Bitcoin is looking likely to retest the $7,200 resistance level for the second time this week, as buyer confidence grows in the market today. This breakout will be vitally important for the #1 cryptocurrency by market cap, as it oscillates within dangerous territory near the critical $6,000 support beneath. BTC/USD has been a shadow of its former glory in Q1 this year, declining ever since BTC futures trading debuted on the Chicago Mercantile Exchange late last year. For 4 months the BTC market has struggled to keep its head above water after flurries of bad media press, restrictive regulation and...
Ethereum’s price took another downwards step today, falling to around $480 from around $530, nearing its recent bottom of $450. Trading volumes have also dropped to just one billion in the past 24 hours, with volumes of $70 million common for the top exchanges. Ethereum’s recent price action on a 15 minutes time frame. The currency has been sort of sidewaying for a few days, but the general direction continues to be down, with it falling now for months. Bitcoin too has fallen to just above $8,000, with the currency unable to maintain a level above $9,000 in recent days....
Key Points Bitcoin price is under heavy selling pressure as it tumbled below the $8,000 support against the US Dollar. There is a crucial contracting triangle forming with support at $7,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair may extend the current decline and it could even break the $7,400 and $7,000 support levels. Bitcoin price is poised to extend declines below $7,000 against the US Dollar. BTC/USD’s correction towards the $8,000 and $8,500 levels are likely to be capped. Bitcoin Price Bearish Trend There was hardly any relief for bitcoin price as it failed...
Cardano felt extremely strong during the December 2017 rally, and it went up from 250 satoshis up to 9180 satoshis, that is nearly 2500% growth in just over a month. ADA/BTC currently has corrected down to 2360 satoshis, where it is currently trading. At this level, Cardano should find the support, confirmed by the 76.4% Fibonacci retracement level. If the support holds and the downtrend trendline is broken, the bullish falling wedge pattern will be confirmed resulting in the continuation of the uptrend. Sponsored As the bullish divergence is forming on the RSI oscillator, and price facing Fibonacci support, the reversal...
Yesterday’s technically triggered dip continued today in early trading, with losses across the board among the majors. The failure of the two largest coins to break-out of their respective broad declining trend was behind the widespread selling, but the damage is limited so far, and the recovery that started exactly one month ago is still intact. BTC/USD, 4-Hour Chart Analysis Sponsored That said, the short-term picture remained bearish in Bitcoin and the major altcoins, with Bitcoin dipping below the initial $10,500 support today before bouncing back slightly in the European session. The continued Chinese crackdown on the segment weighs on BTC besides the...
Status Network (SNT) was one of the few digital assets rising as the markets slumped. SNT reached as high as $0.18 after recent lows. After a month of almost negligible volumes, trading SNT has become more active, as the asset is benefitting from Bitfinex trading. Ethfinex trading is still niche, and SNT mostly depends on trading against the Korean Won, followed by the activity on Binance. Ethfinex trades SNT in two trading pairs for total volumes of $1.3 million in 24 hours, while Upbit sees more than $92 million trading in 24 hours. Yet those levels are much more subdued...
Despite the recent bullish price action, the two largest coins have been struggling to get over the dominant broad declining trendline, and as the upside momentum faded away the majors turned lower in a concerted fashion today in early trading. The move warrants a more defensive position for short-term traders, but the long-term setup remains positive, and with the exception of the already slightly stretched coins, ETC, Monero, LTC, and Bitcoin, the pullback could be used to accumulate more coins. With the correction lows far below the current price levels in most cases, and several coins are still more than...
Ripple, Bitcoin, and Monero are in the center of attention in the cryptocurrency segment today, with XRP breaking out from a trading range, Monero continuing its rally, while Bitcoin is still creeping higher towards a major resistance zone. BTC/USD, 4-Hour Chart Analysis Bitcoin is trading with very low volatility today, as the most valuable coin is now only a tad lower than the rally high set two weeks ago near $11,750 while also being right the dominant declining trendline. The coin is already testing the line, as we expected, and the result of the battle between bulls and bears will be crucial...
Based on its chart, the Request Network/Ethereum (REQ/ETH) pair appeared to have an initial coin offering price of 0.0012. Unfortunately for participants who bought the ICO the market closed at 0.00016986 on its first day of trading; October 27, 2017. That’s an astounding 85.85% loss in one day! After losing so much of its value, the market consolidated and established support of 0.000115 on November 2. It came back to life on December 13 after breaching resistance of 0.0003. The momentum of the breakout was so strong that the pair went as high as 0.00119798 on January 1, 2018. As...
The segment is showing clear signs of resilience, as bears cannot find footing in the market despite the brief selloffs. The majors turned yesterday after the US close as the SEC launched a probe into ICO’s, but the coins remained stable, with no major support levels falling durably amid the move. Sponsored The continued risk-off moves in traditional assets could also have weighed on cryptocurrencies, but for now, the weakness didn’t spill over to the segment again, and that is another positive sign for bulls. BTC/USD, 4-Hour Chart Analysis Bitcoin was still in the center of attention, providing the...
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