Bitcoin Price Analysis: BTC Bears Are Weary: Bulls’ Set Eyes on $11,000

Bitcoin recovers lost ground on Friday grinding above $10,500.
Bitcoin is “virtual property,” a court in China rules.

Following the extreme oversold conditions in the cryptocurrency market this week, digital assets are starting to wake up. Although Bitcoin impressed investors with a more than $1,000 reversal yesterday, the upside was capped at $10,800. In fact, Bitcoin lost ground on Friday during the beginning of the European session.
However, the buyers managed to sustain BTC above the 100 Simple Moving Average (SMA) 1-h support. An intraday low formed at $10,244 (on Coinbase) has given way to a correction back above $10,500.
As Bitcoin battles to shake off this week’s bear pressure, a court in China made a groundbreaking ruling for Bitcoin. The court stated that Bitcoin is “virtual property” and, therefore, protected by the legal framework in the nation. The ruling does give Chinese national assurance that they are protected within by the laws to own Bitcoin as long as they do not engage in trading or mining activities which are illegal in China.
Bitcoin Technical Picture
Bitcoin has a bullish bias at the time of writing. The short-term 50 SMA 1-h is moving upwards and a double-cross above the longer-term 100 SMA could give Bitcoin a push above $10,800. Yesterday’s break past the descending trendline was key to the recovery and the momentum that still exists on the market.
The Moving Average Convergence Divergence (MACD) is sitting comfortably in the positive region. The decreasing negative divergence suggests that the bulls are gaining traction.
BTC/USD 1-h chart
Bitcoin Chart | Source: Tradingview
The hourly chart shows $10,000 as being a viable support level. As long as BTC can stay above $10,000, a correction towards $11,000 as possible before the close of the session on Friday. Other key support levels to look out for are $9,600, $9,200 and the primary support at $9,000.
BTC key Technical Levels
Key Support Levels: $10,000, $9,600 and $9,000.
Critical Hurdles: $10,800 and $11,000.
MACD 1-h chart: Stays on the positive side – decreasing negative divergence suggests growing bullish influence.
The post Bitcoin Price Analysis: BTC Bears Are Weary: Bulls’ Set Eyes on $11,000 appeared first on Coingape.
Source: CoinGape

Binance Coin [BNB] Price Analysis: BNB Hammers at $30: Cryptos Hit the Pause Button

The total supply of Binance Coin needs to be brought down to 100 million BNB tokens.
According to the MACD, BNB/USD has a bearish bias in the short-term.

Binance Coin (BNB) has been a great performer in the cryptocurrency market since the year began. Besides making it to the top ten largest cryptocurrencies, BNB overtook several assets in order to hold the sixth position. It has a market capitalization of $4.4 billion and a 24-hour trading volume that currently stands at $688 million.
The data on CoinMarketCap shows Binance Coin has a total supply of 187,536,713 BNB while 155,536,713 BNB tokens are in circulation. This is after the latest quarterly coin burn that saw the network destroy 808,888 BNB tokens worth $24 million at the time. The total supply for Binance Coin needs to be brought down to 100 million BNB. While the exchange will continue to the burn based on the trading volume, Binance team will give up all its allocated 80 million BNB for the coin burn process.
Binance Coin Technical Picture
The 1-h chart for BNB/USD trading pair shows a cryptocurrency that still has great potential for recovery despite the upside being capped at $30. The battle for recovery comes after the entire crypto market tumbled amid global regulatory uncertainty for the proposed Libra cryptocurrency from Facebook Inc. Although Facebook will continue with the development of the project ahead of the launch next year, the company has a lot to do to convince the regulators that its intentions are right.
BNB/USD 1-h chart
BNB Chart source: Tradingview
 At the moment, Binance Coin is trading at $29 above both the 50 Simple Moving Average (SMA) 1-h currently at $27.76 and the 100 SMA 1-h currently at $27.62. Weak bullish momentum is currently building towards $30.00 immediate resistance. However, the Moving Average Convergence Divergence (MACD) shows Binance Coin having a bearish bias in the short-term. The increasing divergence downwards suggests that the sellers are likely to continue gaining traction and, therefore, a break above $30 could be an uphill task in the coming sessions.
BNB Key Technical Levels
Key Hurdles: $30, $33 and $40.00.
Key Support Areas: $27 and $24.
MACD 1-h chart: Signals increasing bear pressure.
Moving Averages: BNB price above 50 SMA and 100 SMA.
 
