractal, the rejection overnight last night that sent Bitcoin price from $8,800 to $8,300 in minutes, mimics the rejection at $4,100 midway through March 2019 – just a couple weeks before Bitcoin broke up out of that trading range and went on a seemingly unstoppable parabolic rally, and generated over 350% ROI for investors who bought the bottom.
Could $10,000 Level Be Reclaimed As Early As Next Week?
Other analysts chimed in on the conversation and added that if the previous lows aren’t broken, Bitcoin price could retest $10,000 as soon as next week. If Bitcoin price can reclaim $10,000 so quickly after a drop, the market will likely view that as extremely bullish, and could result in the first-ever crypto asset continuing on what most believed to be its next bull run.
Related Reading | NVT: Top and Bottom Indicator Signals Time To Buy Bitcoin 
After Bitcoin reclaims $10,000, it will still need to also take back price levels at $11,000, $12,000, $13,000, and break the local high of $14,000 to put an attempt of the previous all-time high of $20,000 on the table.
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Bullish Cross on Daily MACD Points to $12K Bitcoin in November

Following a continued downtrend and recent lows around $7,700 being defended by bulls, Bitcoin price is currently trading at $8,300 after a surge to $8,800 overnight last night was rejected with force by bears.
However, according to a bullish crossover on the already oversold daily MACD, Bitcoin price could be targeting the previous high of $12,000 as early as November if bulls can build on the momentum that is mounting.
Daily MACD Signals Bullish Momentum is Building
Bitcoin price has been struggling to find support and regain the bullish momentum it had throughout 2019. But an important momentum indicator, may be suggesting that bulls are building momentum at the current price range, and could push the price of the leading crypto asset by market cap higher.
Related Reading | Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs 
According to a prominent crypto analyst, the daily MACD – the moving average convergence divergence indicator – has recently made a bull cross, and it could result in Bitcoin prices retesting former highs.

Daily MACD bullish crosses always were followed by the price rise. We had another one just recently. And at that time MACD is also very low (oversold condition).$12k as a target until November? $BTC $BTCUSD #bitcoin pic.twitter.com/UlzqD0P6A3
— CryptoHamster (@CryptoHamsterIO) October 11, 2019

The analyst has shared a price chart that points out a significant price rise each time the daily MACD indicator crossed bullish. And with this current bullish cross occurring with Bitcoin far below the zero line on the MACD, it indicates that this is the most oversold the crypto asset has been since it started its parabolic rally in April 2019.
Bitcoin Price Could Reach $12,000 if Momentum is Sustained
If the bull cross on the MACD can sustain, and bulls are able to continue the momentum they’re building, the analyst says that a retest of $12,000 could be in the cards. Bitcoin price hasn’t traded at $12,000 since the start of August, and after it failed to break above that level, it’s been in a downtrend ever since.
The MACD is often considered a lagging indicator, which could suggest that the bullish price action has already played out, and the MACD could begin rolling back downward now that Bitcoin price is once again falling.
A powerful bull flag from lows around $7,800 started a $1,000 rally that may have topped out last night at $8,800. However, if the analyst’s MACD-based prediction plays out, the rejection last night could have been a retest of support that has now been confirmed, and the rally could continue from here, taking Bitcoin price all the way to the $12,000 price level the analyst is targeting.
Related Reading | Bitcoin Correction Bottom Target Is $6,000, Coincides With Production Cost 
If Bitcoin price cannot make it past current levels, the analyst’s idea will be invalidated and levels below recent local lows would become realistic targets in the days, weeks, and months ahead before the first-ever cryptocurrencty finally turns around and continues on its bull run.
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NVT: Top and Bottom Indicator Signals Time To Buy Bitcoin

