Bitcoin Price Watch: Can BTC Buyers Keep The Rally Going?

Key Points

  • Bitcoin price rebounded nicely and broke the $3,380 and $3,460 resistances against the US Dollar.
  • There is a short term contracting triangle formed with support at $3,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could correct lower towards $3,400 or $3,355 before a fresh upward move.

Bitcoin price rallied more than 10% above $3,550 against the US Dollar. BTC is currently correcting lower, but it could find support near $3,400 or $3,355.

Bitcoin Price Analysis

Yesterday, we discussed that further gains seem likely above $3,300 in bitcoin price against the US Dollar. The BTC/USD pair did move higher and broke the $3,355, $3,400 and $3,500 resistance levels. The price traded as high as $3,589 and it is currently well above the 100 hourly simple moving average. The current price action indicates a short term downside correction towards $3,400.

The price is currently trading near the 23.6% Fib retracement level of the recent leg from the $3,119 low to $3,589 high. Moreover, there is a short term contracting triangle formed with support at $3,480 on the hourly chart of the BTC/USD pair. The pair could break the triangle support and decline towards the $3,400 support. However, there are chances of more declines towards the $3,355 support if $3,400 fails to hold. The 50% Fib retracement level of the recent leg from the $3,119 low to $3,589 high is also near $3,355. Therefore, dips from the current levels may perhaps find bids near $3,400 or $3,355.

Looking at the chart, bitcoin price is placed nicely in a positive zone above the $3,305 pivot level and the 100 SMA. On the upside, the $3,580 level is an initial resistance followed by $3,600. The key barrier for a larger rally is near $4,000, above which sellers are likely to lose control.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD moved back slightly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is correcting toward the 50 level.

Major Support Level – $3,355

Major Resistance Level – $3,580

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Crypto Market Turns Green: EOS, Cardano (ADA), Stellar (XLM), Dogecoin Price Analysis

Key Points

  • The total crypto market cap bounced back and moved above the $110.00B resistance zone.
  • EOS price rallied more than 30% and climbed above the $2.50 resistance.
  • Cardano (ADA) price moved above the $0.0300 and $0.0320 resistance levels.
  • Setllar (XLM) gained more than 15% and traded above $0.1100.
  • Dogecoin price rallied more than 20% and climbed above $0.0025.

The total crypto market cap surged higher above $110.00B. Bitcoin, Ethereum, ripple and altcoins like EOS, Cardano (ADA), Stellar (XLM) and Dogecoin rallied sharply.

EOS Price Analysis

After struggling a lot below the $2.00 resistance, EOS price finally formed a support base for a solid rally. The price gained pace above the $2.00 resistance and broke the $2.20 and $2.50 resistance levels. It is currently up more than 30% and it seems like there could be more gains towards $3.00.

On the downside, the $2.40 level may act as a short term support if there is a bearish correction. Below $2.40, the next key support is near the $2.20 level.

Cardano (ADA), Stellar (XLM), Dogecoin Price Analysis

Cardano price finally settled above the $0.0300 resistance level. ADA price gained more than 15% and traded above the $0.0320 resistance. The next stop for buyers could be near the $0.0350 level.

Stellar price formed a solid support above the $0.1000 level and rallied above the $0.1050 and $0.1100 resistance levels. On the upside, the next major resistance for buyers could be $0.1150 or $0.1200.

Dogecoin formed a solid support near the $0.0020 level and later started an upward move. DOGE price rallied more than 20% recently and traded close to the $0.0027 level. It may correct lower in the short term, but dips remain supported near $0.00240 and $0.00220.

Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $105.00B and $110.00B resistance levels. More importantly, there was a break above a crucial bearish trend line at $100.00B on the same chart. The market cap touched the $114.25B level and it seems like there could be more upsides. Therefore, there are chances of more upsides in Bitcoin, Ethereum, EOS, litecoin, ripple, XLM and other altcoins in the near future.

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Ripple Price Analysis: XRP’s Rally Could Extend To $0.3500-0.3600

Key Highlights

  • Ripple price rallied recently and broke the $0.3000 and $0.3200 resistances against the US dollar.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded above the $0.3300 resistance and it may continue to move higher in the near term.

Ripple price jumped back in a bullish zone against the US Dollar and Bitcoin. XRP/USD could continue to move higher towards the $0.3500 resistance zone.

Ripple Price Analysis

There was a solid support formed above the $0.2800 level in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.2950 and $0.3000 resistance levels. There was even a close above the $0.3060 level and the 100 hourly simple moving average. The recent upward move was strong as the price broke the $0.3200 resistance and climbed close to $0.3380.

