The majority of 2019 went well for Bitcoin (BTC); Bitcoin price was in uptrend. But after Bitcoin price hit the bear bottom at three-thousand and two hundred dollars ($3200), it went parabolic till it topped out at fourteen thousand dollars ($14000).
After the reversal of the bullish trend, Bitcoin consolidated in a symmetrical triangle for three solid months.
The crypto analysts are of the view that the downtrend is at its peak, and any rebounds in values to higher levels going to be opportunities for profitable short-term entry.
Bitcoin price may go full swing downtrend
Throughout 2019, most of the crypto analysts agreed that Bitcoin price was well on its way towards a new bullish trend, and any drop might bring an opportunity for purchasing or opening a long-term trade position.
A significant drop eventually happened after the BTC was rejected from fourteen-thousand dollars ($14000), and the buyers were not able to sustain the BTC price above ten-thousand dollars ($10,000), thereby, breaking the multi-month long triangle and consequently inducing a bearish reversal.
One of the crypto analysts who is famous for using the Renko candle charting stated that Bitcoin is indeed responsible for causing reversal and is currently in a downtrend, moreover; the dip season has been turned into a window of opportunity for the profits of each bounce.
$BTC Daily Renko. Downtrend in full swing, retested, short any bounce. pic.twitter.com/1GNwh8kuUm
— Cold Blooded Shiller (@ColdBloodShill) October 6, 2019
The Renko candles are utilized by traders and the cryptoanalysts, as they tend to filter out the minor price movements in order to demonstrate the market trends more clearly.
This is a reprinted article
By Sam Bourgi@hsbourgi The cryptocurrency market entered a modest recovery on Thursday, though bitcoin lagged its altcoin peers following a major technical breakdown earlier in the week. At just over 65%, the bitcoin dominance rate has fallen to its lowest level since July. Crypto Market Update Crypto markets bottomed near $203 billion on Wednesday following a more than $20 billion dump during the prior session. It was the first time since May that markets threatened to fall below $200 billion in collective value. By Thursday afternoon, the combined market cap was worth $206.2 billion, according to CoinMarketCap. Among the top-ten cryptocurrencies, bitcoin was the only asset not to report gains in the last 24 hours. The leading cryptocurrency had an average price of $7,507.18. XRP, bitcoin cash and EOS each rose by at least 2.5%. Bitcoin SV was the biggest percentage gainer, climbing 14% to $111.41. Coins 10-13 also put up decent gains, with Tron and Chainlink each climbing more than 6%. Bitcoin Price Approaching Dangerous Levels Although bitcoin’s most vocal supporters are unfazed by the recent pullback, the king of cryptocurrencies is…Oct 25, 2019
Bitcoin (BTC) bulls have started to push the cryptocurrency markets into the weekly close, which is set to take place in minutes as of the time of publishing. The leading cryptocurrency is now trading for $9,600 — up a tad under 10% from Saturday’s low of $8,900. Altcoins have largely followed BTC higher, posting similar gains. While the resurgence from Saturday’s low has made many analysts bullish, there is evidence to suggest that Bitcoin will take a short breather over the next couple of hours, maybe days. Here’s why. Why Bitcoin Could See Slight Pullback First and foremost, there is purportedly a short-term bearish divergence playing out on Bitcoin’s chart. According to analyst CryptoHamster, the bearish divergence is forming as BTC’s price has rallied and the Relative Strength Index (RSI) has sunk, implying a short drawdown that may take the cryptocurrency below $9,000 once again. $BTCUSD, RSI, 4h:bearish divergence.$BTC #bitcoin pic.twitter.com/X8PgWC5zQr — CryptoHamster (@CryptoHamsterIO) October 27, 2019 That’s not all. Trader BigCheds noted that Bitcoin has been struggling to hold the 8 exponential moving average for the asset’s one-hour chart,…Oct 28, 2019
Bitcoin price surged higher and broke the main $10,000 and $10,200 resistances against the US Dollar. The price is currently consolidating below the next key resistance at $10,500-$10,525. This week’s followed key bearish trend line was breached with resistance near $9,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently trading in a range and dips are likely to find bids near $10,250 and $10,100. Bitcoin price is up more than 7% above $10,400 against the US Dollar. BTC is now facing hurdles near $10,500 and it might correct lower in the short term. Bitcoin Price Analysis Yesterday, we discussed a few important hurdles for BTC near the $9,900 and $10,000 levels against the US Dollar. It seems like the bulls enjoyed a strong rally since the price surged above the $10,000 resistance level. Moreover, there was a close above the $10,200 resistance and the 100 hourly simple moving average. It helped many altcoins in staging a recovery, including Ethereum, binance coin, ripple and BCH. During the rise, this week’s followed key bearish…Sep 3, 2019
Binance’s CEO, Changpeng Zhao (CZ) believes bitcoin will hit $16,000 very “soon-ish.” A 4chan anonymous user who accurately predicted bitcoin’s trajectory earlier this year turned out to be wrong in October. CZ claims 1.4 billion people are behind bitcoin. Changpeng Zhao (CZ), the CEO of Binance, recently stated that 1.4 billion people are working on getting bitcoin to $16,000. And, this upswing is currently in the works. Putting a Price on Bitcoin The CEO of the largest cryptocurrency exchange in the world, CZ, believes that a price of $16,000 per bitcoin will happen “soon-ish.” Zhao maintains that there are currently 1.4 billion people working towards getting this cryptocurrency to reach higher highs. He added: “Price predictions are easy. It’s just hard to be right about the timing.” The comments come after the predictions an anonymous 4chan users had for bitcoin turned out to be wrong. On Jan. 21, the 4chan user said that bitcoin had bottomed out and revealed several bullish targets. By April, the individual expected bitcoin to hit $5,300, which indeed occurred. Bitcoin then surged over $9,200, validating…Nov 6, 2019
