XBT/USD Analysis: Bitcoin Bearish Pattern Bull’s eye Is $6,800 – BitMEX Margin Trading

Bitcoin still facing the impact of a bearish pennant pattern likely to force it under $7,000.
Bitcoin price recovers $7,200 support but the journey towards $7,400 is laced with numerous hurdles.

Bitcoin is still facing the effects of a bearish pennant pattern. The pennant is classified as a continuation pattern in technical analysis. In this case, its formation follows the drop from $8,000 to lows close to $6,500; the consolidation and the breakdown below the pattern support, suggests that Bitcoin will continue with the downtrend even dropping below $7,000.
Meanwhile, Bitcoin is trading at $7,201 after a long struggle in the region between $7,200 and $7,100. The losses on Thursday retested the support at $7,000 but the bulls worked harder to avert losses into the $6,000 range.
Capping the immediate upside is the 50 Exponential Moving Average (EMA), holding ground at $7,314. Slightly upwards, the 100 SMA is in line to put a stop to the bullish jabs thrown by the buyers. However, if Bitcoin manages to clear the resistance at $7,600, there is a chance that the momentum will rise to levels close to $8,000.
XBT/USD 4-hour chart
XBT/USD price chart by Tradingview
Technically, the futures contract is relatively bullish on Friday. For instance, the Relative Strength Index (RSI) is moving north above 40. The highest the RSI has reached this December is 67.23. If the indicator can close in on 70 (start of the overbought region), BTC could have the potential to scale the levels beyond the moving averages and also test $7,600.
Bitcoin Key Technical Levels
BitMEX index price: $7,210
Volume: $1.1 billion in the last 24 hours
Open interest: $675 million
RSI: Growing towards the average, improving the technical picture.
Support $7,100, $7,000 and $6,800.
Resistance: $7,400, $7,600 and $8,000.
The post XBT/USD Analysis: Bitcoin Bearish Pattern Bull’s eye Is $6,800 – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

XBT Analysis: Bitcoin Dangles At $7,200, Downtrend Eyes $6,000 – BitMEX Margin Trading

Bitcoin bulls wait anxiously for the falling wedge pattern breakout magic.
Bitcoin technical levels stuck in the negative as sellers trample on the buyers.

Bitcoin perpetual swap contract by BitMEX is leaning towards a downward momentum mid-through the week’s trading. From June 2019 highs close to $14,000, the largest cryptoasset has been trimming gains profusely. However, recovery movements have also been numerous. Although, none has been forthcoming with the strength to push Bitcoin above $14,000 and towards $20,000.
The losses from the 2019 high have been forming a higher high and a lower low pattern. The combination of both trends created a falling wedge pattern currently grinding towards a breakdown. Unfortunately, the breakout will not be immediate because XBT/USD is still in the hunt for the bottom or reliable support.
XBT/USD daily chart
XBT/USD price chart by Tradingview
At the time of writing, Bitcoin price is dancing right at the edge of a cliff, which is the 38.2% Fibonacci retracement level, taken between the last swing high of $13,916 to a swing low of $3,163 at $7,215. The contract is valued at $7,215 amid the expanding volume and shrinking volatility.
If the $7,200 support level is broken, Bitcoin bulls will try to find support at $6,800. Based on the prevailing trend, Bitcoin could refresh $6,500 and even extend the bearish trend to $6,000 before resuming the uptrend.
The Relative Strength Index (RSI) recovery hit a dead-end above 50 and is now dropping towards the oversold. Further correction downwards will only serve to encourage the sellers to increase their entries.
XBT/USD Technical Levels
BitMEX index price: $7,215
24-hour Volume: $1.68 billion
Open interest: $692 million
RSI: Bearish bias
Support: $6,800 and $6,500
Resistance: $7,500 and $8,000
The post XBT Analysis: Bitcoin Dangles At $7,200, Downtrend Eyes $6,000 – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

Chainlink [LINK] on a Surge as Total Market Capitalization Drops Below $200 Billion

