Bitcoin Price Takes Aim at $7.4K Resistance — $7.6K by Monthly Close?

Bitcoin Price Takes Aim at $7.4K Resistance — $7.6K by Monthly Close?

Bitcoin price appears set to retest the $7.4K resistance but will the digital asset take a shot at the more important $7.6K resistance before the weekly and monthly close?

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With the end of the year just a few days off, Bitcoin (BTC) looks set to close 2019 under $10,000. Despite the digital asset’s inability to change the bearish trend that has held a tight grip on price since June 26, the most recent price action has been a godsend for intraday traders playing the relatively predictable range.

Cryptocurrency market daily overview. Source: Coin360

Will volatility increase ahead of the monthly close?

The daily chart shows Bitcoin price continues to trade in a tightening range and the Bollinger Bands indicator suggests that traders can expect some volatility over the coming days as the upper and lower bands are tightening and the monthly close fast approaches. 

BTC USD daily chart. Source: TradingView

The price is also in the golden pocket (the zone between the 0.65% and 0.68% Fibonacci retracement levels) but whether this is bullish or bearish signal depends on a trader’s perspective. 

Some say that if the price is rising into the golden pocket this can be interpreted as a place to open a short position, especially if there is strong overhead resistance. Alternatively, if the price is descending into the golden pocket traders will view this as an opportunity to open a position in anticipation of a bounce. 

As it stands now, BTC price is trading above the middle moving average of the Bollinger Band indicator and the volume profile visible range (VPVR) shows the price supported at $7,200, a point which Bitcoin has ridden along for the last 4 days. 

Thus, over the short-term, it seems likely that Bitcoin is en-route to have a go at $7,400, which is the most immediate resistance that the digital asset has struggled to flip to support over the past week.

Key resistances must become support

BTC USD 6-hour chart. Source: TradingView

Further short-term bullish evidence can be drawn from the 6-hour timeframe where the moving average convergence divergence (MACD) is on the verge of a bull cross with the signal line pulling above 0 and the histogram is coming closer to flipping positive. 

Traders will also notice the “three white soldiers” candlestick pattern on the 6-hour chart. Cointelegraph contributor Scott Melker recently wrote that this pattern often marks the reversal of a short-term downtrend. 

Traders who rely on moving averages for insight will notice that the 12 and 26-period exponential moving averages have converged on the 6-hour timeframe. While on the daily timeframe the price is pinched between the two as the 12-EMA inches closer to the 26-EMA. 

BTC USD daily chart. Source: TradingView

While momentum is building and Bitcoin looks bullish on the shorter timeframes, the price will need to sustain above $7,290 and flip $7,300 to support in order to take another shot at the $7,400 resistance.

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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Bitcoin price appears set to retest the $7.4K resistance but will the digital asset take a shot at the more important $7.6K resistance before the weekly and monthly close?

Bitcoin Price Trend Reversal in Progress? Key $7.6K Level Unlocked

Bitcoin Price Trend Reversal in Progress? Key $7.6K Level Unlocked

“Is $8K next?” is the question on everyone’s minds as Bitcoin bulls defended the weekly close by pushing the price above the $7.4K and $7.6K resistances

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On Sunday Bitcoin (BTC) price revved up to rally from $7,115 to $7,642, providing a 7% gain and an unexpectedly strong weekly close, which now has some analysts suggesting that a trend reversal is in the making. 

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

The strong upside move brought the price above the $7,400 and $7,600 resistance, meaning traders will now look for the price to close above $7,600 and then have a go at the $7,800 resistance. 

Bitcoin CME Futures chart

Bitcoin CME Futures chart. Source: Tradingview

Given that the move took place on Sunday, there is now a CME futures gap at $7,230, which according to recent price action will likely be looking to get filled at some point in the future. 