The post Binance Coin [BNB] Price Analysis: BNB Hammers at $30: Cryptos Hit the Pause Button appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Death-Cross Looms as Price Holds Above $10,500

Bitcoin [BTC] price gained about $1000 in 30 minutes on 18th July 2019 which came as a surprise for most traders. While the traders perceive whale action as the reason behind, reportedly, a revelation of China’s stand on Bitcoin might have something to do with it.
It was an important milestone for the future of Bitcoin and its holders in China. However, the bullish action seems to have exhausted yesterday itself. The price of Bitcoin [BTC] at 5: 00 Hours UTC on 19th July 2019 is 10,511. It is trading 7.07% higher on a daily scale.
BTC/USD 1-Day chart on Bitstamp (TradingView)
However, the Techincal Analysis of Bitcoin also continues to baffle the trader at the moment. This is because most traders had turned bearish after Bitcoin’s below $10,000 and subsequently below $9600. B. Biddles expressed counter trading sentiments in the market. He said,
My take: If L:S ratio really is 4:1 rn, then a lot of money to be made shaking out longs… Atm I think crypto is just Game of Squeezes.
Moreover, Sawcruhteez also suggested a bearish reversal looking at the resistance from the Exponential moving averages and sequential analysis on the 4-Hour. He tweeted,
$BTC on a 4h green 9 as it tests the 50 and 200 EMA’s for resistance. Last candle shows signs of a reversal as does this one. As long as we are below $10,700 I am viewing this as a selling opportunity.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Furthermore, in his Hyperwave channel on YouTube, he also talked about the death-cross that is forming in Bitcoin [BTC] at the moment. The 50-Day EMA already moved below 100-Day 100 and is now looking to cross the 200-Day EMA which could be a massive bearish signal.
Moreover, derivates trader, Tone Vays also indicated that the rise was surprising and the direction that Bitcoin will follow is uncertain. According to his analysis.
“$10,000 – 11,200 is in a no-trade zone for me.” He also said, “The next time Bitcoin [BTC] breaks and closes above $12,500 that’s when I’ll be convinced new All-Time Highs are coming. Until then I am looking for new lows.”
Do you think that regulatory and media attention would confer otherwise or you are currently bearish as well? Please share your views with us. 
The post Bitcoin [BTC] Death-Cross Looms as Price Holds Above $10,500 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

Crypto-Market Update: BTC Closing 10k; Alts ETH, XRP, LTC Bounce above Critical Support

