Bitcoin [BTC] Bears Arrive in Huge Numbers Above $8800 – Is $7000 Imminent?

Bitcoin [BTC] price made a bizarre flash move early on 11th October 2019. Price exhibited a huge rise reaching a high of $8820 followed by an immediate drop to below $8450. This occurred almost within an hour span between 4: 30 Hours to 5: 30 Hours UTC.
The price of Bitcoin [BTC] at 11: 00 hours UTC on 11th October 2019 is $8355. It is trading 1.5% lower on a daily scale. The 200-Day Moving Average at $8650, once again acted as resistance and rejected a break-out almost instantly.
BTC/USD 1-Hour Chart on Bitstamp (TradingView)
Crypto-analyst and trader Josh Rager tweeted,
$BTC: crypto community in disbelief right now
The resistance at in the $8800-$8900 band is considerable and seems large sell orders were placed at that price. The rise in the buying volume was considerable, however, sell volume was even greater.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Today’s move formed a higher high and is about to form a higher-low on the 4-hour chart. However, the long shadow of the flash drop earlier this morning is showing strong bearish action.
Nevertheless, Sawcruteez, a crypto-trader, and analyst, suggested the formation of the bullish Wyk-off accumulation pattern. However, the pattern has broken down below its support at $8450. If it forms a new low below $8200. It will probably invalidate the last break-out region of the pattern.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Moreover, the large sell-off above $8700 signifies that large players still aren’t ready to buy yet as well. The long shadow of the candle suggests a bearish move and could find support near $8300.
However, according to Josh Rager, if it fails to hold above $8300 support area, Bitcoin could form a lower low. The recent low of Bitcoin [BTC] was around $7715.
Do you think another bullish pattern is forming or agree with the bearish view? Please share your views with us. 
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Source: CoinGape

Ethereum Gas Price Volatility Reveals Ponzi Scam – Will it Affect ETH Price?

Ethereum [ETH] Gas fees equivalent to mining fees in Bitcoin surprisingly rose above its trend beginning September. While it was seen as a positive indicator at first, a recent report by Glassnode reveals that FairWin, a Ponzi scheme was clogging the network.
FairWin, an Ethereum based gambling app has emptied their contract balance since the news of the vulnerabilities in the Dapps rose. The total Gas price of Ethereum also plunged to levels before the fall.
Ethereum Gas Price Chart (Source)
The FairWin contract balance of 54,894 ETH worth $9.6 million has been distributed to several accounts.
Recent reports reveal that ‘daily gas shares for FairWin peaked at 49.9% on Sept 21st.’
The price of Ethereum is dependent on a lot of other factors apart from on-chain activity. Moreover, the volatility in gas prices has had a weak influence on ETH.
Ethereum [ETH] Price Analysis
Ether [ETH] has been bearish like most altcoins for the last couple of months. It bounced after testing the breakout levels at $165 to $220 in September. However, the downtrend continued after that.
The price of ETH at 5: 30 hours UTC on 2nd October 2019 is $174. In an uptrend, it expects to face resistance from the 50-EMA at $191.
Crypto-trader Escobar noted that he was bullish in the long term on ETH. He predicted a target of $482 on December 2019. Escobar’s tweet,
1D TF- Macro. Bullish on ETH
ETH/USD Price Analysis (Source: Twitter)
Nevertheless, for swing traders, Ethereum can be expected to record a new low. Crypto-trader Sawcruhteez suggested that Ethereum failed to confirm the bullish inverse ‘head and shoulder’ pattern and has broken below trend on the Bitcoin scale. He expects strong support in the 0.019-0.02 BTC range. However, a break below it could be detrimental.
ETH/BTC 4-Hour Chart on Binance (TradingView)
Bitcoin’s price movements have greatly influenced the Ether [ETH] price in 2019. BTC is currently facing resistance from the 200-Day MA. It rejected its break-out attempt last day with a reversal at $8530.
Do you think Ethereum will record new yearly highs this year? Please share your analysis with us. 
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Source: CoinGape

