Bull Flag Breakout Brings Bitcoin Price to $9,200 — Altcoins Follow Suit

Bull Flag Breakout Brings Bitcoin Price to $9,200 — Altcoins Follow Suit

Bitcoin bulls recaptured the $9K mark for the second time in 24-hours and this time it looks like traders are targeting the $9.4-$9.6K zone.

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Bitcoin (BTC) price has risen over the $9K mark for the second time in 24-hours. On Saturday the day bulls managed to push the price of the top listed crypto-asset on CoinMarketCap to $9,010 but the price quickly rejected at the top of the bull pennant and pulled back to the $8,800 support before making a successful second attempt at breaking out. 

Crypto market daily price chart

Crypto market daily price chart. Source: Coin360

The breakout brought the price to $9,200 and at the time of writing Bitcoin price has pulled back to the $9,100 level where traders are attempting to establish support. 

On the shorter timeframe traders will note that the breakout occurred on a slight spike in volume but purchasing volume has now returned to the levels seen earlier in the day. 

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

A few possibilities could play out over the next few hours: Bitcoin price could consolidate between $9,200 and the bull pennant trendline which is also aligned with a high volume node on the VPVR at $8,900.

Another more bullish outcome would entail Bitcoin price pushing through the resistance at $9,200 to exploit a small gap on the VPVR from $9,176-$9,486. 

A short-term bearish scenario would occur is the price pulled below the 20-MA and $8,685 as the price could then drop to $8,400. 

At the time of writing, a bullish outcome seem more likely as the MACD and RSI remain bullish on the 1 and 4-hour timeframe. 

Risk averse traders are likely to wait for a retest of the $8,800 support whereas more aggressive traders could consider buying a breakout above $9,200 and profit taking at $9,400 and $9,700. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

A handful of altcoins also rallied higher as Bitcoin rallied above $9,000. Ether (ETH) gained 2.34%, Litecoin (LTC) added 3.24%, Ethereum Classic (ETC) moved up by an impressive 11.59%.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $254.9 billion and Bitcoin’s dominance rate is 65.7%.

Keep track of top crypto markets in real time here


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Bitcoin bulls recaptured the $9K mark for the second time in 24-hours and this time it looks like traders are targeting the $9.4-$9.6K zone.

Price Analysis 5/1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM

Price Analysis 5/1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM

Bitcoin price looks ready to consolidate near $9,200 for a few days before taking a shot at $10,000

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The total crypto market capitalization has jumped from about $198 billion on April 22 to over $263 billion on April 30. This 32% rally in roughly eight days shows that investor sentiment is bullish. While this is a positive sign, the problem is that most people expect a repeat of the previous bull run. But with coronavirus still not reigned in, investors are likely to sway between extreme optimism and pessimism. Therefore, any up move is likely to have its share of sharp pullbacks.

Crypto pioneer Charlie Shrem painted a bullish picture for Bitcoin (BTC) due to the upcoming halving and the massive quantitative easing seen across the world. Shrem pointed out that during the previous halving the price did not double instantly but it started a bull phase that resulted in a massive rally. Therefore, he anticipates that it might take about one to two years for the complete impact to be felt.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

Most major cryptocurrencies have fared exceedingly well in the current crisis when the traditional markets such as equities and crude oil have crumbled. This is likely to attract a lot of institutional investors into this space.

Top venture capital firm Andreessen Horowitz has raised $515 million, $65 million more than its initial goal of $460 million, for its second crypto-oriented fund. This shows the growing interest of institutional investors in the asset class. The reports from several countries and the top crypto exchanges also show that people’s interest in crypto has surged during the current crisis.

Due to this, job openings in the crypto sector have increased while “the traditional system seems to be completely breaking down all over the world,” according to Kraken co-founder and CEO Jesse Powell.

BTC/USD

Bitcoin (BTC), the top-ranked cryptocurrency on CoinMarketCap, surged above the overhead resistance of $8,175 on April 29. That was followed the next day by another move higher that carried the price above $9,200. However, the bulls could not sustain the higher levels as short-term traders booked profits following the sharp rally.