Bitcoin’s network to transactions ratio, or NVT for short, is an indicator developed by crypto analyst Willy Woo as a signal for deterring tops and bottoms of Bitcoin cycles.
A tweaked version of the indicator, one that was designed to filter out private transactions, is now signaling that Bitcoin is in a buy zone – an ideal time for buying Bitcoin at the point of greatest potential financial return.
Indicator That Called Bitcoin’s Recent Top Is Now Signaling Buy
Few crypto analysts have contributed to the overall Bitcoin community as much as Willy Woo. Woo has conducted extensive analysis and has even designed his own indicator for spotting the tops and bottoms of Bitcoin cycles, by looking at the network’s total value to transaction ratio.
The theory is that when Bitcoin’s total network value outpaces the ratio of transactions across the network, the price of the asset has risen past its fair market value, and is due for a correction.
Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain
The NVT indicator reached its highest peak of the last few years when Bitcoin reached its recent local top of $14,000 – a peak that was higher than even Bitcoin’s $20,000 all-time high.
However, even though the indicator work like a charm, predicting a nearly 50% fall from that top to under $8,000, Woo says that the indicator has become less reliable due to private transactions clouding the clarity of the results.

I quite like this dynamic ranging NVTS. I did something similar with NVT and quietly updated the chart last month. https://t.co/pYRuLYVNoK
— Willy Woo (@woonomic) October 10, 2019

But another crypto analyst has further honed the helpful top and bottom-calling tool, and created a version of the NVT signal that tracks the signal against a “dynamic” two-year, “long-term range.”
This new version of the indicator shows that Bitcoin’s NVT ratio has reached an ideal buy zone – typically acting as the bottom of a local cycle and providing the greatest financial opportunity in terms of eventual return on investment.
Previous Version Still Accurate, Predicted September Drop to $8,000
At the end of July, almost two full months ahead of the actual drop following the disappointing launch of Bakkt, the NVT signal had predicted that Bitcoin had topped out, and was due for a correction.
Each time the asset’s NVT signal peaked, on average the asset dropped over 50%. Bitcoin’s recent local top was $14,000, and fell just shy of reaching a full 50% retracement. However, the correction may not be over, and a full 50% or greater drop isn’t off the table just yet.
Related Reading | Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead?
With the regular unfiltered version of the NVT signal being so accurate in calling tops, could this new, modified version of the indicator be even more accurate at calling bottoms – just as it is doing so now?
Featured image from Shutterstock
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Galaxy Digital and XBTO Making First Block Trade of Bakkt Bitcoin Futures

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Galaxy Digital and XBTO Making First Block Trade of Bakkt Bitcoin Futures
Intercontinental Exchange has completed the first block trade of Bakkt Bitcoin futures contracts which was executed between digital assets merchant bank Galaxy Digital and crypto investment firm XBTO.
Galaxy Digital and XBTO Making First Block Trade of Bakkt Bitcoin Futures

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Source: CoinSpeaker

Amidst Fears of U.S. Recession, Investors Prefer Gold Over Bitcoin

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Amidst Fears of U.S. Recession, Investors Prefer Gold Over Bitcoin
Gold continues to be the safe haven for global investors when it comes to parking their money in secure assets. Bitcoin, on the other hand, has failed to win the trust of big investors at this stage.
Amidst Fears of U.S. Recession, Investors Prefer Gold Over Bitcoin

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Rejected? Bitcoin Price Attempts to Break Back Above Vital Moving Average

Last week, following disappointment surrounding the much anticipated Bakkt launch, Bitcoin price smashed below $10,000 and plummeted over 20% to under $8,000 before it found support in the high $7,000 range.
The move sent Bitcoin price through the 200-day moving average, with multiple daily closes below it. However, after the leading crypto asset bounced from below $8,000, it’s now attempting to break back above the important moving average, but may have just been rejected from it.
Bitcoin Price Rejected From Vital Moving Average, Can It Close Daily Above?
A battle between bulls and bears is currently taking place across the crypto market, as bulls try to reclaim Bitcoin’s 200-day moving average as support. But bears may already be able to celebrate a successful defense of the important indicator, as Bitcoin price was rejected from around $8,500 where the indicator is currently sitting and appears to be heading back downward to retest recent lows.
Related Reading | Crypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown 
Following yesterday’s daily candle close above support – which was also the monthly candle close – Bitcoin price immediately spiked higher, but was stopped at $8,500 in a nasty rejection.