BTC USD daily chart

BTC USD daily chart. Source: TradingView

The price halted right at the 50-day exponential moving average (DMA) and traders will have noted the bullish divergence on the daily moving average convergence divergence (MACD) and the gap on the volume profile visible range (VPVR) from $7,616 to $8,000. If the price can pull above the 50-DMA, additional gains to $8,000 seem likely. 

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

The move to $7,600 also appears to have put off the chance of Bitcoin price revisiting recent lows below $7,000 and the 4-hour chart shows that the price needs to cross back above $7,600 and set a higher high above $7,850. 

This assessment aligns with previous analysis by Cointelegraph contributor filbfilb who suggested that: 

“In order to be reasonably bullish in this market, Bitcoin needs to begin closing and finding support above key resistances, in particular, that of $7,600 on the weekly.” 

He also explained that “a higher-high over $8,000 and key moving averages trending higher” could signal a sharp change in the current bearish trend that Bitcoin price remains stuck in. 

Bitcoin 1-day price chart

Bitcoin 1-day price chart. Source: Coin360

Weekly volume and open interest chart

Weekly volume and open interest chart. Source: twitter.com/BakktBot

Meanwhile, Bakkt monthly volume continues to push higher, up 46% since November and currently at $110 million. 

The overall cryptocurrency market cap was $199 billion as Bitcoin’s dominance continues to creep higher to 68.9%. 

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Keep track of top crypto markets in real time here


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“Is $8K next?” is the question on everyone’s minds as Bitcoin bulls defended the weekly close by pushing the price above the $7.4K and $7.6K resistances

Bitcoin Price: Bear Market Isn’t Over Yet, But $7.6K May Change This

Bitcoin Price: Bear Market Isn’t Over Yet, But $7.6K May Change This

Bitcoin bulls fighting to maintain key $7,200 level

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Bitcoin (BTC) is trading around $7,200 on Friday, the level that was found following a large swing to the upside on Wednesday. 

As we move into the weekend, the majority of cryptocurrencies are also trading higher. Nevertheless, Ether (ETH) is still struggling to regain $130 while XRP has been unable to reclaim $0.20 after the rejection on Wednesday.  

Bitcoin dominance inches higher

This is highlighted in Bitcoin dominance, which is now at 68% and continues to threaten to take the 70% level, which continues to look like a possibility as Ethereum continues to lose market cap share.

Cryptocurrency market daily view

Cryptocurrency market daily view. Source: Coin360

Bitcoin is currently ranging between long term weekly resistance of $7,600 and the mid $6,000s.  

The 15% swing off the lows on Wednesday engulfed prior days of trading but failed to break through the declining resistance, which has defined the month of December. 

Currently, the BTC price is finding support in the middle of this trading range above $7,000. The key moving averages (MA) of the 50, 100 and 200-day are all above price and trending down, illustrating that the overall trend remains to the downside on the daily chart.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

The daily volume shows that the most recent high-volume candles coincide with the bullish response in the $6,000s, which goes some way in indicating that this is an area of demand. 

Bullish divs for OBV and MACD

The On-Balance Volume indicator, or OBV, continues to maintain a long-term bullish divergence with price. The moving average convergence divergence indicator, or MACD, remains below zero which is bearish. However, this indicator is trending up alongside a bullish divergence on the MACD.

BTC USD Daily chart

BTC USD Daily chart. Source: TradingView

The daily chart is showing that the bounce off the 7-month low on Wednesday suggests buying interest at the mid $6K level, which is reflected in the volume led indicators and also highlighted by a shift in momentum. 

Despite this, Bitcoin needs to overcome declining resistances and the $7,600 weekly resistance level to demonstrate a shift in trend.

4-hour chart

The 4-hour chart highlights the declining overhead resistance and the importance of the low $7,000 level.  

At present, Bitcoin is trading above the point of control in which most volume has been traded;  $7,115 is also the weekly open, which is an important level for Bitcoin to close above. 

