A textbook technical scenario brewing inside the bitcoin market could send its prices above $14,000.
Crypto analysts highlighted earlier this week the potential formation of an Inverse Head and Shoulder (IHS) pattern. Investopedia defines it counter, which is called Head and Shoulder Pattern, as a “reliable” indicator in predicting an asset’s bullish-to-bearish trend reversals. Therefore, its inverse version appears bearish-to-bullish to crypto traders.
Bitcoin’s recent price action has led it to partially complete IHS. It ideally resembles the establishment of three lows, with the middle-low the deepest. So far, bitcoin has made two lows (one ‘left shoulder’ and the other ‘head’). It is yet to complete the IHS by making the third one, as shown in the chart below, followed by a bounce towards the neckline.
BTC/USD Could Form IHS | Source: CryptoWolf
That typically means that bitcoin could first crash towards the low established earlier by the Left Shoulder. The fall could be anywhere between $7,800-8,054. Then, the same area could serve as support to attract more buyers, leading to an upside retracement towards the IHS’s neckline of $10,190.
Bulls could push the price further above the neckline, leading to a breakout scenario. The IHS breakouts typically lead price higher by as much as the pattern’s height. In the current case, that height is about $400. With that said, bitcoin’s close above the IHS neckline could have traders wait for a close above $14,000 in the medium-term.
The Halving-Coronavirus Combo
The upside bias came at a time when bitcoin has rebounded by circa 9 percent so far into March after slipping exponentially in the previous month. Experts note that speculators are increasing their positions in bitcoin, believing that it would protect them against the financial meltdown caused by an escalating Coronavirus epidemic across the world.
Appetite for safe-haven assets has surged particularly in the wake of the global stock market’s crash. FT reported Friday that investors have withdrawn equities of about $23 billion to seek safety in bonds, gold, yen, and similar hedging assets.
Bitcoin, on the other hand, has long projected itself as a crisis manager, mostly because of its lack of correlation with traditional markets. Moreover, the cryptocurrency’s much-awaited halving event, which would see its daily supply rate cut down from 1,800 BTC to 900 BTC, is making analysts bullish.
So I think May 2020 #bitcoin halving will produce similar results (red dots) as 2012 and 2016 halving. Why? Co-integration! ELI5: S2F and btc price stay together. Look at the white dots (1 means btc price is exactly S2F model value), btc is above and below model value EVERY YEAR. pic.twitter.com/kfrejvrRA2
— PlanB (@100trillionUSD) March 4, 2020
Risks
To the downside, bitcoin’s uptrend is appearing to slow down near $9,000 which may lead the cryptocurrency to test new short-term lows. Its biggest challenge is to uphold its 50-week moving average wave as support. A break below it could crash the price towards $6,400-6,000 range.
Bitcoin eyes major support test near 50-week MA | Source: TradingView.com, Coinbase
The BTC/USD pair was down by 0.42 percent to $9,120 into Friday at the time of this publication. origin »
Bitcoin traders are enthusiastic about a textbook technical indicator whose formation could send the asset’s prices higher. Dubbed as Golden Cross, the candlestick pattern will occur when bitcoin’s short-term moving average closes above its long-term moving average.
Perma-bull Fundstrat Managing Partner Thomas Lee calls this year’s Bitcoin rally ‘textbook’. Affirms that BTC could almost triple in 2020 and beat the Dow Jones to $40K. Thomas Lee Calls for a $40K Bitcoin On Jan 29, Fundstrat’s Managing Partner and Head of Research Thomas Lee claimed that Bitcoin was “re-entering” a bullish market.
Bitcoin’s dreamy price rally in 2020 could hit a dead end in the coming sessions, according to a bullish reversal indicator. The benchmark cryptocurrency is forming a Rising Wedge pattern as confirmed by its price consolidating between upward sloping resistance and support.
