As discussed yesterday, the cryptocurrency’s persistent failure to scale the $6,800 mark in a convincing manner had raised the prospects of another leg down in bitcoin prices.
Bitcoin breached the key support of $6,620 a couple of hours ago – signaling that the relief rally from the June 13 low of $6,108 has ended at $6,850 (June 18 high) and the bears have regained control.
The stage is now set for a drop to $5,090 (target as per the measured height method, i.e.
Meanwhile, the bearish crossover between the 5-month and 10-month moving averages (MAs) also favors a convincing break below the immediate support of $6,000 (February low).
A high volume break above the 50-week MA, currently located at $6,958 would signal long-term bearish invalidation.
BTC was in a slight upward momentum.
The king coin could break out below $16,442.38.
A break out above the 23.6% Fib level of $16,766.50 will invalidate the bias.
Bitcoin (BTC) has been sThe post Bitcoin traders can benefit from short selling if 'this' support is breached appeared first on AMBCrypto.
At the time of writing, the crypto-community's optimism was on an incline after Bitcoin, the world's largest cryptocurrency, breached the psychological resistance of $10k, a level it breached for the The post Bitcoin, Tron, Dogecoin Price Analysis: 02 June appeared first on AMBCrypto.
It’s been an explosive past few days for Bitcoin. After tanking as low as $8,600 on the weekend before last, the cryptocurrency breached $10,000 just hours ago. On Bitstamp, BTC traded as high as $10,429, according to TradingView.
Key Points Bitcoin cash price failed to move past the $900-910 resistance and declined sharply against the US Dollar. Yesterday’s highlighted key bullish trend line was breached at $880 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Key Points Bitcoin cash price bounced back sharply from the $825 support area against the US Dollar. Yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
In an interesting turn of events, Coinbase yesterday announced listing of Ethereum Classic (ETC) on its platform. This announcement was long overdue and Ethereum Classic (ETC) bulls rejoiced on the game changing news.
Key Points Bitcoin price found support near $6,620 after a major decline against the US Dollar. Yesterday’s highlighted important bearish trend line was breached with resistance at $6,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
It feels like a lifetime since we where watching the markets push Bitcoin up to that majestic $10,000. 00 target. $10,000. 00 marked a half way point in which Bitcoin would have achieved 50% of the climb it needed to reach its optimum goal of $20,000.
Bitcoin price plunge over the weekend is generally being linked to another cryptocurrency exchange hack in South Korea. This time it was a smaller exchange called Coinrail that was breached by blackhats who made off with over $40 million in altcoins which may have caused the massive sell-off on Sunday leaving a trail of red.
Negative sentiment is gradually growing in the general crypto market once again, with major digital assets like Ethereum, the second-largest cryptocurrency, witnessing a notable setback that led to a slowdown of its renewed upside price momentum.
However, so far, the break above $6,400 has remained elusive, likely due to anemic trading volumes. Bitcoin’s total trading volume across all cryptocurrency exchanges fell to $2. 92 billion on Saturday, the lowest level since November 7, according to CoinMarketCap.