The cryptocurrency market has a positive day in terms of price reaction. Bitcoin [BTC] which was looking to break bearish levels $9000. However, it has bounced back above as the confidence in Bitcoin continues to grow.
The rise can be attributed to Libra once again. Ever since its release, it has been a win for Bitcoin. The US Senate Hearing yesterday heard from experts on Bitcoin and Libra. All the panelist including innovators in the cryptocurrency space, lawyers, economics, and Professors were against Libra and for Bitcoin.
Even other US Senators expressed positive views on cryptocurrency and blockchain innovation, especially Bitcoin [BTC]. Congressman, Patrick McHenry concluded in his remarks,
“Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly.”
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The revival of Bitcoin from bearish pressures has also fueled the rise in altcoins. The altcoins were falling at an alarming rate since the past couple of weeks.
Ethereum [ETH], Litecoin [LTC] and Bitcoin [BCH] Cash
Recently, Ethereum which tested the $200 support level and was looking to break lower. However, as Bitcoin reversed its trend, Ether too gained around 10% to trade around $220.
ETH/USD 1-Day Chart on Bitstamp (TradingView)
Litecoin was one of the highest gainers of the day as it gained more than 16% on the daily scale. It rose back above $90 after testing lows near $78. Bitcoin Cash [BCH] also tested resistance at $300.
XRP Drops Back to $0.3 Range
XRP laid the hopes down of numerous investors all over the world last week. It price touched a low near $0.284. This is essentially the low during the bear market which XRP held for more than two months at the beginning of the year.
Nevertheless, the bounce in Bitcoin has revived also positively affected the altcoins sentiments. The price of XRP at 7: 20 hours UTC on 18th July 2019 is $0.314.
XRP/USD 4-Hour Chart on Bitstamp (TradingView)
Bitcoin’s dominance has increased by more than 15% since the beginning of the year. The total dominance of Bitcoin over the cryptocurrency market also saw a slight revival below 65.5%.
Some of the other altcoins like Binance [BNB] Coin, Chainlink, Tron [TRX] and NEO also gained in double digits. Hence, while trend reversal in one the cards for altcoins, traders must be wary of a dead cat bounce. 
Do you think the bull season in cryptocurrency is back? Please share your views with us. 
The post Crypto-Market Update: BTC Closing 10k; Alts ETH, XRP, LTC Bounce above Critical Support 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] Plunges by 11% as Regulatory Hurdles and Analysts Project Further Downside

Bitcoin and cryptocurrencies created a colossal wave last week as the US President finally decided to speak about them. While he spoke against it, the price jumped the following by nearly 7% as Bitcoin supporters seemed to take it positively.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The price of Bitcoin at 4: 00 Hours UTC on 15th July 2019 is $10,280. It is trading 9.8% lower on a daily scale. The low recorded during the bearish action in the past 24 hours is around $9850.
Furthermore, Ethereum suffered an even bigger blow as it plummeted about 18% to lest $220 levels. Bitcoin Cash and Litecoin as also dropped by 17% and 11% respectively on a daily scale.
Price Analysis
The bulls seem exhausted at the moment as Bitcoin broke below its parabolic advance. This was earlier also emphasized by Peter Brandt, who sent a very subtle tweet about a “rendering BTC” pointing to a graph. We believe that it signifies a surrender from the bull run.
Bitcoin Price Analysis of the 1-Day chart (Peter Brandt)
Sawcuhteez, a crypto-trader, and analyst suggested that from the weekly analysis that the medium-term outlook was bearish. According to candlestick analysis on a weekly scale suggested a continued bear move looking at the prior two candles.
This is definitely pointing towards continuation to the downside over the next few weeks as far as I am concerned. We did have this shooting star followed by a bit of a hanging man… Not a very bullish looking candle between a hanging man and a spinning top. Both are reversal candles.
BTC/USD 1-Week Chart on Bitstamp (TradingView)
On the long term analysis, Sawcrhteez referred to the Ichimoku cloud, which is still bullish in the long term. However, in the medium term, a break to $7500 is possible in the next few weeks. Tyler Jenks, another crypto-trader and analyst, reiterated his bearish stand.
Just the fact that both the two numbers $7500 and $8500 were the old highs as we came down in the bear market in 2018. And that’s the only reason I had picked them up and technical indicators are beginning to zero-in in the same area.
The other worrying signal at the moment for Bitcoin bulls is the fact that NVT analysis pointed out by Willy Woo is bearish. Essentially, it signifies that the on-chain volume compared to the total Mcap at the moment does not validate a bull run at the moment.
Furthermore, the institutional inclusion of Bitcoin and blockchain has grown tremendously in 2019. However, the ambiguous regulations around it have still kept things on hold, and as the governments continue to take a negative view of it, the rate development around crypto is hindered — recent developments in the US point at a complete closure of the Libra project.
Recently, the comments by Trump and Fed Chairman’s against Bitcoin and Libra, which were initially welcomed as healthy criticism of the industry seem to have halted the euphoria around prices.
Do you think Bitcoin will break bearish or will pullback will further strengthen the bull run? Please share your analysis with us. 
The post Bitcoin [BTC] Plunges by 11% as Regulatory Hurdles and Analysts Project Further Downside appeared first on Coingape.
Source: CoinGape