Chainlink (LINK) is on the up as the market suffers yet another bearish move as the total cryptocurrency market cap fell below the $200 billion USD mark. In a dark 24 hours past, Bitcoin (BTC), the driver of the market, lost over $200 USD since hitting intraday highs of $7,550 USD, representing a 2.6% drop. In the same period, LINK/USD pair soared by 10% to trade above $2.30 USD for the first time since Dec.1. The magnificent rise comes as bulls registered the highest volume across the week.
LINK/USD bulls break wedge resistance
After failing to hit the $3.40 resistance during the bullish run in mid-November, bears took control of the market pushing LINK/USD in a seven-day downtrend to touch intraday lows of $2.10 USD on November 22. The death trend stretched out till Dec. 5 seeing LINK bulls lose strength in the market as the price plummeted below the two-dollar mark for the first time since October, trading at $1.90 USD.
Chainlink price chart by Coinstats
Since, the LINK/USD market has awakened with a roar as bulls took back control of the market. Looking at the 4-hour charts, the price traded sideways for the better part of the week as the price squeezed towards breaking the upper resistance level on the wedge pattern. As volumes blast past weekly highs the price shot to $2.3 USD in the next 24hours, representing a 15% increase in less than 24 hours.
LINK/USD chart by TradingView
Having broken the wedge resistance, bulls are charging upwards with a conscience to hit and break $2.40 USD resistance level. The increasing volumes on the pair signal the continuation of the uptrend setting the relative strength index on a firm rise towards overbought levels.
A long way up to $3.40 resistance levels
While every pump does not signify a continuation of the trend, LINK offers investors an open possibility of a 2X growth in the coming year. LINK has been one of the best performers in the cryptocurrency top coins and bulls took note as the coin soared to over $4.70 in June. Furthermore, the coin has constantly offered positive return bursts in a down-trending market through the year, offering kind of a hedge to crypto investors.
LINK/USD chart by TradingView
A close look at the daily charts shows a possible bullish breakout is on the cards for the LINK/USD pair following the recent heroics. However, despite recording the highest volumes in over three weeks, since mid-Nov’s bullish movements, bulls will need to reinforce their strength to push the coin above the $3.40 major resistance to have any hope of going back to all-time highs.
The post Chainlink [LINK] on a Surge as Total Market Capitalization Drops Below $200 Billion appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis: Bitcoin Flat Out at $7,500, Where To Next? BitMEX Margin Trading

Bitcoin lags symmetrical triangle breakout targeting $8,000.
XBT/USD defends $7,500 support aided by EMA50 and EMA100.

Bitcoin experienced low trading activity over the weekend. The lethargic session followed an impressive recovery on Friday, which saw Bitcoin rise above $7,600. The price, however, failed to sustain gains towards $7,700, giving way for a retreat towards $7,500.
A broader look at Bitcoin price action using the 4-hour timeframe chart, shows a sustained uptrend from the November low of $6,530. The movement towards $8,000 continues to be limited. The higher low pattern and the lower pattern form a symmetrical triangle pattern.
XBT/USD 4-hour chart
XBT/USD price chart by Tradingview
Meanwhile, XBT/USD is dancing at $7,515 after defending the critical support at $7,500. The 50 Exponential Moving Average (EMA) and the 100 EMA on the 4-hour chart, are in line to offer support.
A bullish scenario is presenting itself for the Bitcoin longs traders where a breakout above the triangle resistance could easily scale the levels towards the coveted $8,000. On the upside, resistance will be felt at $7,600 as well as $7,700. However, for a breakout, the bullish expanding bullish volume must match positive technical signals and levels.
The Relative Strength Index (RSI) is pushing the higher low pattern a notch higher. In spite of the recovery from $6,530, Bitcoin futures contract has not been overbought. This means that a correction in the direction of $8,000 is possible before the Christmas break.
XBT/USD Key Technical Levels
BitMEX index price: $7,515
Volume: $1 billion
Open interest: $651 million
RSI: Bullish but not overbought
Support $7,500
Resistance: $7,600
The post XBT/USD Analysis: Bitcoin Flat Out at $7,500, Where To Next? BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis: Bitcoin Delays Breakdown But $6,000 Still Beckons – BitMEX Margin Trading

Bitcoin must defend $7,000 to avert a possible spiral targeting $6,000.
The formation of a symmetrical triangle suggests that a rally towards $8,000 is in the offing.