Moving into the weekend, the bulls will need to maintain this level for the weekly close.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

The 4-hour MACD shows that the bulls are attempting to capitalize on the support that has been found so far above $7,000. Volume is starting to trend higher and the most significant large volume candles are green, suggesting a general trend change.

The 4-hour MACD is above zero and crossed bullish, though now printing lower highs on the histogram, which indicates a loss of momentum. The RSI is well above 50 and attempting to push higher. 

Overall, the 4-hour chart suggests that the bulls are looking to defend the weekly open and finish the week with a green candle.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

1-hour chart

The one-hour Bitcoin chart is showing that the bulls continue to test $7,200. But overall, the price remains in a consolidation period following the large buying volume on Wednesday. 

But while the volume remains low, the MACD is beginning to reset and cross bullish above zero, which may hint at the bulls having a push into the Friday close.  

The RSI is also now trending higher above 50 — another positive sign.

BTC USD 1-hour chart

BTC USD 1-hour chart. Source: TradingView

Looking forward

Despite the apparent shift in volume and momentum dynamics off the demand in the $6,000s, Bitcoin remains in an overwhelming multi-month downtrend, which is also visible on lower timeframes. 

In order to be reasonably bullish in this market, Bitcoin needs to begin closing and finding support above key resistances, in particular, that of $7,600 on the weekly.  

A higher-high over $8,000 and key moving averages trending higher would also be indicative of a more fundamental change in market direction, which remains locked in a bear market.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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Bitcoin bulls fighting to maintain key $7,200 level

Bitcoin Price Hits Tipping Point Above $7.6K — Pivotal Weekend Ahead

Bitcoin Price Hits Tipping Point Above $7.6K — Pivotal Weekend Ahead

Bitcoin price: bulls and bears key battle looks imminent

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Bitcoin (BTC) is trading up around 2% at $7,600 on the back of the European session this morning, which is where it has been consolidating for a couple of days. With the weekend looming and the month of November coming to a close, Bitcoin price action is at a critical point and is likely to result in volatility over the weekend. 

As has been witnessed recently, Bitcoin has continued to dictate the valuation placed across the cryptocurrency market as a whole. Ether (ETH) and EOS, for example, have outperformed Bitcoin but ultimately continue to swim in the wake of the number one crypto asset.

Bitcoin dominance has reduced slightly to 68% but looks destined to retake 70% in the near future.

Cryptocurrency market daily view

Cryptocurrency market daily view. Source: Coin360

Weekly Chart

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

Bitcoin is currently trading right up against weekly resistance at $7,600, which was previously long-term support that was lost last week. The $6,500 price level has a relatively high level of volume history as seen by the node on the VPVR and has yielded a 10% bounce so far this week but has yet to break the key $7,600 level. 

Clearly, such a strong response is encouraging for the bulls but ultimately — from a neutral point of view — Bitcoin is currently retesting the breakdown, which the bears will see as an opportunity to sell into. 

It is, therefore, a critical time for the market. The 100-week moving average was also lost last week, but it is currently being tested and will cross with the 50-week moving average next week, which has been pivotally bullish for Bitcoin in the past. 

Meanwhile, the MACD is still overall trending down and has crossed bearish. Bitcoin ultimately needs to break weekly resistance and find support over the weekend to count as being a strong bullish week for bitcoin, given the previous week’s drop. 

Daily chart

BTC USD Daily chart

BTC USD Daily chart. Source: TradingView

The daily chart shows Bitcoin is still trending down and did bounce off an important diagonal trendline. The diagonal 25% line is also now holding down the price as resistance. It’s worth noting the upside that occurs when this level is taken out and suggests a fast move to test $8K is not out of the question.

The Daily MACD clearly shows a trend change towards the bullish side, with a MACD cross due to happen. However, it is occurring below zero, which isn’t as ideal as it would be if it were above in bullish territory. The underlying moving averages are yet to cross.    