There’s no doubt XRP saw poor performance in 2019. During that year, the price of the asset against the U. S. dollar fell by 50%, managing to underperform a swath of traditional asset classes, from stocks and bonds to precious metals and commodities.
Just a day after New Year’s Day, prominent Bitcoin analyst Financial Survivalism (also known as Sawcruhteez) posted the below tweet for the world to see. In it, the pseudonymous trader, who is good friends with Tone Vays and the now-passed Tyler Jenks, claimed that Bitcoin was starting to show signs it was forming a textbook... The post appeared first on NewsBTC.
All throughout the tail end of 2019, as Bitcoin’s parabolic rally came to an end and the asset fell back into a six-month-long downtrend, the price action was so similar to the run-up to the 2017 all-time high, that the rally has been dubbed a “textbook echo bubble.
A textbook candlestick pattern is showing a very rosy future for Bitcoin SV (BSV). The fifth-largest cryptocurrency by market cap lately formed a Golden Cross – a bullish signal wherein an asset’s short-term moving average closes above its long-term moving average.
Bitcoin on Monday was trading above $7,500 as sellers showed signs of exhaustion near a crucial support area. The cryptocurrency could swell further to test $8,000-8,500 area, according to textbook technical indicators.
You’ve likely heard the term “echo bubble” tossed about in relation to Bitcoin over the past couple of months. For instance, hedge fund manager Mark Dow, an investor that shorted BTC when it traded at $20,000 in December 2017, recently quipped that the leading crypto is in a “textbook echo bubble.
Bitcoin’s entire 2019 rally from trough to peak, is nothing more than a “textbook echo bubble” according to a former IMF economist. If the well-known economist is correct, knowing this fact could provide some clues about what happens next for the first-ever cryptocurrency.
It is looking increasingly likely that Bitcoin’s recent dip to lows of $6,500 will mark a long-term bottom for the cryptocurrency, as its bulls have been able to propel its price higher and sustain their momentum, with BTC now targeting a movement to $8,000.
Bitcoin's price recovered on Wednesday following a brief stint at six-week month lows, as technical re-positioning fuled an 11% recovery.
The post Bitcoin Price Rebounds 11% From Low amid ‘Textbook’ Inverse Head & Shoulders Pattern appeared first on CCN.com
One of the textbook examples of hyperinflation is seeing a resurgence in demand for cryptocurrency. Bitcoin prices are soaring in Zimbabwe, as the government moves to limit trading in foreign currencies, Quartz reports.
Expert: Bitcoin Could Reach $100,000 In 2020 Dr. Julian Hosp, the famous author of the book Cryptocurrency Simply Explained, is optimistic that bitcoin could be more expensive than it is today. The crypto enthusiast took his optimism from a textbook indicator that measures abundance in commodity markets.
Bitcoin is about to get a lot more expensive than it is today, according to Dr. Julian Hosp. The author of ‘Cryptocurrencies Simply Explained‘ evaluated bitcoin’s future performance based on a textbook indicator that measures abundance in commodity markets.
By CCN: U. S. financial news and opinion broadcaster Max Keiser is a textbook hodler. For the host of the Keiser Report on RT to dispose of the bitcoin he has been accumulating since 2011, his price target of $100,000 will have to be achieved first.
Nestled in the exhibition room at this year’s Consensus conference, the U. S. Commodity Futures Trading Commission (CFTC) had a message for conference goers as they weaved in and out of booths representing various projects and startups in the space: “Be on the lookout for virtual currency fraud” and if you see it, let us know.
Altseason Could Continue From Here Over the past week, altcoins (crypto assets other than Bitcoin) have begun to slip. In fact, as of the time of writing this, Bitcoin dominance is sitting at a casual.
Textbook Bottom Indicates Bitcoin Is Ready To Rally Take a look at the two images below. On the right is an excerpt from the “Encyclopedia of Chart Patterns” by Thomas Bulkowski, which shows something called.