Bitcoin [BTC] Price Finds Tight Range Around $8000, with a Bearish Upper-Hand

Bitcoin [BTC] has been trading in a tight range since the drop below $9k last week. It has formed a parallel trading range between $8250 and $7930. Analysts like Tone Vays and Sawcruhteez grew increasingly apprehensive of a break-down or a bounce to the top of the channel.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The support around $8000 is also turning into resistance on shorter time-frames. This flipping of support is currently putting a lot of selling pressure. Moreover, $8000 has also acted a strong psychological level since the drop last week.
The next region of support that has been predicted for the fall has been around $7300-$7500. According to popular analysts, a break below it could trigger targets of around $6300-$6800. Sawcruhteez said in his update,
I’ve been long term bullish for a while now… Still looks like a long-term bull market where I want to buy dips, but that could change pretty darn quickly.
A different bull market
The parabolic move this year initiated a new bull market for Bitcoin. However, it has been in a down-trend since its high at $13,800. The price has pulled back by over 42% from the highs.
Nevertheless, while the analysts still believe that it is a bull market, many indicators have been pointing otherwise for the first time.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
The Price moved below the 200-Day Moving Average. While a momentary break should not change the bullish situation, a continuation is threatening a bearish cross. The longer Bitcoin trades below $8000, the probability of bearish crossover between 50 and 200-EMA and 128 and 200 Day Moving Average increases sharply.
The trading in the next couple of weeks should be detrimental for weak hands, who’d flip their positions at the break of a dime.
The price of Bitcoin [BTC] at 4: 00 hours on 30th September 2019 is $7972. Hence, the monthly which opened at around $9500 is coming to a close. Sawruhteez also pointed out that the third consecutive bearish months are the first instance in a bull market.
As the old saying goes,
“Markets can remain irrational longer than you can stay solvent.
The likelihood of a test of $7000 levels is likely. Moreover, the trading in that range would be the defining moment for the current bull season. That said, it Bitcoin makes a break above the channel mentioned above, an opportunity to buy at the current price might never come again.
Do you think Bitcoin will flip the trend to the bearish side? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Makes Recovery Above $8000 – Here’s Why Some Analysts are Bullish

After a week of bearish moves, Bitcoin [BTC] price made a slight recovery on Friday. The rise attempted to break above the 200-Day Moving average, which acted as a resistance. It recorded a high at $8294.
The price of BTC at 3: 30 hours UTC on 28th September 2019 is $8176. It is trading 2.27% higher on a daily scale. The entire crypto market turned slightly green after a week of aggressive selling.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
While some traders see this as a momentary correction, others are also seeing a reversal.
The bears are eyeing sub $5k levels for a good entry point. However, it echoes with the situation earlier in Q1 this year. While the price has been bearish, the overall sentiments are bullish.
Moreover, even on the downside, crypto traders will be looking for a buying opportunity. UglyOldGoat, crypto trader and analyst tweeted on a sub $5k prediction,
Just as I was bullish at 3,500 bearish at over 11,500 I can only be bullish at 7800 – 8200. Bakkt is bullish and structure changed when we rekt weak specs with future backwardation. The good thing is Bitcoin will be right regardless.
On-chain Vs. Price Movements
The recent uncertainty in price seems to be rising from opposing views of fundamental and technical analyses.
Bitcoin mining hashrate is at an all-time high, the transaction volume and realized price has also increased considerably. Moreover, long-term ‘hodlers‘ have also increased significantly. Leading on-chain analyst Willy Woo tweeted,
Structure is bullish, you can’t turn that around with a whiplash in price. Bull phases and bear phases of market cycles do not turn on a dime, especially on-chain.
However, the break-down below 200-Day Moving average is currently acting as a significant bear indicator. $7000-7500 has been the predicted range of this move. Sawcruhteez, a crypto-trader is turning bullish on technical indicators as well. He tweeted on why he is turning bullish, he said,

That was mainly due to the RSI bull div and the ADX rollover. I mentioned that final confirmation would come from a break of the 4 hour Lucid SAR, which just occurred. Now all systems are a go!

Bitcoin Price Analysis on the 4-Hour (Source: Twitter)
The next couple of weeks will be instrumental in confirming the year-end trend for Bitcoin. The speculations in Bitcoin [BTC] will further increase as halving comes closer well. The scheduled event in May 2020 has been creating a strong influence on market psychology.
Do you think December 2019 will be bullish or bearish? Please share your views with us. 
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Source: CoinGape

Analysts Predict Bitcoin Cash and Ethereum Doom – Will Altcoins Dive Further?

Tuesdays’ drop in Bitcoin price had more significant adverse effects on altcoins. Altcoins plunged by more than 15% on an average.
Ethereum [ETH] swiftly dropped below $200 psychological support to test lows at $150. Bitcoin [BCH] Cash, Litecoin [LTC], XRP also plummeted below support levels. The altcoins are closing in on the year to date rise due to revival of Bitcoin bears.
The plunge in altcoins was of gigantic proportions due to the violent price action in Bitcoin. Sawcruhteez, crypto-trader, and analyst suggested that a bounce is on the cards short term. However, his targets towards the end of October are near $130.
ETH/USD Price Analysis (Source: Twitter)
Bitcoin [BCH] Cash, Bitcoin SV, and EOS fell steepest among top ten cryptocurrencies. BCH has dropped more 22% to test lows near $220. According to leading chart analyst, Peter Brandt, there could be further downside to it.
He suggested a break-out from the bearish head and shoulders pattern on a daily scale in BCH/USD. The formation of the pattern has been panned out from about five months.