BTC–USD daily chart. Source: Tradingview

BTC–USD daily chart. Source: Tradingview

However, the positive thing was that the bulls bought the dip to $8,401.06 on April 30. Today, the bulls again pushed the price above $9,000 but they have not been able to sustain the higher levels.

This suggests that the bears are aggressively defending the $9,200 levels. This could result in a drop to the next support at $8,175.49, which is likely to be defended aggressively by the bulls.

If BTC bounces off the current levels or $8,175.49, the bulls will make another attempt to propel it above $9,200. If successful, a rally to $10,000 is possible.

However, if the bulls struggle to scale the price above $9,200, then traders can book profit on about 70% of the long position. The rest of the position can be held with a deeper stop loss, just below the 20-day exponential moving average ($7,626) and as the moving average moves up, the stops can be trailed higher.

This bullish view will be invalidated if the price turns down from the current levels and plummets below $7,454.17.

ETH/USD

Ether (ETH) broke above the ascending channel on April 29 but the bulls could not sustain the price above the channel. On April 30, the price again dipped back into the channel.

This suggests that the bears are still active at higher levels.

ETH–USD daily chart. Source: Tradingview​​​​​​​

ETH–USD daily chart. Source: Tradingview

Currently, the bulls are again attempting to push the second largest cryptocurrency market capitalization above the channel. If successful, it will suggest that the bulls have successfully overpowered the bears.

The ETH/USD pair is likely to pick up momentum on a break above $227.097. Above this level, the up move can extend to $250 and then to $289.599.

Conversely, if the pair turns down from the current levels, it is likely to drop to the 20-day EMA ($186). Traders can keep the stops on 50% of long positions at $200 and the rest at $185, just below the 20-day EMA.

XRP/USD

The rally in XRP turned around from $0.23612 on April 30. However, the positive thing is that the bulls have successfully defended the breakout level of $0.20570. This suggests that the bulls are buying on dips.

XRP–USD daily chart. Source: Tradingview​​​​​​​

XRP–USD daily chart. Source: Tradingview

If the price sustains above $0.20570, the bulls are likely to make another attempt to push XRP, which is the ranked third on CoinMarketCap, above $0.24560. If successful, a rally to the downtrend line at $0.28 is possible.

However, if the price turns down from $0.24560 once again, a few days of range-bound action is possible.

Therefore, traders can book partial profits on the long positions close to $0.24560 if the bulls struggle to break out of this resistance. The stops on the remaining positions can be kept at $0.19. A break below the 20-day EMA will shift the advantage in favor of the bears.

BCH/USD

Bitcoin Cash (BCH) rallied close to the overhead resistance of $280.47 on April 30 but could not break out of it. The altcoin turned down from $276.27. However, the positive thing is that the bulls are attempting to defend the previous resistance turned support of $250.

BCH–USD daily chart. Source: Tradingview​​​​​​​

BCH–USD daily chart. Source: Tradingview

The bulls are likely to make another attempt to push the price above $280.47. If successful, BCH, the fifth largest cryptocurrency on CoinMarketCap, is likely to pick up momentum and rally towards $350.

However, if the bulls fail to propel the price above $280.47, a few more days of range-bound action is possible. Traders can trail the stops on the long positions to $230 because if this level breaks, a drop to $200 is possible.

BSV/USD

Bitcoin SV (BSV) turned down from the $227-$233.314 resistance zone on April 30. This shows that the bears are active at higher levels. However, the bounce off $201.17 on April 30 suggests that the bulls are buying on dips.

BSV–USD daily chart. Source: Tradingview​​​​​​​

BSV–USD daily chart. Source: Tradingview

This suggests that BSV, the sixth-ranked cryptocurrency on CoinMarketCap, is likely to remain range-bound for a few more days. 

A break above $233.314 will indicate that the bulls have overpowered the bears. Above this level, a rally to $268.842 is possible.