4-hour chart

BTC USD H4

BTC USD H4. Source: TradingView

The 4-hour Bitcoin chart paints a clearer picture of how critical current price action is — it is right up against the weekly resistance and local horizontal resistance. The completion of the head and shoulders pattern would imply that prices north of $8,200 are possible. But similarly, a breakdown here would also likely result in a fast move back to 7K in the middle of the range below, if not all the way to retest $6,500.

The MACD implies that the bulls are starting to lose momentum, which is contradictory to the cross on the 1-day MACD. This emphasizes the need to wait for confirmation on the next move and the risk associated with taking a position at the moment as it is not entirely clear what the market wants to do next.

1-hour chart

BTC USD Daily chart

BTC USD Daily chart. Source: TradingView

The one hour chart again shows that there is a struggle going on between the bears and bulls.  Additionally, there’s an ominous-looking head and shoulders topping pattern right up against resistance.  

Should the bulls fail to find their feet early into the weekend and the top breaks down, the target for this move would be the middle of the range below at $7,000.

The 1-hour MACD is about to turn bullish above the zero line so this does mean that the bulls are most likely to have some fight in them even at resistance.

Due to the nature of the price action reaching a tipping point, there will be traders already positioned and others who are ready to buy or sell breakouts on either side. This liquidity waiting on the sides amid incomplete patterns that are playing out at very important levels of support and resistance would imply that this weekend will be extremely important. In other words, volatility can be expected over the weekend that could result in some interesting price action. 

A close for the week in the range-finding support above $7,600 would suggest trading for December will be in the $7,600-$9,500 range and a failure here would imply that December will conclude the year in a new range below.  

Traders are likely to be busy this Friday and into the weekend. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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Bitcoin price: bulls and bears key battle looks imminent

Bitcoin Price Returns to $7.6K as Markets Reaffirm New Support Levels

Bitcoin Price Returns to $7.6K as Markets Reaffirm New Support Levels

Bitcoin shows signs of life with $7.6K uptick

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Bitcoin (BTC) hit $7,600 on Oct. 25 after a spell of bullish upward action saw 2% gains occur in a matter of minutes. 

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin reaches local high close to $7,650

Data from Coin360 showed BTC/USD passing the $7,600 mark across major exchanges, going on to challenge $7,650 before correcting. 

At press time on Friday, Bitcoin was fluctuating around the new levels, still down around 8% versus the beginning of the week. 

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

The latest in a series of abrupt moves, the potential reasons for the behavioral shift are still becoming clear. As Cointelegraph reported, major bagholders along with external factors are the favorites among analysts.

Others focusing on price were unsurprised by a bounce off what they previously identified as the lower boundary in a longer-term trading corridor. 

Cointelegraph contributor Michaël van der Poppe had previously noted the 200-day moving average for Bitcoin (around $7,400) would form a likely support area. 

“These dips on $BTC are overall giving you a beautiful opportunity to buy until the market starts its next wave up,” he told Twitter followers on Thursday prior to the uptick. 

Resistance for Bitcoin still remains heavy closer to $8,500. Beyond technical circles, the mood suggests a catalyst is needed to overcome this. This week, investor Mike Novogratz told mainstream media that new custody solutions for institutional investors could be the clinching factor. 

“It’s going to need new energy to really make the big move,” he said in an interview with CNBC.

Altcoins capitalize on positive moves

Altcoin markets meanwhile began taking advantage of Bitcoin’s reversal, gaining fairly strongly on the day. 

Ether (ETH), the largest altcoin by market cap, was up 2.8% at close to $166, in line with most coins in the top twenty. 

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

Others performed even better, with XRP gaining 4.4% and Binance Coin (BNB) 5.8%. A freak move by Bitcoin SV (BSV) nonetheless stole the show, climbing 16% in the past 24 hours. 

The overall cryptocurrency market cap was $208 billion, with Bitcoin’s share at 65.6%.

Keep track of top crypto markets in real time here


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Bitcoin shows signs of life with $7.6K uptick