$BCH target is 127.50.
— Peter Brandt (@PeterLBrandt) September 24, 2019

Notably, most top altcoins followed a similar pattern of rising and fall. They have moved together in tandem this year. Hence, a drastic drop in the price of one of the top altcoins could act as a catalyst for others as well.
The total market capitalization of altcoins broke below the 200-Day Moving Average on the daily and weekly. It was currently tested the consolidation levels before the break-out in 2017. However, the momentum is reversed this time.
Altcoin Market Capitalization Weekly Chart Excluding Bitcoin (TradingView)
The dominance of Bitcoin [BTC] is again closing near 70%. Willy Woo’s had suggested earlier from the altcoin cap/bitcoin that it is currently testing a critical support level. More than 5% drop this level can initiate another round of bears. He said,
If this level fails, I’d expect roughly a 60% drop relative to Bitcoin’s cap before we some the next area of support.
Altcoin/Bitcoin Price Analysis (Source: Twitter)
Currently, Bitcoin’s [BTC] price is looking to hold the psychological support level at $8500. A revival or further drop in Bitcoin will act as a cue for altcoins as well.
Do you think altcoins will reach its bearish targets or bounce before? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Turns Bearish at $10,000, Analysts Chalk Down Resistance Levels

Bitcoin [BTC] tested lows near $9900 last day before it briefly climbed back above $10,000. The price of BTC at 4: 15 hours UTC on 11th September 2019 is $10060. It is trading 2.06% lower on a daily scale.
The 4-hour chart witnessed an attempt to pump off of an ‘important Fibonacci retracement cluster.’ However, the attempt above $10,100 was rejected.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
On a weekly scale, traders Josh Rager and Escobar suggested that a retest of the 21 EMA is very likely. The 21-EMA on weekly is currently at $9,208. Rager also tweeted,
Bitcoin price breaks through current support area on the daily and through the 20MA
If buyers don’t step in the next couple days, we’ll see Bitcoin retest the previous support in the low $9ks. A break from there likely leads to $8k
The volume of trading has also been significantly low in the past few days.
However, as Bitcoin is testing the 20 MA with a 50% probability of a break-out, Rager is leaning bullish, looking for a break above $12k.
Moreover, on the daily Bitcoin closed below 2% lower than the previous days. According to Sawcruhteez, it sets up for a bearish trend on the sequential. The 50 EMA at $10,315 is currently acting as resistance to Bitcoin in the short term. He also cited the death cross between short term medium term moving averages also indicate a downward movement.
BTC/USD 1-Day chart on Bitstamp (TradingView)
Furthermore, the fear of the break below the descending triangle is growing significantly. Mati Greenspan, the Senior Market Analyst at eToro, also reiterated similar concerns of a break. His bearish targets are somewhere around $7,500-$7,700.
Nevertheless, the increasing hash rate and various other market sentiments are pointing towards an upside. B. Biddles shared a rare instance of a descending triangle breakout. While a break-out in the negative direction occurred, it only lasted for three days. Hence, there was no bearish trend per se. He tweeted,

$btc Descending Triangle at the peak of a bull run, 01 June 2017 – 30 July 2017 (59 days).
Not hopium, just showing that it's foolish imo to think anyone has a clear sense of what happens next (very short-term movements aside)
— B.Biddles (@thalamu_) September 10, 2019

Do you think that a break-out for the descending triangle is imminent? Please share your views with us. 
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Source: CoinGape

Analysts Predicts Correction on Bitcoin [BTC] Below $10k – Here’s Their Short-Term Outlook

Bitcoin [BTC] has continued to trade above the $11,000 with considerable attention and progress around the world. The long term ‘hodlers‘ seemed rooted in the cause at the moment. However, the short term traders are uncertain of the Bitcoin’s next move.
Murad Mahmudov, the Chief Information Officer at the adaptive fund and a prominent crypto-analyst, recently, reiterated this long term bullish stand. He confirmed that Bitcoin would eventually by 100k apiece. However, it can see significant ups and downs from these levels. He said,
Don’t try to outsmart yourself on short timeframes, zoom out & think big. In my view, BTC is going to $100K per orangecoin.
Nevertheless, in the short-term to the medium term, he is looking for a correction down possibly to 10,850 to $9350. According to him, the RSI – Relative Strength Index, which is a momentum indicator is currently in the neutral range inclined towards the over-sold region. He predicts that it will touch the bottom of the channel – 30 before the next bullish action resumes. He said,
Locally a derisked long would be a 4H RSI reset & a breakout of the black diagonal, which pretty much aligns with the wedge breakout.
200MA/EMA/RSIbands+Weekly support all point to 10.8 but you may get a wick at most given the orderbook support across exchanges.
The Relative Strength Index on the 4-Hour Chart (TadingView)
The Relative Strength is currency pointing at 34. Hence, a reset can be achieved sooner than one expects. On the daily chart, On the weekly chart, Bitcoin has formed a bullish flag with a target at $20,000. Richard Heart, angel investor and analyst tweeted,
#Bitcoin Bull flags Next stop $20,000
BTC/USD Chart by TradingView
However, Tone Vays and Sawcruhteez‘s outlook on the weekly scale was mostly neutral. They would look for a confirmation for a bullish trade while looking out for bears.
Furthermore, on the daily scale, Tone Vays is still looking for a short-term correction from the sequential, which could possibly correct to $9000 levels. Moreover, the partial 1-4 correction on the daily according to sequential could reverse bullish to break above $11,700 again or could continue a bearish trend for the next few days.
Mahmudov’s suggestion among all this is, “I would be patiently and slowly adding at every key support.”
Do you think that Bitcoin would break All-Time Highs in 2019? Please share your views with us. 
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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. 
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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. 
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Source: CoinGape