Conversely, if the bears sink the price below the support at $203.40 and the 20-day EMA ($195), a drop to $187.160 will be on the cards. Therefore, the stop-loss on the long positions can be trailed higher to $195.

LTC/USD

Litecoin (LTC) broke above the overhead resistance of $47.6551 on April 29 but could not build upon it. The altcoin turned around from $50.7864 on April 30 and dropped below the breakout level of $47.6551, which suggests that bears are selling aggressively at higher levels.

LTC–USD daily chart. Source: Tradingview​​​​​​​

LTC–USD daily chart. Source: Tradingview

Nevertheless, the dip to $45.5444 on April 30 was purchased and the bulls will once again attempt to push the price above the $50.7864-$52.2767 resistance zone. If successful, a rally to $63.8769 is likely.

Conversely, if the bears again defend the overhead resistance zone, the seventh largest cryptocurrency by market cap might extend its stay inside the range for a few more days. For now, the stops on the long positions can be maintained at $42.

BNB/USD

Binance Coin (BNB) broke above the overhead resistance of $17.4775 on April 30 but the bulls could not sustain the breakout and the price again dipped back in. Currently, the bulls are again attempting to scale and sustain the price above $17.4775.

BNB–USD daily chart. Source: Tradingview​​​​​​​

BNB–USD daily chart. Source: Tradingview

If successful, BNB, ranked eighth on CoinMarketCap, is likely to pick up momentum and rally to the next overhead level of $21.50.

With the 20-day EMA sloping up and the relative strength index sustaining above 60 level, the advantage is with the bulls. The first sign of weakness would be a break below the 20-day EMA ($15.90). Therefore, traders can trail the stop-loss on the long positions to $15.50.

EOS/USD

EOS rallied close to the overhead resistance of $3.1802 but failed to scale above it on April 29 and 30. Although the drop from this level broke below the breakout level of $2.8319, the price quickly rebounded.

EOS–USD daily chart. Source: Tradingview​​​​​​​

EOS–USD daily chart. Source: Tradingview

This suggests that the bulls are attempting to defend the $2.8319 support level. If the bulls can carry the price above $3.1802, the uptrend is likely to resume. Above this level, the next target objective is $3.8811.

Conversely, if EOS, the ninth-ranked cryptocurrency on CoinMarketCap, turns down from $3.1802 once again, a few days of range-bound action is possible. Therefore, traders can book partial profits if the bulls struggle to break out of $3.1802 and keep the stop-loss on the rest of the long position at $2.50.

XTZ/USD

Tezos (XTZ) broke above the overhead resistance of $2.8969 on April 29 but the bears dragged it back below $2.7529 on April 30. This suggests that sellers are active at higher levels.

XTZ–USD daily chart. Source: Tradingview​​​​​​​

XTZ–USD daily chart. Source: Tradingview

However, with the 20-day EMA sloping up and the RSI trading near the overbought zone, the advantage is with the bulls.

Therefore, the bulls are likely to make another attempt to carry XTZ, which is ranked tenth on CoinMarketCap, above $2.8969-$3.0603 resistance zone. If successful, a rally to $3.2712 is likely. For now, the stop loss on the remaining long positions can be kept at $2.55.

XLM/USD

The bulls are facing stiff resistance at $0.073434 for the past two days. Though Stellar Lumens (XLM) turned down on April 30, the bulls stepped in to buy at $0.065546, which suggests demand at lower levels.

XLM–USD daily chart. Source: Tradingview​​​​​​​

XLM–USD daily chart. Source: Tradingview

If the bulls push the price above $0.073434, a rally to $0.089238 is likely. This is likely to be a huge barrier to cross as the eleventh largest crypto-asset by market capitalization has turned down from this level thrice before (marked as ellipses on the chart).

Conversely, if the bulls fail to scale and sustain the price above $0.073434, a few days of range-bound action is possible. A break below the 20-day EMA ($0.059) will indicate that the trend has shifted in favor of the bears.

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.

Market data is provided by HitBTC exchange.