By CCN: The bitcoin price could attempt a runup towards $6,800 in the near-term, according to one popular stock trading indicator. Bitcoin on the Verge of a Bump-And-Run Reversal? Dubbed a Bump-and-Run Reversal (BARR), the pattern includes three crucial phases before an asset undergoes a full-blown breakout session.
A Twitter user suggested the formation of BARR [Bump and Run Reversal] Pattern, which suggests that Bitcoin already bottomed in the month of December 2018. According to Twitter user @thalamu_, Bitcoin hit bottom on December 15, 2018, when the price of Bitcoin fell as low as $3,126 [BitMEX].
Bitcoin price is at a critical juncture. The price of the first ever cryptocurrency has rallied far enough away from the current bear market low of $3,150 to give bulls confidence that the worst is behind them, but is still shy of a break of $6,000 that would confirm the bear market is over.
Bitcoin Could See 15% to 20% Pullback Next Week An analyst with the moniker “Magic Poop Cannon” recently warned investors that Bitcoin (BTC) could see a large pullback in the coming weeks.
An impressive move higher for Bitcoin and cryptocurrencies yesterday took bitcoin price across the $5k handle for the first time in 2019. Let’s take a look at the market to try to determine if we can expect more upside to come.
Let us first understand what an exchange-traded fund is and then take a closer look at Bitcoin ETFs. What is an ETF? An exchange-traded fund (ETF), if you had to go by the textbook definition, is what Investopedia defines as “a marketable security that tracks an index, a commodity, bonds, or a basket of assets […]
Understanding Bitcoin Exchange-Traded Funds: What Is a Bitcoin ETF? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
At the time of this article, the news from the Winklevoss ETF being denied by the SEC is still fresh and it is unclear what impact it may have on the overall macro trend of the market.
Also read: Craig Wright Referenced as Satoshi in Chinese University Textbook Oh No Nano! Yesterday was a big day for free transactions altcoin Nano: its Android wallet was released. Nano holders have been hurting enough, in other words, without this latest debacle to deal with. Nic Carter decided to spend the evening calculating how many
News According to reports a Chinese economics textbook that’s used in some of China’s leading universities states that the notorious Dr. Craig Wright is Satoshi Nakamoto, the creator of Bitcoin. The university textbook authored by Frederic Mishkin calls Wright an “Australian geek” who invented the cryptocurrency bitcoin almost ten years ago. Also Read: “I Am the
According to reports a Chinese economics textbook that’s used in some of China’s leading universities states that the notorious Dr. Craig Wright is Satoshi Nakamoto, the creator of Bitcoin. The university textbook authored by Frederic Mishkin calls Wright an “Australian geek” who invented the cryptocurrency bitcoin almost ten years ago.
Discover why ZKP is standing out as a top presale crypto, with privacy + verification technology that supports secure, verifiable AI compute as its presale auction goes live.
A staged fake-delivery encounter in San Francisco’s Mission Dolores district escalated into one of the city’s largest known individual crypto thefts, after a disguised assailant subdued a resident and escaped with assets worth $11 million, alongside the victim’s phone and laptop.
Best Wallet Token nears its presale finale with $17M raised, live app utility, and strong staking rewards—making BEST a leading contender for the next 100x crypto.
Hyperliquid displays a Head and Shoulder pattern of HYPE token, which indicates a significant price change. The $35.5 neckline is crucial with a target of $12.
In a recent financial statement on Circle’s (CRCL) third-quarter (Q3) performance, the stablecoin giant saw tremendous increase in key metrics, exceeding Wall Street estimates. Circle’s Financial Disclosures According to the financial disclosures made public by the firm on Wednesday, Circle’s Reserve Income surged to $711 million, marking a substantial 60% year-over-year increase, primarily fueled by […]
According to a recent report by Bloomberg, the cybersecurity arm of China has openly accused the US government of orchestrating the theft of approximately $13 billion in Bitcoin (BTC), adding tension to the ongoing cyber relations between the two nations.