Cryptocurrency Price Analysis for the Week July 8 to July 14

Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
Bitcoin (BTC)
This week Bitcoin saw a bit of selling after being on high spirits over the past some weeks. The prices hit a high point of USD 13,129.53 and the lowest point of USD 10,908.48 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, Bit-Z (3.97%), Binance (3.48%) and BW.com (3.22%)
Among prominent news around Bitcoin, An anonymous 4chan user who was spot on in his bitcoin price predictions so far this year, accurately hitting price targets, has predicted BTC will hit $87,000 in November of 2020
Source: Coin360.com
Ethereum (ETH)
Ethereum followed Bitcoins move and remained subtle after weeks of positivity. Ethereum on the top, this week were at USD 318.22 and were at lows of USD 263.07. The markets that were more active, in volumes, with ETH across various pairs this week were Coinegg (4.16%), Bit-Z (3.00%) and L Bank(2.94%)
Among news surrounding Ethereum Dovey Wan, Founding partner at Primitive Ventures, recently tweeted a thread explaining how Ethereum could be bullish over the long term. According to her, over time all fiat coin will be on Ethereum, which makes a bit more bullish on $ETH TBH, as long as Ethereum can be the go-to-choice for all these synthetic assets
Ripple (XRP)
On the top, this week the prices of XRP were at USD 0.402690 and towards the bottom, it quoted USD 0.322926. The exchanges that were more active, in volumes, with XRP across various pairs this week were, HitBTC (5.98%%), BITKER (5.38%%) and BW.com (5.17%)
For XRP this week, XRPL Labs’ developer Wietse Wind hints at ‘XRPL-bridged bank accounts’ for the community to ease payments
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on July 14 at 5:30 pm IST) were
Movers

Bezant – Showing a rise of 323.66%
PDATA – Showing a rise of 138.03%
FlypMe- Showing a rise of 111.49%

Shakers

TransferCoin- Showing a drop of 71.34%
Dynamic- Showing a drop of 68.54%
Serve – Showing a drop of 60.00%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Cryptocurrency Price Analysis for the Week July 8 to July 14 appeared first on Coingape.
Source: CoinGape

Crypto Market Update: Bitcoin Falls Towards $11k, ETH Down -11.75%, XRP Follows The Lead

The bear markets are particularly massive and still very much around, at least, for a few days.
BTC, as well as major alts, were seen fallen drastically in price, making lower highs and escaping below major support levels to establish lower prices within the last 12 hours.
As it stands right now, the first 5 largest cryptocurrencies in terms of market capitalization have all dropped prices by at least 10% within the last 24 hours with BCH leading the pack at -18.19%.
This market situation only spark the mind-blowing question of whether the recent bullish trend that was seen in bitcoin and a couple of other altcoins was a “mere” bubble as few analysis predicted and whether the short-lived bull markets are officially over?
BTC Shed More Than $800 In The Last 12 Hours
As against all indications, BTC broke the two major support levels at $12,100 and $11,600 marks respectively to establish a lower price below $11,500. Now trading at $11,497.83, BTC is currently looking to test the support level at the $11,000 mark area.
Bitcoin Price Chart | Source: TradingView
Although BTC retained its market dominance at 65.33%, it has a market cap of $204.82 billion.
Ethereum Price Going Down
Ethereum was one of the alts which felt the pressure of the BTC crash. Although ETH previously rose alongside BTC, its corresponding pullback upon Bitcoin’s bear signal was correlating. At the time of writing, Eth had lost -12.21% in price and was traded at $271.42.
Ethereum 1 day Price Chart | Source: TradingView
XRP Still In The Valley
Ripple was the first to predict the inbound bearish signal about 2 weeks ago. While BTC and ETH cruised towards stardom, with XRP initially following the train, it suddenly took a bend in the opposite direction started its movement down the rail. From a significant $0.42 about 12 days ago to its present $0.33 price, ripple had fallen by 15.42% within the last 24 hours.
XRP 1 day price Chart | Source: TradingView
The post Crypto Market Update: Bitcoin Falls Towards $11k, ETH Down -11.75%, XRP Follows The Lead appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Struggling to Hold on the 3.5% Gains: 2019 Highs to Remain Unconquered