Bitcoin has managed to defend the crucial support at $7,000. The downside price action follows a rejection from levels around $7,900. Bitcoin recovered significantly, pushing against several barriers from the recent slump to $6,530. The losses failed to find support in several areas including $7,700, $7,500 and $7,200.
Meanwhile, the price is teetering at $7,193 amid low volume and low volatility levels. The immediate upside is limited at $7,200 while further movement north will come face to face with the seller congestion at $7,400 and $7,700 respectively. The 50 Moving Average is holding ground above the price at $7,414. A confluence created by the 23.6% Fibonacci retracement level and the 100 MA suggests that recovery will not come easy.
XBT/USD Chart Source by TradingView
Bitcoin futures contract on BitMEX is also trading within the apex of a symmetrical triangle. A break above the triangle resistance is likely to force a rally above $8,000. However, this will depend on the fundamental including, the volume and volatility as well as other technical indicators.
According to the Moving Average Divergence Convergence (MACD), Bitcoin is likely to settle in a sideways trend in the coming session. The largest crypto could close the week below the vital $7,400. Besides, if $7,000 support gives in, XBT/USD could spiral towards $6,000 riding on the impact of the triangle support breakdown.
XBT/USD Technical Levels
BitMEX index price: $7,197
Volume: $2.7 billion
Open Interest: $678 million
MACD: Suggests possible sideways trading
Trend: Bearish
The post XBT/USD Analysis: Bitcoin Delays Breakdown But $6,000 Still Beckons – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis: Did Bitcoin Bottom Out at $6,500?

Bitcoin reignites the downtrend on breaking the flag pattern support.
Bitcoin buyers have no choice but to camp at $7,000 and force an upward correction.

Bitcoin is extending the bearish leg from the levels we explored on Tuesday. If you look back, giving up the range support between $7,400 and $7,500 has proved to be a bad move for Bitcoin. Moreover, the upward correction has continued to be limited especially with the 50 Exponential Moving Average (EMA) on the 4-hour chart and the and the 100 EMA standing in the way.
The Impact of The Bearish Flag Pattern
The recovery from the recent low at $6,530 in November scaled the levels above $7,900. However, lack of steam left the crucial zone at $8,000 untested. The buyers, demoralized by the failure gather enough upward strength, disappeared into hibernation leaving a wide-open gap. The bears took advantage of the hibernating bulls to revenge, pushing Bitcoin towards $7,000.
XBT/USD 4-hour chart
XBT/USD price chart by Tradingview
The retracement has broken the bearish flag pattern support. Reaction to this pattern usually resumes the previous trend. In this case, XBT/USD is likely to refresh the lows under $7,000 heading to $6,500. However, if the buyers can make $7,000 impenetrable, an improving technical picture could reignite action in the direction of $8,000.
Meanwhile, the recent retreat suggests that $6,500 was not the bottom Bitcoin is looking for. The lack of enough volume and low volatility levels indicate that the contract upside will continue to be limited. At the same time, the hunt for a formidable bottom will continue in anticipation of the a New Year’s rally.
XBT/USD Key Levels
BitMEX index price: $7,135
Volume: $1.4 billion
Open interest: $680 million
Trend: Strongly bearish
Support $7,000, $6,750 and $6,500.
Resistance: $7,200, $7,400-$7,500.
The post XBT/USD Analysis: Did Bitcoin Bottom Out at $6,500? appeared first on Coingape.
Source: CoinGape

Bitcoin: Why BTC/USD Must Not Give Up $7,000 Crucial Support?

Bitcoin struggles to defend bearish flag pattern support in a bid to avert dire losses heading to $6,000.
The RSI forms a higher low pattern; continued correction towards the oversold could ignite price movement to $7,500.

