Bitcoin saw a sharp decline today that led it down to lows of $9,200 before it rebounded back into the mid-$9,000 region. This price action made the cryptocurrency vulnerable to seeing further downside in the days and hours ahead.
It is important to note that buyer aggressively confronted this dip with buying pressure, confirming that it does have some significant support within the lower-$9,000 region.
Analysts are noting that the crypto could see some significant downside in the days and weeks ahead if it fails to garner any further upwards momentum. One analyst is even noting that it could decline to as low as $7,600 in the near-term.
Data regarding investor sentiment suggests that the crypto’s inability to break above $10,000 is causing some investors to anticipate further weakness.
Bitcoin Declines to Lower-$9,000 Region as Resistance Mounts
At the time of writing, Bitcoin is trading down just over 3% at its current price of $9,400. This marks a slight decline from daily highs of just under $10,000 that were set around this time yesterday.
The cryptocurrency has faced multiple rejections around $10,000 throughout the past several days and weeks – confirming that it is a heavy resistance level for the benchmark digital asset.
If it continues struggling to break above this level in the hours and days ahead, it is possible that bulls’ strength will begin dissolving – opening the gates for BTC to see a significant decline.
One popular pseudonymous crypto trader mused this possibility in a recent tweet, explaining that he is anticipating a drawback that potentially leads Bitcoin to lows in the $7,000 region.
“BTC – failure to break down then I would setup short again from 96s – 97s. Taken 50% off initial short,” he explained while pointing to the chart seen below.
Image Courtesy of TraderXO
Investor Sentiment Begins Degrading
It appears that Bitcoin’s present weakness is causing investor sentiment to degrade – a sign that many are expecting it to see further downside.
According to recently released data from Arcane Research, the cryptocurrency’s “Fear & Greed Index” has declined from the “greed” phase to the “fear” phase this week.
“The Fear & Greed Index is now down to 44 and the market is getting fearful after a volatile week, pushing towards a neutral state again. While the market was greedy for one single day, it quickly returned to fear after the bitcoin price pulled back over $2,000 within a short period of time last weekend.”
Image Courtesy of Arcane Research
This shift is emblematic of investors growing increasingly fearful that potential decline mused by the trader above will come to fruition.
Featured image from Unplash. origin »
Bitcoin plunged overnight to lows of $9,900 once again, with bulls struggling to defend against it seeing further downside Analysts are widely noting that the cryptocurrency is now at risk of seeing even further downside in the near-term as it struggles to maintain above its crucial support One trader is noting that a continued bout of trading below $10,000 could strike a blow to the crypto’s technical structure He reckons that this will lead BTC […]
Bitcoin price started a downside correction from the $12,500 resistance against the US Dollar. BTC is currently trading below $12,000, but there are many key supports on the downside. Bitcoin started a short-term downside correction and traded below the $12,000 support.
Bitcoin had formed lower highs and higher lows to consolidate inside a symmetrical triangle on its 4-hour time frame before breaking to the downside. This signals that bears have won over and that further declines are underway.
Key Points Bitcoin price started a downside correction after climbing as high as $6,554 against the US Dollar. There was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin cash price started a major downside correction from the $635 swing high against the US Dollar. There is a key bearish trend line in place with resistance at $550 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
Ripple’s digital currency XRP has underperformed Bitcoin for the majority of this year. Yesterday, in line with most altcoins, XRP managed to outperform. XRP still trades in a range despite this rise and may have much more downside risk than upside potential.
The price action of the cryptocurrency with the Shiba Inu dog mascot looked as if it was pricing in a higher low yesterday. Today, Doge continues its decline underperforming the market leader Bitcoin as it looks set to form a lower low.
Key Points Bitcoin cash price struggled to recover and it is currently moving lower against the US Dollar. Yesterday’s highlighted key bearish trend line is intact with resistance at $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Key Points Bitcoin cash price declined after it failed to break the $445-450 resistance against the US Dollar. There is a connecting bearish trend line in place with resistance at $442 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Bitcoin is still waiting on a symmetrical triangle consolidation breakout but has to also contend with nearby upside and downside barriers outside the formation. After all, price also seems to be moving in a range with resistance at $6,450 and support around $6,350.
