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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This Week Could Be Big For Bitcoin as Breakout Nears

Bitcoin traders turned off their terminals and occupied themselves with other things this weekend as the king of crypto barely moved. The BTC trading range is getting tighter which can only mean one thing – a breakout is imminent.
Bitcoin Breakout This Week
For the past day or so Bitcoin has been inactive. According to Tradingview.com there have been a couple of dips to $10,260 and a peak of $10,370 over the past 24 hours so nothing really to mention aside from more sideways trading.
BTC prices 1 hour – Tradingview.com
The candle sticks are getting smaller on the daily chart indicating indecision between the bulls and the bears. At the time of writing BTC was still within this channel trading at just above $10,300 with daily RSI right on 50. Oscillators and moving averages are all pretty neutral at the moment but something big could be coming.
Trader and analyst ‘CryptoFibonacci’ has been looking at the charts for a sense of direction. A series of exponential moving averages have all aligned on the daily time frame and something must give soon.
“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance.”

$BTC Red Alert!!
Big move should happen in the next few days or early next week!!
Ema's are all bunched up together. And right at resistance.#BTC pic.twitter.com/8ptnW4HSas
— CryptoFibonacci (@CryptoFib) September 16, 2019

Elaborating, the trader has leaned to the low side suggesting a wick down below $9k which will not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of.  Could it wick down to 8500?  Sure it could, but too many people are looking at that area and calling it.”
Other traders have also suggested that a big move could be coming Bitcoin’s way very soon. At the moment the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week.
On the low side a fall to $10k is where the first support zone lies, them it is down into the high $9k range once again. Most are in agreement that something big is coming this week.
Good News For Ethereum
While BTC still holds dominance above 71 percent, Ethereum appears to have finally awoken with a move of 8 percent over the weekend. ETH prices have been sliding for the past two months, hitting a bottom of $165. The second largest crypto asset has made a solid move this weekend as price taps $195 and is looking good to reclaim the psychological $200 level again.
If Bitcoin does turn south when the breakout arrives, it is likely the biggest beneficiary will be Ethereum.
Image from Shutterstock
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Crypto Market Wrap: The Tedium Continues, When Can We Expect a Breakout?

Crypto markets sleeping on Sunday; Zero movement on the majors, Litecoin getting a lift, Binance Coin still buoyant.
Market Wrap
The crypto market tedium continues as the weekend rolls into Sunday. There has been no movement whatsoever for most cryptocurrencies over the past 24 hours and pretty much the past seven days. Total market capitalization is still cemented at $130 billion.
Bitcoin hasn’t even made it to its resistance at $3,900 which could be a sign that steam is running out and a further dump is imminent. BTC continues to consolidate between $3,830 and $3,870 but daily volume has remained stable at $7.5 billion.
Ethereum continues to slowly weaken losing a little more every day. ETH is now down to $135, marginally lower than yesterday’s levels. Over the past week it has mirrored Bitcoin’s actions and remained in a sideways channel. XRP also slowly slides lower and is currently priced at $0.316.
Litecoin is the only crypto in the top ten doing anything during today’s rather lethargic Asian trading session. LTC has added 2.7% and has the third largest volume of all cryptos right now. It has managed to get back close to $50 and is closing the gap to EOS which hasn’t moved at all over the past few days.
Binance Coin is still climbing with another percent today taking BNB over $11.50. The move has enabled it to flip both Stellar and Tron and hold eighth spot. Stellar has dropped the most in the top ten with a slide of 2.4% on the day.
Nothing is going on in the top twenty either. NEO has dropped the most at just over 2% and Dash has added one percent, the rest are static.
Digitex Futures Tops the Charts
There are no major fomo pumps occurring at the moment but Digitex Futures is currently the top one hundred’s top performer with a pump of 11% at the time of writing. The run up to the public launch of the exchange appears to be driving momentum at the moment as DGTX has made 40% over the past week.

The #DigitexTreasury #TokenSale starts today! A fast & easy way to buy #DGTX before public launch 30th April. We also have some exciting news about our software development partners. Stay tuned for a special live AMA w/ Keith Wareing this Monday 3:30 CET https://t.co/FTgYK2HPBg
— Digitex (@DigitexFutures) March 1, 2019

Enjin Coin is also having a good Sunday run with a pump of 8% on the day and Aurora is not far behind adding 7%. There are no major dumps going on at the moment but the worst performing altcoins in the top one hundred at the moment are Quant and ABBC Coin dropping 8% a piece.

Total market capitalization is stuck at $130 billion and has not budged since last Sunday’s big dump. The chart is a flat line at the moment and the consolidation continues as we round out the week. A big move could be imminent and all signs at the moment are bearish as crypto assets still lull around their lowest levels for over a year.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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