Bitcoin’s technical picture does not look good for the bulls. The bearish technical picture came into play following the failure to sustain gains after breaking the barrier at $7,900. The recovery from November lows around $6,530 was impressive enough to form a couple of key supports at $6,750 and $7,000.
However, the retracement from the recent high at $7,901 saw Bitcoin give up the key support range between $7,400 and $7,500. Bitcoin rested $7,200 support but has since recovered to the current market value at $7,268 (on Coinbase).
Joe DiPasquale, the CEO of BitBull Capital, a fund research firm reckons that Bitcoin breaking beneath $7,500 support opens the Pandora box. He explains that the asset’s upside is limited. Moreover, the low volumes alongside frequent lower corrections spell doom for Bitcoin.
“If the current support at $7,500 is breached conclusively, the next stop would be $6,000. The maximum upside, meanwhile, is limited to $9,500. A break down is more likely than a break upward, however, due to low volumes, repeated new lows, and low sentiment.”
BTC/USD 1-hour chart
XBT/USD price chart by Tradingview
Meanwhile, Bitcoin is struggling to stay above the trendline support; part of a bearish flag pattern. The buyers cannot afford to lose the trendline support. Otherwise, they will be risking the continue of the previous downtrend. Besides, on the downside, Bitcoin support target is at $6,000 especially if $6,500 gives in.
The RSI has been forming a gradual lower high pattern. If the indicator pushes the trend higher, Bitcoin could eventually catch momentum towards $7,500. What is clear is that Bitcoin bulls cannot afford to lose $7,000 support.
Bitcoin Key Technical Levels
Spot rate: $7,264
Relative change: -39.31
Percentage change: -0.54%
Low: $7,306
High: $7,412
Trend: Bearish
Volatility: High
The post Bitcoin: Why BTC/USD Must Not Give Up $7,000 Crucial Support? appeared first on Coingape.
Source: CoinGape

Can Bitcoin Defend Channel Support And Push Above $7.5k – BitMEX Margin Trading

Bitcoin ability to defend the bullish flag pattern support will determine how far recovery goes towards $8,000.
Bitcoin longs traders must decide to focus on longer time frames while ignoring short term price actions.

Bitcoin is trading above $7,200; a level a bit higher compared to Monday’s low around $7,197. The price is inclined towards the downside, making recovery a hard nut to crack. The short term ascending channel is providing immediate support.
It is apparent that a break below the channel support would stir declines below $7,000. Besides, the downside move could increase the impact of a bearish pattern trend continuation. In this, the Bitcoin futures contract could re-explore the levels towards $6,500 (November support).
XBT/USD daily chart
XBT/USD Price Chart By Tradingview
Meanwhile, the immediate upside is facing resistance at $7,300. Marginally toward the north, the 50-day Exponential Moving Average is standing in the way of movement. Moreover, gains targeting $8,000 will have to deal with the resistance at EMA 50 before assaulting the congestion of sellers at $8,000.
As long as the 50-day EMA stays below the 100-day EMA, Bitcoin will continue to grind towards key support levels. Similarly, the Relative Strength Index is pointing south toward the oversold. However, the falling triangle pattern suggests that a reversal in around the corner. The movement towards the 70 could easily see Bitcoin trend above $8,000 as the focus shifts to $9,000.
From a long term perspective, Bitcoin is readying for a significant breakout. The breakout requires that bitcoin longs traders focus on longer timeframes and ignore the short term up and down price actions.
XBT/USD Price Chart By Tradingview, BitMEX
BitMEX Index price: $7,296
Volume: $1.7 billion
Open Interest: $640 million
RSI: Impending reversal hints Bitcoin surge towards $8,000.
Trend: Bearish short term.
The post Can Bitcoin Defend Channel Support And Push Above $7.5k – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

Bitcoin: Continued Break Down Unstoppable – BTC/USD Could Hit $6,500

Bitcoin embarks on a gain-trimming mission amid the ongoing hunt for a bottom.
$7,000 – $7,1000 becomes a short-term buy zone for traders hoping to sell at $7,400 and $7,700 respectively.