As a company looking to give users full control over their digital rights, Blockstack is piloting a new app mining program that encourages designers to create new applications directly on Blockstack’s platform and earn rewards in bitcoin.
Key Points Bitcoin price is trading above the important $6,390 support area against the US Dollar. Yesterday’s highlighted major bullish trend line is intact with support at $6,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin cash price recovered recently before facing sellers near $450 against the US Dollar. There was a break below a major ascending channel with support at $445 on the hourly chart of the BCH/USD pair (data feed from Kraken).
While the market leader Bitcoin has returned to consolidation with low volume trading, the third largest cryptocurrency by market capitalization has been making some significant movements. Ripple’s digital currency had been on a downward spiral since a bearish divergence occurred between price and RSI at the start of October.
After the market crash on Thursday, the future of a further drop in Bitcoin seems to be a bit brighter according to CoinDesk. The biggest digital currency in the world has been staying relatively steady over the past month but on Thursday there was a massive drop bringing the price down below the $6,500 mark and to the $6,200 level confirming a range breakdown.
Bitcoin (BTC) had a steep decline yesterday. During the last hour of trading, it plunged further into the red. This marks the completion of the final wave of capitulation. Bitcoin (BTC) has now begun the day in green.
Chart for ETH/USD (4H) Ethereum (ETH) investors have nothing to worry about. The recent decline in Ethereum (ETH) sure was frightful. It is alarming to see the price of an asset decline by more than 10% in a single day.
For several weeks, bitcoin has remained in a consolidating uptrend. The market hasn’t seen a new high since mid-September, but the lows have steadily gained higher and higher ground.
Are the odds against Bitcoin (BTC)? In the short term, yes, the odds are against Bitcoin (BTC). The above daily chart for BTC/USD shows Bitcoin (BTC) trading in a symmetrical triangle. As can be seen very clearly, the price was falling before August 14 when it entered the symmetrical triangle.
Mid-week and the crypto-verse market is taking a stride downside as prices are approaching supports just above important levels. Things are looking still pretty good on the weekly chart as Bitcoin [BTC], the largest by market capitalization, is still on the green with a few coins following.
StellarX launched last week, marking its first step for its goal of world takeover. The exchange was developed by InterStellar, a for-profit organization that develops business operations for the Stellar protocol.
Based on blockchain technology, most cryptocurrencies have an open and public ledger of transactions. While this is required for these systems to work, it comes with a significant downside: Privacy is often quite limited.
Key Points Bitcoin cash price declined further and broke the $470 and $460 support levels against the US Dollar. Yesterday’s highlighted contracting triangle with support at $486 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
Based on blockchain technology, most cryptocurrencies have an open and public ledger. While this is required for these systems to work, it comes with a significant downside: Privacy is often quite limited.
Based on blockchain technology, most cryptocurrencies have an open and public ledger. While this is required for these systems to work, it comes with a significant downside: Privacy is often quite limited.
Based on blockchain technology, most cryptocurrencies have an open and public ledger. While this is required for these systems to work, it comes with a significant downside: Privacy is often quite limited.
Key Points Bitcoin cash price remained in a tight range above the $600 barrier against the US Dollar. There is a major bearish trend line in place with resistance at $648 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Bitcoin (BTC) is an uptrend as the price seems to have entered a new ascending channel that can be seen on the 4H chart for BTC/USD above. This channel has held so far since the last few weeks of August and can be seen as the gateway to a trend reversal.
Key Points Bitcoin price extended downside correction and tested the key support at $6,775 against the US Dollar. This week’s followed major bullish trend line was breached with support at $6,930 on the hourly chart of the BTC/USD pair (data feed from Kraken).
On a weekly basis, Bitcoin prices are up one percent and in the weekly chart prices are moving inside a descending triangle with limits at $6,800 on the upside and $5,800 on the downside. On top of this, prices are consolidating in the daily chart within Aug 10 high lows. Either way, bears on in […]
Bitcoin (BTC) has held the $5,800 support so far even as crypto carnage continues. While most altcoins have already suffered double digit losses, Bitcoin (BTC) has held its ground as can be seen on the daily BTC/USD chart above.