Tom Lee of Fundstrat: Bitcoin continues to appeal to institutions mainly hedge funds.
Bitcoin remains in control following a break above $13,000.

Bitcoin smashed through $13,000 hurdle for the second time in 2019 further increasing investors’ confidence in the uptrend. BTC/USD had corrected from June highs around $13,800 to lows around $9,663 on July 2. The bulls have spent most of last week and this week shaking off the bear pressure. The rebound above $10,000 allowed the bulls to focus on $12,000 which has further paved the way for impressive gains to weekly highs of $12,182.
According to Tom Lee of Fundstrat, Bitcoin continues to appeal to institutions mainly hedge funds. Lee feels that this current rally is driven mainly hedge funds. Bitcoin also presenting itself as a good hedge against macroeconomics and fiscal risks. Moreover, Lee says that Facebook’s Libra revived interest in cryptocurrencies across the board by validating digital money as a worthy technology.
BTC/USD 4-h chart
Bitcoin Chart | source: Tradingview
That aside, Bitcoin is trading at $13,030 while fighting to hold onto the intraday gains. $13,000 is weak support but significant support areas start with the 61.8% Fib level taken between the last swing high of $12,893 and a swing low of $9,663.51. The gradually slopping 100 Simple Moving Average (SMA) 4h will function as support as well as $11,000. In the event an acute reversal occurs, Bitcoin will find solace at $10,000 and the recent low at $9,663.
The upside remains unconquered above the intraday high. Besides, BTC/USD is likely to trend sideways in the coming sessions on Wednesday. Moreover, the Moving Average Convergence Divergence (MACD) is moving upwards suggesting buyers will have control in the near-term. The Relative Strength Index (RSI) re-entrance into the overbought means that the current momentum will continue to gain strength.
Bitcoin Key Technical Indicators
Critical hurdles: $13,182 (intraday high), $13,893 (June high) and $14,000 (target).
Support Levels: 61.8% Fib level, $12,000, $11,000 and $10,000.
MACD: Gradual slope upwards is the key bullish indicator.
RSI: Uptrend suggests momentum gaining traction.
The post Bitcoin [BTC] Struggling to Hold on the 3.5% Gains: 2019 Highs to Remain Unconquered appeared first on Coingape.
Source: CoinGape

Bitcoin (BTC) Revives Uptrend Jumping Above $13,000; Ripple (XRP) Price Vulnerable to Losses

Bitcoin and Bitcoin Gold lead crypto market recovery with formidable gains on Wednesday.
With technical, levels remain intact or improving, BTC/USD correction to $14,000 is imminent.