Bitcoin continues to narrow down towards $6,000. The down trend is clear shown by taking a broader technical picture using the daily chart. Bitcoin has been recording a series of lower highs and lower lows since the majestic recovery from levels close to $3,150 in December 2018 to highs around $13,800 in June, 2019. There have been episodes of recovery, however, the bears seem to always have the last laugh.
In the recent dive to regions slightly above $6,500, Bitcoin reversed the downtrend clearing several barriers including, $6,800, $7,000, $7,400 as well as $7,800. A further correction above $8,000 would have cemented the bulls’ presence on the market. However, Bitcoin bears took advantage and enacted a gain-trimming mission.
BTC/USD daily chart
BTC/USD daily chart by Tradingview
In the last weekend, price action remained drab as Bitcoin sort for support at $7,400 and $7,300 respectively. The downside momentum continued into the new week, with BTC diving further below $7,200. Fortunately, the buyers waiting to buy at $7,000 – $7,100 are beginning to increase number. While a reversal has occurred above $7,200, it is not enough to sustain movement past $7,300.
Meanwhile, the break below the bearish flag pattern support break is adding fire to gasoline. The prevailing trend is strongly bearish. The high volatility coupled with the downward slopping RSI suggests that the bearish grip will only get stronger.
On the upside, $7,300 is the immediate resistance. Trading above this zone could easily see Bitcoin scale the levels above $7,400 and $7,500. However, Bitcoin requires a catalyst towards $8,000, a move that will eventually place it in upward trajectory assisted by impending the falling wedge pattern breakout.
Bitcoin Key Technical Levels
Spot rate: $7,259
Relative change: -143
Trend: Bearish
Volume: Expanding
Volatility: High
Support: $7,100, $6,800 and $6,500
Resistance: $7,300, $7,400 and $7,700
The post Bitcoin: Continued Break Down Unstoppable – BTC/USD Could Hit $6,500 appeared first on Coingape.
Source: CoinGape

Ethereum Analysis: ETH/USD on the Edge as Drop to $130 USD a Possibility

Despite the short term spike back above $150, Ethereum is showing signals to trade lower in the coming days as users await the Istanbul hard fork on December 7th 2019.
ETH/USD targets $130 if bulls fail to break resistance
The price of ETH/USD has been in a sharp downtrend since hitting a yearly high of $360 at the end of June. Despite testing the resistance level of the bearish channel a couple of times, the latest on 18 Nov at $184, bulls are yet to take control of the market as witnessed in the first half of the year.
ETH chart by TradingView
Trading at $153.88 USD, as at time of writing, ETH/USD bulls are struggling to keep the daily close above $153 USD, the minor support level. A break below the level spells doom for the pair signaling a drop towards the lower support levels at $140, $135 and $131 USD.
Volumes plummeting as bears strengthen grip on the market
The Istanbul hard fork is set to occur in a matter of days, bringing developmental upgrades to the Ethereum network as ETH 2.0 gets ever nearer. However, investors remain uninterested in the token as volumes traded continued to dwindle despite the hike in price in the past 72 hours.
ETH chart source by TradingView
Looking closely at the hourly charts, the price bounced off the wedge support signaling a possible run-up to the upper resistance level at $156. However, the squeeze in volumes paints a dull picture. Can the bears push the price towards the
Istanbul hardfork miracles?
As is with other contentious hard forks, investors panic buy the token in hopes of an extra token if the chain splits. While no rush is yet to be seen on Ethereum on the upcoming Istanbul hard fork, the next week may provide a chance for buyers to fill their bags before the event.
If ETH/USD breaks above the resistance on the hourly charts, the price may well spike towards the $200 mark. Can bulls make it possible?
The post Ethereum Analysis: ETH/USD on the Edge as Drop to $130 USD a Possibility appeared first on Coingape.
Source: CoinGape

Bitcoin Eyeing $8000; Can Bulls Keep Up The Momentum?

Black Friday is here and it surely seems so even in the Bitcoin market as the price of BTC soared above $7,800 USD, signaling a possible run up to the $8,000s soon. But with Cyber Monday coming up, some fear a bearish set up remains strongly printed on the charts in the coming days.
Is $8,000 a Possibility in Coming Days?
Taking a close look at the short timeframe charts, BTC/USD formation of an inverted Head and Shoulders (H&S) pattern looks very bullish for the price. A close above the neckline at $7,900 USD, will confirm a possible boost back above $9,000 resistance levels and possibly back to $10K.

Bulls pushed the price of BTC above the resistance level at $7,935 USD but failed to hold on to the market as bears took control setting the price back to $7,780. However, the price of BTC/USD has traded sideways for the past few candles showing frightening signs of bears taking over.
Volumes have kept dropping in the past few trading sessions despite price increasing which signals a possible bull trap and a bearish reversal on hand.
Still Far From Redemption
Many analysts have predicted this is not the end of the bearish run on BTC/USD as $9,000 and $6,000 regions are still a live possibility, despite the 5% growth in the past 24 hours. The 4H candle charts bearish wedge support level is well in reach and a close below $7,300 USD in the next week spells doom for the pair.
Furthermore, zooming out the charts to the daily candle charts, BTC/USD perma bulls are struggling to gain strength to push the price above the bearish channel resistance. Combined with a falling relative index towards the oversold region, BTC/USD looks set to test the $7,000 support level before any bullish run materializes.
The post Bitcoin Eyeing $8000; Can Bulls Keep Up The Momentum? appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC/USD Conflicting Signals, Is it $8,200 Or $6,400?