Above 200DMA now Let's close the daily candle there! $BTC $BTCUSD #bitcoin pic.twitter.com/dlszxGzSnX
— CryptoHamster (@CryptoHamsterIO) October 1, 2019

Located just below that price point, lies the 200-day moving average that once acted as support, and could now be acting as strong resistance – enough to send Bitcoin falling further into a downtrend.
To reclaim the 200-day moving average as support, Bitcoin would need a daily candle close above it. The first attempt at breaking back above the important indicator was a failure, causing the crypto asset to fall further to $7,700 where it bounced right back up to current levels.

$BTC getting another daily rejected at the 200 DMA might bring us lower thant 7.5k, probably 7.2-6.8k.Removed bids at 7.5 since I either buy higher on confirmation or lower on nuke pic.twitter.com/h5Kmi2X5J1
— Walter Wyckoff (@walter_wyckoff) October 1, 2019

Currently, the daily candle is in the process of being rejected once again, and if it does indeed fail to break above, the leading crypto asset by market cap would be at risk of falling even lower, towards price targets of $7,200 or $6,800.
Why Is the 200-Day Moving Average Such a Big Deal For Crypto Bulls?
The 200-day moving average is an important long-term trading indicator investors look at to determine the strength of an asset’s trend. Bitcoin has traded above the moving average ever since it broke above it as part of the early April rally gone parabolic.
Related Reading | Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average 
The moving average is especially important for Bitcoin investors, as it acted as support for the entire 2016 and 2017 bull market. Each time Bitcoin crashed along its bull run, it fell down to the 200-day MA where it bounced right back up and continued to trend higher and higher.
This time is different, though, and Bitcoin price has closed a few consecutive daily candles below the moving average, signaling that lower prices are ahead. Unless Bitcoin can reclaim the important moving average.
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First Week Performance of Bakkt’s Bitcoin Futures Remains Disappointing

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First Week Performance of Bakkt’s Bitcoin Futures Remains Disappointing
Bakkt’s entry into the crypto space remains disappointing so far in the first week of its Bitcoin Futures launch. Bakkt’s performance has also resulted in the Bitcoin price crash last week, according to some experts.
First Week Performance of Bakkt’s Bitcoin Futures Remains Disappointing

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Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?
Research and analysis reveal that Tether could be the world’s most used cryptocurrency for months now because its daily and monthly trading volumes surpass those of Bitcoin by far.
Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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‘Rule Of 10 Best Days’: Here’s How to Capitalize on Bitcoin as per Fundstrat’s Tom Lee

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‘Rule Of 10 Best Days’: Here’s How to Capitalize on Bitcoin as per Fundstrat’s Tom Lee
In recent news, Thomas Lee, the co-founder of Fundstrat, tweeted a reminder to all the crypto enthusiasts and traders that the majority of Bitcoin gains come from the rule of 10 best days.
‘Rule Of 10 Best Days’: Here’s How to Capitalize on Bitcoin as per Fundstrat’s Tom Lee

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Bakkt’s Launch Caused Bitcoin Price Loss, Says JPMorgan Analysts

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Bakkt’s Launch Caused Bitcoin Price Loss, Says JPMorgan Analysts
Analysts from JPMorgan have suggested that Bakkt is largely the reason why Bitcoin price fell below $8,000 last week. Even though activity has picked up a bit, the market is still a little discouraged. 
Bakkt’s Launch Caused Bitcoin Price Loss, Says JPMorgan Analysts

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Bitcoin Price Tanks Below $8000 in Another Market Bloodbath

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Bitcoin Price Tanks Below $8000 in Another Market Bloodbath
Bitcoin price fails to hold the $8000 level support and slips below as the mounting selling pressure hint towards further downside ahead in the short term.
Bitcoin Price Tanks Below $8000 in Another Market Bloodbath

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Source: CoinSpeaker