smaniscalco
Long

BTCUSD: Bitcoin Price Analysis

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC Price Analysis:
Bitcoin’s Anticipated Weekend Move Has Arrived. Are the Bears Done Yet?

In a previous Bitcoin price analysis, we mentioned the significant horizontal triangle pattern seen on the 4-hour chart, and that a breakout followed by a sharp move would occur in a matter of hours.

Yesterday we saw that triangle get broken to the downside. Bitcoin quickly lost $700 – leaving the $11,900 area down to the marked support level at $11,200.

Does this mean the Bitcoin market is bearish again? It’s way too early to say. Since breaking down, Bitcoin has consolidated between the $11,200 support and the $11,500 resistance level . Such consolidation might lead to a retest of the aforementioned triangle’s descending trend line , while the price could break $11,200 on its way down to lower levels ($10,800, anyone?).

Once again, the weekend proved to be the perfect time for the whales to move the crypto markets. Another impressive thing we saw was the Bitcoin dominance index capturing 72%. However, since the $700 price drop , the dominance rate is down by 1.3%.

Total Market Cap: $295 billion

Bitcoin Market Cap: $203.6 billion

BTC Dominance Index: 68.7%

Key Levels to Watch:
Support/Resistance: Following the breakdown, Bitcoin is now facing the $11,200 support zone , below which lies the $11,000 support level , which contains the 50-day moving average line (marked in purple on the daily chart ). Further below lies $10,800, which could be the target for this current bearish move. Further below lies $10,600, followed by $10,250 and the $10,000 mark.

From above, the $11,500-$11,600 level has become resistance. It contains the 4-hour chart triangle’s descending trend line (marked in yellow). Above are the resistance levels of $12,000 and $12,300. The latter was a resistance zone in recent days.

Daily chart’s RSI: The RSI found support at the 54 horizontal support line, still in bullish territory (above 50, marked in red). However, the stochastic RSI oscillator produced a bearish crossover in overbought territory, which might indicate that Bitcoin will see lower lows in the coming days.

Trading Volume: The past three days’ volume has been low. This was anticipated and can be explained by the consolidation preceding the weekend.

Stay ahead of the masses,

Seth Maniscalco
Founder, Crypto Wealth Coach, LLC
Owner, Modern Wealth Management, LP

http://www.cryptowealthcoach.com/vip
good analysis ,, this is mine
+1 Reply
@ZiedDhibi, nice!
Reply
updates?
+1 Reply
@apsnt, plenty!
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Good analysis! Bitcoin might be creating a huge triangle:

+1 Reply
smaniscalco cryptohopper
@cryptohopper, sexy!
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