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Bitcoin price looks ready to consolidate near $9,200 for a few days before taking a shot at $10,000

Bitcoin Price Dips Below $9,200 After Rejection by $9,500 Resistance

Bitcoin Price Dips Below $9,200 After Rejection by $9,500 Resistance

Bitcoin price drops down over the weekend after $9.5K rejection

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Bitcoin (BTC) dropped below $9,200 on Nov. 3 after a fresh attempt to crack resistance above $9,500 ended in rejection.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Bitcoin stays in low $9K corridor

Data from Coin360 showed BTC/USD continuing its ranging behavior with $9,000 as support on Sunday. At press time, the pair traded around $9,120, having fallen around 2% in the past 24 hours.

On Friday, the situation looked more bullish. After languishing near the bottom of its range, Bitcoin managed a run-up to $9,380 during Saturday before abandoning its position and heading downwards once more.

Bitcoin seven-day price chart. Source: Coin360

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, some analysts were keen to see lower levels as a form of price consolidation.

For regular contributor filbfilb, however, hopes were still high as the weekend began that a shift higher would materialize.

“Weekend pump playing out, everyone super bullish. I’m looking to short weekly resistance about 9550. Into the 61.8% retracement. 0.5% account risk as it could be totally wrong,” he told subscribers of his Telegram trading channel.

A return to five figures remains something of a holy grail for Bitcoiners under the current climate, with heavy resistance currently hindering progress.

Longer-term, prediction models nonetheless suggest an average BTC price of closer to $8,000 over the next six months. Thereafter, the block reward halving should pave the way for a new bullish era, say analysts.

As Cointelegraph noted, the previous two halvings both had a highly positive impact on Bitcoin in the months which followed.

Altcoins drift amid lack of momentum

Altcoin markets saw mixed fortunes as the weekend progressed. In the top twenty cryptocurrencies by market cap, most saw up or down moves of around 2%.

Ether (ETH), the largest altcoin, fell by a modest 1.1% to $181, in line with behavior from XRP and Binance Coin (BNB).

Ether seven-day price chart. Source: Coin360

Ether seven-day price chart. Source: Coin360

Some other tokens dipped more, with Tron (TRX) and EOS (EOS) both losing 2.5%.

The overall cryptocurrency market cap remained broadly stable at $246 billion, with Bitcoin’s share at 67.4%.

Keep track of top crypto markets in real time here


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Bitcoin price drops down over the weekend after $9.5K rejection

Bitcoin Worth Over $9,200 as Top Cryptos See Growth

Bitcoin Worth Over $9,200 as Top Cryptos See Growth

Bitcoin crossed the $9,200 mark as most of the top 20 cryptocurrencies are reporting moderate growth on the day

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Friday, June 14 — Most of the top 20 cryptocurrencies are reporting moderate growth on the day by press time, as bitcoin (BTC) crossed the $9,200 mark.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently up over 6% on the day, trading around $9,250 at press time, according to Coin360. Looking at its weekly chart, the coin is up over 13%.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at just over $29 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $17.6 billion at press time.

Coin360 data shows that ETH has seen its value increase by 3% over the last 24 hours. At press time, ETH is trading at $272.91. On the week, the coin has also gained nearly 11%.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

Earlier this week, news broke that the Google Cloud team has integrated Chainlink’s oracle middleware with its BigQuery enterprise cloud data warehouse, allowing for an on-chain and cloud-based interaction with Ethereum decentralized applications and smart contracts.

XRP is up by about 2.6% over the last 24 hours and is currently trading at around $0.420. On the week, the coin is up about 2.6%.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, litecoin (LTC) and binance coin (BNB) are reporting minimal losses, down 0.06% and 0.50% respectively.

At press time, the total market capitalization of all cryptocurrencies is $286 billion, over 12% higher than the value it reported a week ago.

As Cointelegraph reported yesterday, it is rumored that social media giant Facebook will unveil the Libra Association — which will operate its bespoke cryptocurrency Libra — on June 18.


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Bitcoin crossed the $9,200 mark as most of the top 20 cryptocurrencies are reporting moderate growth on the day