Overview Bitcoin price struggled to recover above $10,400 and declined recently against the US Dollar. The price declined heavily and even broke the key $10,000 support level to enter a bearish zone. Yesterday’s highlighted key bearish trend line is intact with resistance near $10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently trading with a bearish angle and it could even test the $9,200 support area. Bitcoin price is under pressure below the $10,000 support against the US Dollar. BTC price is likely to continue lower and it seems like the bears are eyeing a test of $9,200. Bitcoin Price Analysis In the past two days, there was a steady decline in bitcoin price from well above $10,500 against the US Dollar. The BTC/USD pair traded below the $10,200 and $10,000 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward move from the $9,248 low to $11,200 swing high. It opened the doors for more losses below the $10,000 support. More importantly,…Jul 24, 2019
ETH price declined heavily and tumbled more than 10% below $185 against the US Dollar. The price is currently correcting higher after it traded close to the $150 level. There is a new major bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is down more than 10% and it broke the $9,000 support area. Ethereum price is back in a downtrend below $185 versus the US Dollar, similar to bitcoin below $10,000. ETH price might correct higher, but it is likely to struggle near $185. Ethereum Price Analysis In the past few hours, there was a sharp decline in Ethereum, bitcoin, ripple, and major other cryptocurrencies against the US Dollar. ETH price tumbled below the $200 and $185 support levels. Moreover, there was a close below the $185 level and the 100 hourly simple moving average. The decline was such that the price crashed close to $150 on the Kraken exchange. A new monthly low was formed near $152 and the price is currently correcting higher. There was…Sep 25, 2019
Fred Wilson, a financier and co-founder of venture capital firm Union Square Ventures, has revised his bullish opinion on Ether (ETH). Back in 2017, Wilson had suggested the market capitalization of Ether will bypass the market capitalization of Bitcoin (BTC) and eventually be worth more per coin. However, in a Sept. 4 blog post, Wilson acknowledged ETH has fallen short of this — and that the underlying Ethereum network is experiencing problems. He wrote: “Ethereum, as many of you know, confounds me. It has shown the way to so many important things; smart contracts, programmable trust-free computing, potentially proof of stake, and a lot more. But it remains hard to build on, scaling issues abound, and many developers are looking elsewhere.” Last month, Ethereum co-founder Vitalik Buterin himself admitted that the Ethereum blockchain is almost full. Buterin said at the time: “If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us.” Ether is…Sep 5, 2019
Bitcoin has, amid the country’s parliamentary drama and the pound’s tribulations, by contrast, seen a solid and protracted period of growth.Sep 5, 2019
Ripple price started a downside correction after rallying towards the $0.2850 resistance against the US dollar. The price is currently holding the key $0.2720 and $0.2700 support levels. There is a short term breakout pattern forming with resistance near $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken). The price might decline towards the $0.2700 support area before it could climb higher. Ripple price is currently correcting gains against the US Dollar and bitcoin. XRP price might test the $0.2700 support or $0.2650 before it could rise again. Ripple Price Analysis Yesterday, there was a strong upward move in ripple price above the $0.2650 resistance against the US Dollar. XRP price even broke the $0.2720 and $0.2750 resistance levels. Moreover, there was a break above the $0.2800 level and the 100 hourly simple moving average. Finally, the price tested the $0.2850 resistance area, where the bears took a stand. A high was formed at $0.2855 and recently the price started a downside correction. It broke the $0.2800 and $0.2750 support levels. However, the $0.2720 area acted…Oct 9, 2019
Overview ETH price declined to a new monthly at $271 and recently recovered against the US Dollar. There was a sharp increase above the $280 and $290 resistance levels in the past two sessions. There was a break above a major bearish trend line with resistance near $286 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently trading near the $300 resistance, above which it could accelerate higher. Ethereum price is reversing recent losses versus the US Dollar, similar to bitcoin. ETH price must clear the $300 resistance level to continue higher in the near term. Ethereum Price Analysis In the past two sessions, there was a strong recovery in bitcoin and Ethereum against the US Dollar. Earlier, the ETH/USD pair declined to a new monthly low at $271 before it started a strong upward move. The bulls took control after the price broke the $275 and $280 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $323 high to $271 low. Besides, there was a break above…Jul 3, 2019