Bitcoin is among the biggest single-digit daily gainer on the crypto market on Wednesday. Bitcoin Gold (BTG) is leading with gains above 6% among the top twenty digital assets. Bitcoin has appreciated in value adding 3.71% on the day. BTC/USD opened the session at $12,570 and corrected to highs around $13,155 and is currently holding ground at $13,035.
As Bitcoin extends the gains reviving the momentum above $13,000, Ripple’s price remains vulnerable to losses under $0.4. XRP/USD is exchanging hands at $0.3943 with the upside immediately capped at $0.4.
BTC/USD 15-mins chart
Bitcoin Price Chart | Source: Tradingview
Bitcoin, on the other hand, continues to pump towards the recent 2019 high. The recent drop under $10,000 had worried investors especially as some analysts predicted a decline to $8,500. However, awoke Bitcoin bulls pulled the price back into a bullish zone between $11,000 and $12,000. The price consolidated within the $1,000 range for several days before a breakout occurred on Monday bursting its way above $12,000.
Looking at the 15-mins chart, BTC/USD is trading above a rising trendline which on several instances has helped mitigate the volatility swings to the south. The break above $13,000 during the Asian trading hours today has brought $14,000 back in focus.
Meanwhile, Bitcoin is trading at $13,069 at press time amid a growing bullish momentum. With technical, levels remain intact or improving, correction to $14,000 is imminent. Besides, the Relative Strength Index (RSI) is pointing upwards after finding balance above 50. The strengthening momentum is also supported by the Moving Average Convergence Divergence, currently on the positive at +85.
Bitcoin Key Technical Indicators
Key Support Areas: $13,000, $12,500, $12,000 and $11,000 – $11,250.
Critical Hurdles: $13,250, $13,800 and $14,000.
100 SMA 15-mins: Below the price and could offer support above $12,500.
MACD: Comfortably on the positive side; ranging movement suggest BTC sideways trading.
RSI: Return into the overbought to strengthen bullish momentum.
The post Bitcoin (BTC) Revives Uptrend Jumping Above $13,000; Ripple (XRP) Price Vulnerable to Losses appeared first on Coingape.
Source: CoinGape

Bitcoin (BTC) Retreats from Weekly Highs On Binance Massive 7,350 Sell Order

Bitcoin whale sell order linked to price slump from intraday highs.
BTC/USD technical picture has all over a sudden turned bearish: buyers seek refuge at the 61.8% Fibo.

Bitcoin was the best performing cryptocurrency on the market on Tuesday following the gains that commenced yesterday. The largest crypto scaled the heights above $12,000 and skyrocketed closer to $13,000 forming weekly highs at $12,825.
However, the price has reversed the trend downwards and the bulls are battling to hold onto the gains at the 61.8% Fib retracement level taken between the last swing high of $13,895 and $9,674. The freefall ins apparently linked to a massive sell order on Binance exchange of 7,350 BTC. The sell order was an equivalent of $100 million. Speculation on the market is that a whale disposed the Bitcoin at the listed market high.
BTC/USD 1-h chart
Bitcoin Chart | Source: Tradingview
The 4-h chart shows Bitcoin plunging to $12,131 (recent low). The crypto is fighting to stay above the 61.8% Fib level as mentioned above. The technical picture has all over a sudden turned bearish nullifying most of the analysis that pointed BTC/USD correction above $13,000 in the near-term.
The Relative Strength Index (RSI), for instance, has sharply retreated from the overbought and appears to find balance above the 50 average levels. As long as the indicator stays above average, we could see a reversal heading to $13,000.
Another bearish signal is the downward sloping Moving Average Convergence Divergence (MACD). The increasing downward divergence shows Bitcoin bears gaining traction. Therefore, is essential that the buyers defend the 61.8% Fibo support. Moreover, BTC/USD is still trading above the 100 Simple Moving Average (SMA) as a positive indicator. Other support levels include $11,000, $10,000 and last week’s lows at $9,674.
Bitcoin Technical Key Indicators
Support Areas: $61.8% Fibo, $11,000, $10,000 and $9,674.
Resistance levels: $12,825, $13,000 and $13,895.
MACD: Reveals a bearish bias for Bitcoin price in the near-term.
RSI: Must stay above average as a signal for a reversal towards $13,000.
The post Bitcoin (BTC) Retreats from Weekly Highs On Binance Massive 7,350 Sell Order appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Gathers Major Support $12.5k, Matches Towards 14k USD

BTC recovered from its short bear trend rapidly since 1st of July
Adding more than $1,200, BTC moved up more than 11% within the last 24 hours
BTC is currently trading at $12,676.72 with a total market cap of 225.75 billion

