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Bitcoin (BTC) Technical Analysis: Bear Continues To Wreck Havoc

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After a solid countertrend rally in July, which we anticipated and readied readers attention to of Global Coin Report, where Bitcoin generated a nearly 50% return for those whom participated in the move as well as reaching our noted measured move price objective in the 7800-8000 zone, BTC has since found the footing slippery and as a result, has now recently violated its former break-out point located at the 6900 level, which has precipitated further decline.

In our last missive,”Is The Countertrend Rally Over? “, we noted the following, “Moving forward, in order for BTC to ‘get going’ once again and resume its northern trajectory, both investors and traders may want to pay close attention to the 200 day SMA located at the 8440ish level as well as the 8510 and 9020 figures as potential overhead resistance levels to be cleared,” which did not not materialize and was a signal that the recent move may have exhausted.

We also went on to state, “Therefore, while BTC has and remains in ‘better’ technical shape than many of its brethren, and we’re not ready to officially declare that the forecasted countertrend rally is ‘Over’ just yet, we’re beginning to witness some signs that both  investors/traders may need to ‘tighten’ things up and keep their positions on a tight leash”, which has since proven prescient.

With that behind us, let’s take a look at the Chart of Bitcoin to see what may be in store as we move forward.

As we can observe from the daily chart above, Bitcoin is short-term oversold and due for some price relief with BTC registering eleven (11) down days out of the past twelve (12) sessions, constituting severe oversold conditions.

Additionally, we can also see that the primary trend, which is lower, remains in effect as BTC continues to trade below all of its important moving averages (20/50/200 SMA), which portrays and unfavorable technical posture.

However, and perhaps most importantly, with Bitcoin recently having violated the 6900 level on the downside, which acted as the neckline (resistance) on its most recent inverted H&S pattern, which then turned to critical support, such level will now act as formidable resistance once again.

Moving forward, both investors/traders may want to utilize the following levels as a guide in navigating the landscape ahead.

If BTC can get itself going to the upside, which we suspect will occur in the days ahead in order to work-off the oversold conditions, the 6900 level should prove formidable short-term resistance. On the flip-side of the coin, potential short-term support resides at the 6200-6300 zone with minor support at the round 6000 figure as well as the 5700 figure providing more meaningful support.

Nonetheless, the July countertrend rally is officially over and after some short-term price relief, we suspect that Bitcoin and the entire cryptocurrency landscape is in for further downside action before this bear runs its course. In essence, the bear continues to wreck havoc throughout the tape.

We remain in a primary downtrend whereby risk management is imperative, particularly for those whom are trading the short-term blips.

~iBC

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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