Bitcoin is pushing the impact of the head-and-shoulders pattern with $8,200 as the critical target.
The rising wedge pattern is dangerous for the accrued gains; its effects could test $6,400.

Bitcoin’s recently formed head-and-shoulders pattern is still the center stage of the current price action. The ongoing recovery emanates from lows close to $7,400 to highs testing $7,600. A head-and-shoulders pattern is a pattern that is used in classic technical analysis to predict a reversal from the previous extended trend. In this case, Bitcoin’s recovery from the dive from levels above $8,000 to the previous support marginally above $6,500.
Although the momentum from the support at $6,750 fizzled out at $7,700, Bitcoin has remained relatively bullish. The 50 Exponential Moving Average (EMA) on the 1-hour chart has also been instrumental in stopping losses towards $7,400. Moreover, the 100 EMA gave an assurance that enough support was available, and buyers only needed to worry about the recovery.
BTC/USD 1-hour chart
BTC/USD price chart by Tradingview
An accelerated trendline emanating from the support at $6,750 is proving to be quite helpful in averting lower corrections and encouraging the buyers to keep moving. The significant trendline support, forming part of a larger rising wedge pattern will come in handy later, a reversal occurs towards $7,000.
Bitcoin must continue to take advantage of the momentum offered by the head-and-shoulders pattern to extend the bullish action above $8,000 and even form support past $8,200. On the flip side, a reversal below the rising wedge pattern could see Bitcoin drop fast below $7,000 and even taste $6,400 support.
Meanwhile, the short-term trend will remain bullish as long as the RSI sustains the upward movement. High volume and increasing levels of volatility are the ingredients Bitcoin needs to forge the much-awaited move above $8,200.
Bitcoin Key Technical Levels
Spot rate: $7,530
Relative change: +90.50
Trend: Generally bullish
Volatility: Shrinking
RSI: bullish above the average, which shows a stronger bullish grip.
Support: $7,400, $7,000, $6,750 and $6,500
Resistance: $7,600, $8,000 and $8,200
The post Bitcoin Price Analysis: BTC/USD Conflicting Signals, Is it $8,200 Or $6,400? appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis Nov 27: Bitcoin Readies For One Ballistic Breakout Targeting $8.2k – BitMEX Margin Trading

Bitcoin nurtures a sideways trading trend above $7,000.
The inverted head-and-shoulders pattern suggests that Bitcoin could breakout above $8,000 and $8,200.

Bitcoin’s perpetual swap contract on BitMEX has continued to impact sentiment towards the largest cryptocurrency in the industry positively. In the last 24 hours, the contract has attracted $2.4 billion in trading volume. It features a $609 open interest and a funding rate of 0.0037% over the previous seven hours.
XBT/USD 1-hour chart
XBT/USD price chart by Tradingview, BitMEX
The 1-hour chart for XBT/USD shows Bitcoin recently staged recovery having hit a dead-end at $7,400. The trading action that followed the resistance has been mostly sideways. Bitcoin continues to fight hard to stay above $7,000.
Meanwhile, the immediate upside is forced to deal with the resistance provided by the 50 Exponential Moving Average (EMA) on the 1-hour chart currently holding ground at $7,114. A glance higher reveals more resistance at the EMA 100 ($7,200). When considering a broader look and taking into account the scope above $8,000, $7,400 supply zone must be disintegrated to pave the way for bullish price action.
The formation of an inverted head-and-shoulders pattern hints that Bitcoin’s price is on the verge of a breakout. An inverted head-and-shoulders pattern is used in classical technical analysis to signal a reversal of the previous downward trend. With the right amount of volume and other supporting indicators, Bitcoin could forge its path above $8,000. Besides, the pattern breakout has eyes on $8,200.
The present technical picture supports a sideways trading action. The RSI is relatively bullish at press time, although it has corrected from highs around 67.61. As long as it maintains a gradual upward motion, BTC will eventually breakout heading towards $8,000.
Bitcoin Key Technical Levels
Support: $7,000, $6,800 and $6,500
Resistance: $7,200, $7,400 and $8,000
RSI: Upward slopping suggests growing bullish strength
The post XBT/USD Analysis Nov 27: Bitcoin Readies For One Ballistic Breakout Targeting $8.2k – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis: Bitcoin Paces Past $7,200 On Renewed Bullish Interest – BitMEX Margin Trading