BTC showed a series of repetitive patterns relating to its parabolic movements of recent years early in March and since then, it has continued to rise steadily. Never deviating from the set design, BTC has met with major resistance at the $10k, 11k and 12k USD mark but by the end of June, had surpassed these levels, setting a new all-time high of 8 months at around $13,200 early in July.
July came along with a strict price correction for bitcoin which later saw the price at the 10k USD support level. And as if bitcoin was destined to triumph, overcame this hardship and rose steadily again as if it were a liquid-in-glass under the influence of heat. Bitcoin kept the momentum on until Monday, 8th, a day where bitcoin was seen to be trading around $11,200 per unit. Surprisingly (maybe not actually), over the last 24 hours, BTC has gained more than $1,000 and now sits comfortably at $12,676.72 with a strong support level at $12,500 mark.

Going Higher
Since the persistent start of the current parabolic wave in late March, Bitcoin hasn’t crossed into the Ichimoku cloud, which indicated one of the most bullish sequences bitcoin ever recorded in history.
This (current) price action shows a number parameters that correlate with the 2016 fractal that actually pierced through the Ichimoku cloud and consolidated by making a Double Bottom on 1D before gradually resuming the long term uptrend.
Both candle sequences peaked at around 120 days after breaking above the Ichimokuand pulled back almost -30% from the top.
The BTC price sits above the major counter trendline it made on 1-hour timeframe bullish breakthrough from the three chart designs – from the smaller triangle, from the bigger triangle and from Inverted Head and Shoulders.
Bitcoin Chart | Source: TradingView
The price design and general view on the chart are supporting that move upwards. It can possibly reach as high as $14,000.
The post Bitcoin [BTC] Gathers Major Support $12.5k, Matches Towards 14k USD appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Rallies Above $12,000 Bringing $13,000 in Focus

Bitcoin breaks the mundane trading to post gains two days in a row.
Bitcoin bulls have a task to establish support above $12,500 and the 61.8% Fib level.

Bitcoin gained in value significantly on Monday in the wake of the mundane consolidating weekend sessions. As discussed in a previous analysis the breakout from the symmetrical triangle culminated in gains that initially stepped above the 61.8% Fib retracement level taken between the last drop from $13,884 to a low of $9,674.
BTC/USD 1-h chart
Bitcoin Chart | Source: Tradingview
This reignited the bullish pressure by introducing a spark that gave the price a boost above $12,500 on Tuesday. BTC/USD inched closer to $13,000 but formed a weekly high at $12,814. The upside is, however, limited with Bitcoin retreating at $12,691.
This is the second day in a row this week where Bitcoin has posted formidable gains reviving the uptrend for other major cryptocurrencies Like Ethereum whose price traded closer to $320 and Ripple currently holding position above $0.40.
At the moment, Bitcoin price is trading above the 100 Simple Moving Average as an indicator of prevailing buying power and bulls’ control. In addition, the Moving Average Convergence Divergence (MACD) continued movement above the mean line (0.0) is a sign of buyers gaining traction against the bears.
The Relative Strength Index (RSI) shows a slightly different picture following the failure to break above $13,000. The indicator has reached overbought levels and suggest a reversal due to exhaustion. Therefore, Bitcoin bulls have a task to establish support above $12,500 and the 61.8% Fib level to allow them to gather the strength to assault $13,000 level in the near-term. However, if the reversal extends, $12,000 is the next support target while $11,500 (100 SMA), $11,000 and $10,000 will function as key support areas.
Bitcoin Key Technical Picture
MACD 1-h chart: Increasing divergence suggests rising buying power.
RSI 1-h chart: Oversold levels signal diminishing buying pressure.
Key Support Areas: 61.8% Fibo, $12,000, $11,500 and $10,000.
Key Hurdles: $12,814, $13,000 and $13,880.
The post Bitcoin [BTC] Rallies Above $12,000 Bringing $13,000 in Focus appeared first on Coingape.
Source: CoinGape