Key Points Bitcoin cash price fell significantly and broke the $600 support against the US Dollar. There is a new contracting triangle forming with resistance near $608 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Bitcoin Price Key Highlights Bitcoin price is on another day of declines, possibly setting its sights on longer-term support zones. Price has already closed below the 50 SMA to reflect a pickup in selling pressure.
Amid renewed talk about cryptocurrency prices surging in the second half of 2018, one of the industry’s oldest commentators has said he does not think this year will see new all-time highs. ‘Sideways And Downside Potential’ In a forecast and analysis August 2, economist and investor Tuur Demeester said that 2018 would likely fulfil the role of a “shakeout year” in both Bitcoin and altcoin markets.
Bitcoin is still trending lower inside its descending channel on the 1-hour chart and seems to be aiming for the next downside targets.
The post Bitcoin (BTC) Price Analysis: Bears Just Won’t Give Up! appeared first on Ethereum World News.
Key Points Bitcoin price topped near the $8,500 level and started a downside correction against the US Dollar. Yesterday’s highlighted key connecting bullish trend line was breached with support at $8,190 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin cash price started a downside correction after trading above the $875 level against the US Dollar. There is a key connecting bullish trend line formed with support at $830 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Bitcoin Price Key Highlights Bitcoin price has been on a tear lately but appears to be hitting a strong upside roadblock around $8,000. This is around the top of its descending channel visible on the 4-hour and daily time frames.
As anticipated in yesterday’s article, Bitcoin looked bullish coming into this week, and it did successfully make a move to the upside. It was uncertain whether there would be a move to the upside or the downside once price reached $7850 but for the moment, this point is acting as resistance.
Key Points Bitcoin cash price started a downside correction and declined below $840 against the US Dollar. This week’s highlighted major bullish trend line was breached with support near $830 on the hourly chart of the BCH/USD pair (data feed from Kraken).
IOTA (MIOTA) continues to trade in a downtrend. The price has once again met heavy resistance after a recent Bitcoin (BTC) induced pump. The price received a significant boost but resistance at the downtrend line for IOTA/USD made it clear that the price is not in the clear yet and further downside is likely.
Bitcoin (BTC) is at the end of the line. From this point onwards, it will have to break out of the triangle, be it to the upside or to the downside. The most likely scenario, considering all technical as well as fundamental indicators is that Bitcoin (BTC) will break out to the upside.
Bitcoin price is gaining momentum above $6,600 against the US Dollar. Bitcoin Price Trend This past week, there was a downside correction below the $6,700 support in bitcoin price against the US Dollar.
Bitcoin (BTC) continues to demonstrate weakness as the volume is at its lowest since the beginning of the year and interest is fading away. Search engine volume for Bitcoin (BTC) has fallen back to its lowest.
In our view, this is not the end of the bear market, and traders and investors should expect possible further downside to come over the medium-to-long term. Daily Bitcoin trading volumes are down over 66% from the all-time highs of December 2017.
Bitcoin price failed to recover above $107,000. BTC is trimming gains and might could continue to move down if it trades below $102,500. Bitcoin started a fresh decline after it failed to clear $107,000.
Square, the payment services arm of Block, has launched its Bitcoin payment feature for small businesses, allowing them to accept BTC payments and manage their digital assets alongside traditional finances through its point-of-sale platform.
Eric Trump, son of US President Donald Trump and executive vice president of the Trump Organization, has revealed new bullish predictions for Bitcoin (BTC).
Bitcoin price is attempting to recover above $103,500. BTC could continue to move up if it clears the $106,500 resistance zone. Bitcoin started a decent recovery wave above the $103,500 support. The price is trading above $104,500 and the 100 hourly Simple moving average.
Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance. Bitcoin started a fresh decline below the $104,000 support. The price is trading below $104,000 and the 100 hourly Simple moving average.
