Bitcoin (BTC) Price Analysis: Wedge Support Test

2018-11-23 04:32

Bitcoin broke below a short-term consolidation pattern and is making its way down to test the bottom of the falling wedge on its daily time frame. Another break lower could expose this cryptocurrency to a steep free fall.

But if bulls defend the floor like they usually do, price could recover to the top of the wedge around $6,000 or at least until the areas of interest nearby. The 100 SMA is below the longer-term 200 SMA, though, so the path of least resistance is to the downside. In other words, support is more likely to break than to hold. Then again, the gap between the indicators is narrowing to reflect slowing selling pressure.

In addition, stochastic is indicating oversold conditions or that sellers are tired. Allowing buyers to take over could keep support in play and a bounce possible. The oscillator would have to pull up from the oversold area to confirm this though. RSI is also in the oversold region and appears to be bottoming out, signaling intention to head north and for bitcoin to follow suit.

It has been a rough couple of weeks for bitcoin and its peers, and the low liquidity in the Thanksgiving holidays is spurring additional volatility. Traders also likely jumped out of long positions for fear of further losses in bitcoin price.

This selloff is seen to have started on the Bitcoin Cash mining wars then exacerbated by the SEC ICO crackdown and of course FUD sentiment in the markets. Analysts are also scaling back bullish forecasts, with many highlighting how it could take a longer time to unwind these losses.

To top it off, expectations for institutional inflows early next year have also been pared as banks and funds are unlikely to ramp up bets in this environment. For now, bulls could keep holding out until a strong positive catalyst is seen.

The post Bitcoin (BTC) Price Analysis: Wedge Support Test appeared first on Ethereum World News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68031.5 (+0.21%)
Объем 24H $26.473b
Изменеия 24h: -0.98 %, 7d: -1.96 %
Cегодня L: $67343.07 - H: $68051.21
Капитализация $1340.58b Rank 1
Цена в час новости $ 3891.46 (1648.23%)

test bitcoin wedge price could support analysis

Источник: ethereumworldnews.com

test bitcoin → Результатов: 126


In First Since 2015, Bitcoin’s Price Is Testing a 200-Week Average

The pace of bitcoin’s ongoing sell-off is setting new records with every passing day, the latest being its test of a key long-term moving average for the first time in three years. Indeed, the world’s most valuable cryptocurrency network fell below its 200-week exponential moving average (EMA) of $4,180 yesterday, marking the first break of […]

2018-11-21 18:15


Фото:

Bakkt Delays Platform Launch; Announces January as Tentative Roll Out Date

Bakkt, an upcoming crypto retail payment system and futures platform, is delaying its launch to better ensure the platform’s success at release. On November 20, 2018, the CEO of Bakkt released an update on Medium, outlining the future business plans for the company, describing some of the progress in implementing new features and declaring that the company’s initial launch is being postponed until January 24, 2019.

2018-11-21 02:24


Фото:

Bitcoin Price Analysis: Yearly Support Breaks as Bitcoin Tests Underlying Demand

After months and months of consolidation, the yearly support finally broke and now bitcoin has found itself in the lower $5000s for the first time since 2017:Figure 1: BTC-USD, Daily Candles, Broken SupportBitcoin managed to drop a staggering 16% yesterday as the market sliced through the long held support like a knife through butter.

2018-11-16 01:28


Фото:

Witheblock Study Claims EOS Not a Blockchain, Has Significantly Lower TPS Than Advertised, and Is Nothing but Ram Market and Cloud Service

A Blockchain performance testing company completed a 3 months long independent benchmark testing on the EOS Blockchain. The test results published by the company on November 1st drew the inference that EOS doesn’t meet the technical requirements to be classified as a Blockchain and that it has substantially lower transaction throughput capabilities than what EOS […] Witheblock Study Claims EOS Not a Blockchain, Has Significantly Lower TPS Than Advertised, and Is Nothing but Ram Market and Cloud Service was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-11-7 17:59


Bitcoin (BTC) Price Analysis: Can Sellers Stay in Control?

Bitcoin has formed lower highs and higher lows on its 1-hour time frame to create a descending channel pattern. Price is bouncing off support and might be due for a test of the resistance soon. Applying the Fibonacci retracement tool on the latest swing high and low shows that the 50% level lines up with […] The post Bitcoin (BTC) Price Analysis: Can Sellers Stay in Control? appeared first on Ethereum World News.

2018-10-29 05:16


Ether Price Analysis: Historic Support Tested Amid Signs of Distribution

It’s been weeks since ether has seen a new high or a new low and the market has found itself range-bound. At the moment, we are seeing signs of distribution as large rounds of selling have remained present during key support tests:Figure 1: ETHUSD, 4 Hour Candles, Trading RangeSo far, for the last few weeks, ether has seen a trend of higher lows and low highs (the converging red trendlines).

2018-10-20 01:31


BitMEX Research Says Bitcoin SegWit Use Up 17% Over Bitcoin Cash Even With Stress Test

Bitcoin SegWit Challenges Bitcoin Cash Both soft and hard forks have always presented an interesting conceptual and practical issue on the blockchain. Bitcoin’s blockchain creates forks in its overall chain when the community decides that a certain idea or issue is simply too important to continue along the same path. When some people felt as […]

2018-10-19 02:33


Фото:

NANO Beats XRP in a Recent Binance Deposit Speed Test

During the Bull Run of last year into early this year, many traders shared notes as to what cryptocurrency was the fastest when shooting funds across exchanges to catch in on the trading action. As the global trading volume grew, many traders found out that the Bitcoin (BTC) and Ethereum (ETH) networks were getting congested, […] The post NANO Beats XRP in a Recent Binance Deposit Speed Test appeared first on Ethereum World News.

2018-10-18 19:19


Фото:

Nigerian Startup Kubitx Launches Bitcoin Exchange in Beta

Kubitx, a Pan-African financial technology startup registered in Malta, announced the beta launch of its new cryptocurrency exchange on Thursday. The platform, which supports seven digital coins for the test, including BCH and BTC, will initially be available to users in Nigeria, before the company expands it to other African countries in the coming months.

2018-10-12 00:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Wallets Cross 48 Million for the First Time

Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption. Surpassing 2022 figures in the process. The post Bitcoin (BTC) Wallets Cross 48 Million for the First Time appeared first on BeInCrypto.