Bitcoin is nurturing a bullish momentum above $7,000.
A short term rising wedge pattern hints a reversal beneath $7,000.

Bitcoin perpetual swap on BitMEX Margin trading platform is catching up the pace following a couple of days of extreme selling pressure. The support at $6,500  came out strongly for Bitcoin. The same level was very instrumental during the 2018 year-long downtrend.
XBT/USD reversed the trend significantly, smashing above several resistance zones, including $6,800, $7,000, and $7,400. Attempts made towards $8,000 hit a snag at the 50% Fibonacci retracement level taken between the last swing high of $8,244 to a swing low of $6,542.
XBT/USD 1-hour chart
XBT/USD price chart by Tradingview, BitMEX
Following the blockade at $7,400, Bitcoin has sustained gains above the critical $7,000 level. Due to the renewed buying interest, XBT/USD is back to trading above $7,200. However, it is almost at the apex of a rising wedge pattern. A reaction to the short term wedge is likely to see Bitcoin erase gains below $7,000.
On the brighter side, The RSI signal suggests that Bitcoin is the hands of the bulls. The indicator is pointing upwards towards 70. And this follows a rejection from levels close to the oversold that found support at 54.24.
According to the exponential moving averages, Bitcoin buyers will continue to gain traction against the sellers in the coming sessions. An impending break above the 100 EMA on the 1-hour chart will give Bitcoin a boost towards $7,400. Protecting the immediate upside is the 50 EMA and the $7,000 level.
Bitcoin Key Technical Levels
BitMEX index price: $7,245
Volume: $3.45 billion
Open Interest: $615 million
Trend: Bullish
Volume: Low
Volatility: Expanding
 
The post XBT/USD Analysis: Bitcoin Paces Past $7,200 On Renewed Bullish Interest – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis: Where Is This Consolidation Leading Bitcoin BitMEX Margin Trading?

Bitcoin inches closer to a breakdown amid constricting Bollinger Bands and expanding volume.
Bitcoin bulls must hold on to $8,050 for dear life as a drop under $8,000 could be detrimental.

Trading Bitcoin perpetual swap contract activity on BitMEX has gone down significantly. In fact, the data extracted by Datamish shows that only 9.18k of Bitcoin shorts having liquidated in the last six hours. However, no Bitcoin longs have been liquidated in the same period, see the table below.
Bitcoin longs and shorts liquidations on BitMEX | Image source – Datamish
In the meantime, the Bitcoin price is pushing consolidation above $8,000. All the attempts to pull the price above $8,200 have not yielded much. Bitcoin price is doddering at $8,077 after correcting lower from an intraday high around $8,114.
XBT/USD 1-hour chart
BTC/USD price chart by Tradingview, BitMEX
A building bearish momentum risks break a short term ascending trendline support. The Bollinger Band one-hour middle curve is position as immediate support. Moreover, the Bollinger Bands narrowing trend signals that a breakout or a breakdown is around the corner.
To predict the direction of the soon to come to break, let us look at the trend of the Relative Strength Index (RSI). The indicator has in the last couple of days been trending higher and forming a higher low pattern. However, the movement has not been sustainable above 60 which means that selling influence is higher than buying power. Meanwhile, the RSI is retreating towards 40 in a bid to signify the growing bearish strength.
The Above RSI coupled with the expanding volume sends out bearish signals. If the trendline support is broken, then Bitcoin will have no option but to let go of $8,000 and seek another key support at $7,800.
Bitcoin Key Technical Levels
BitMEX price index: $8,067
Volume: $1.4 billion
Open Interest: $848 million
Trend: Bearish
Support: $8,050, $7,800
Resistance $8,200 and $8,400
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Source: CoinGape