Bitcoin witnessed both massive drop and surge in last month, the Bitcoin price dropped by 58% from 9200$ to 3800$ Last month, but later quickly recovered by 66% and closed the last month's candle above 6400$.
The massive crash happened on 12th March when the World Health Organization declared Coronavirus a Global Pandemic. Bitcoin recovered quickly on the next...
Bitcoin bounces quickly after a brief drop to 4500$ yesterday. The bitcoin price rose by 13% after BAKKT Funding News and Starbucks integration news hit the media.
After a brief bounce from 5000$ in morning hours, bitcoin is looking bullish on the lower time frame. Bitcoin price is trading above the mid-range of an accumulation channel.
Bitcoin also formed an...
Bitcoin is currently trading in a falling channel. Bitcoin has also formed a descending triangle on the 4H timeframe. Descending triangles are bearish technical patterns.
We can expect bitcoin to break down from triangle support soon.
Bitcoin is also facing resistance from 50MA on 4H.
The next Major support for Bitcoin is at 8350$ which is also a 50MA support...
Bitcoin is going through correction for the last two weeks, Bitcoin had found rejection at 10500$, and it had been dropping since then. Bitcoin is currently trading at 9350$.
Let's look at technicals to find out what is next for bitcoin?
Elliot Wave Analysis
- Bitcoin had completed the first major wave at 10500$, and now going through the second wave.
Bitcoin is currently trading below 9800$, It recorded a 9.3% drop in value last week, Bitcoin price started dropping after finding resistance at the 10400-10600$ range. On a daily time frame, Bitcoin is still trading in an eight-week-old uptrend channel Bitcoin has tested channel resistance at 10550$, and currently approaching retest channel support at 9500-9600$....
The cryptocurrency market is witnessing a correction for the last 48 hours, Bitcoin price had dropped from 10500$ to 9700$, and Major cap altcoins like XRP,ETH, LTC and EOS saw an average drop of over 15% in last 48 hours. Cryptocurrency market cap lost 30B$ value in past 48 hours, while Bitcoin dominance saw an increase of 5%.
Now the question is?
Is it a...
XRPBTC had recently broken out from falling wedge, and price tested resistance around 0.00003050 BTC Before dropping back below 0.00002800 BTC. XRP is currently trading at 0.00002890 BTC.
Considering the high open interest rate on BitMEX, We can soon see a drop in bitcoin value from a 10000-10300$ range. The upcoming drop in Bitcoin value will cause a quick drop...
Bitcoin price is in an uptrend since the starting of the year, recorded over 40% price growth. Currently, Bitcoin is moving in a clear uptrend channel highlighted on the chart.
Channel resistance is sitting at just above 10200$ and support of this channel is at just below 8800$.
Bitcoin is currently trading above 9200$, above all Four Key Moving averages:...
Bitcoin dominance is trading inside the uptrend channel. Uptrend channel support is at 63.5%, and channel resistance is at just above 80%.
BTC.D could drop further and test support at 63.5% in the next few days.
If BTC.D manages to bounce from 63.5% then it could rise for the next few months, and it could reach above 80% which is also top of this uptrend...
ADABTC has been trading in an accumulation range: 0.00000440-540 BTC For the last 4 months.
ADABTC started showing a bullish signal when price reversed from 0.00000402 BTC with a high volume buy candle on daily.
ADABTC has also broken out from 50,100 and 200MA last week, and the price is now trading above 200MA.
ADA can try to break out from accumulation range...
Bitcoin is going through a correction after a rejection happened yesterday at 9200$. Now the question is when to buy bitcoin at what price point?
Let's analyze 4H timeframe:
- Bitcoin broke down from rising wedge yesterday, rising wedge neckline should act as resistance for a further drop. So we need to see how price reacts when it tries to break above 8800$....
ETHUSD is leading the market recently, ETHUSD's price rose from 142$ to 179$, and closed last week above 167$.
ETHUSD is promising higher ROI than BTCUSD trade lately, and we have also seen that ETH is usually heading the rally, and bitcoin is following it.
ETHEREUM had broken out from a weekly downtrend after a weekly close above 167$.
ETHUSD had also managed...
Last week was much productive for bitcoin: price rallied to 9200$ and then dropped to 8400$ followed by a huge sell-off.
Despite sell-off on the last few hours of the week, bitcoin managed to close the week above the PREVIOUS week high at 8600$.
8300-8600$ should act as weekly support for now for bitcoin for bullish continuation.
Bitcoin also closed the week...
Bitcoin had a successful break above 8500$ yesterday and price tested resistance 8900$, and now currently trading just above 8600$.
on a 15D chart, we can spot three doji's before a breakout on the current candle.
The last three 15D candles represents accumulation in 6500-7500$ range, where 6500-7000$ Area was short-lived and bough quickly by buyers.
TRX - Tron had a falling wedge break out yesterday.
Price is currently testing 200DMA as resistance. Expecting a 20% rise once price break above 200DMA.
TRON can pump nicely in the next few days.
Bitcoin is testing Key resistance at 8200-8400$ from the last three days, the more time price stays close to resistance, the chances will be increased for break down.
MACD is suggesting a further drop, and the price is currently just trading above 21MA on 4H, Losing of 21MA will push the price down further to the next support at 7500-7700$.
We can spot two...
The last 3D candlestick Closed as shooting star candle after rejection at 8400$ Level.
8400$ level was also 100MA resistance at 3D Timeframe.
On 3D Chart, It's visible that the price bounced from 200MA and rejected at 100MA on the 3D timeframe.
The 7100-7200$ area is acting as strong support - where price has spent lot of time before breaking down/out in the...
Bitcoin is trading in a clearly defined accumulation range of 6800-7800$ for the last two months. Accumulation before a rally is overall healthy and bullish for bitcoin.
On 3D Timeframe, 200MA is acting as strong support, from where price bounced off during the last drop to 6850$.
The 7700-7900$ area is acting as a strong resistance level, also acting as the top...