During the rise, yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.3377 and later corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. However, the $0.3100 level acted as a strong support and protected more losses. Besides, there was no test of the 50% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. The price is currently trading nicely above the $0.3200 support area and it seems like it could surge further.

Looking at the chart, ripple price might clear the $0.3377 high and climb towards the $0.3500 or $0.3600 resistance. On the downside, there are many supports, starting with $0.3200 and up to $0.3000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 65 level.

Major Support Level – $0.3200

Major Resistance Level – $0.3380

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Ethereum Price Analysis: ETH Turned Buy On Dips Above $90

Key Highlights

  • ETH price traded higher recently and broke the $89-90 resistance area against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded as high as $97 and it is currently consolidating gains above $90.

Ethereum price made a nice bullish move against the US Dollar and bitcoin. ETH/USD is now trading in a bullish zone and it may find a strong support near $89-90.

Ethereum Price Analysis

After a minor downside correction from $88, ETH price found support near $83 against the US Dollar. The ETH/USD pair formed a support base near $83 and later started a solid upside move. It jumped above the $86 resistance and the 100 hourly simple moving average. The upside move was strong as the price even managed to surpass a significant barrier near the $89-90 zone.

Moreover, there was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD. The pair climbed above the $95 level and traded close to $97. It is currently correcting lower below the $95 level. The price is trading near the 23.6% Fib retracement level of the last wave from the $83 low to $97 high. However, there are many supports on the downside near the $89-90 zone. The previous resistance near $90 is likely to act as a strong support. Besides, the 50% Fib retracement level of the last wave from the $83 low to $97 high is near $90.

Looking at the chart, ETH price clearly climbed above key hurdles near $90, which may now act as supports. On the upside, a break above $96-97 may push the price towards the $100 and $105 resistance levels.

Hourly MACDThe MACD is slowly moving back in the bearish zone.

Hourly RSIThe RSI is currently well above the 60 level.

Major Support Level – $90

Major Resistance Level – $97

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Bitcoin Bounces 8% in a Much-Needed Bull Action; Will It Sustain?


After setting one new low after another, the bitcoin-to-dollar rate on Monday underwent a sharp bullish correction to register a fresh high at 3450-fiat.

The upside action followed a low-volumed consolidation trend over the recent weekend trading session. The late night activity on Sunday, nevertheless, looked sharper and trade volume across the leading bitcoin pairs surged. It remained average as the Monday session came into play in Asia. The European hours, however, took the market by surprise by noting a sharp rise in bitcoin value, from 3238-fiat to 3450-fiat within just one hour.

The BTC/USD pair at press time is trading at 3389-fiat, up 8.3% from its yearly low.

BTC/USD Technical Indicators

BTC/USD 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

The BTC/USD 4H Chart sourced from Coinbase is displaying bitcoin in a breakout scenario out of a falling wedge formation. In many of our previous analysis, we had noted the digital currency trending inside the said pattern which, according to its technical definition, results in a breakout action scenario that lasts as much as the height between the upper and lower trendline. As of now, this height spans an area worth $500.

Not expecting BTC/USD to stick to technical definitions, one can still look at the pair attempting to extend its bullish action, with the nearest resistance in sight at the 100-period moving average at 3546-fiat. As it reaches out further to the north, the RSI momentum indicator is also likely to push itself inside its overbought area. Then, the BTC/USD could see a corrective phase on the 4H timeframe.

A look at BTC/USD shorts could also bring more light to the future action. Whenever the volume of these shorts passes 40-42K, bulls trigger a short squeeze. The current rally coincides with 2.3% of the total shorts getting closed. If the percentage rises, expect bitcoin to extend its upside correction further.

BTC/USD Intraday Analysis

BTC/USD 15M CHART | SOURCE: COINBASE, TRADINGVIEW.COM

The range we are watching today has 3374-fiat serving as interim support and 3450-fiat serving as interim resistance. The field is pretty flexible owing to the randomness in price action.

We are beginning by opening a short position toward the interim support while maintaining a stop loss order 1-pip above the entry point. In case there is an extended selling action and price breaks below its support, then placing another short towards 3343-fiat – one-time support from today’s trading session – looks ideal, according to our breakdown strategy.

Looking to the upside, any sign of a green candle formation coupled with high volume will have us enter a long position towards 3450-fiat. At the same time, we will maintain our stop-loss order 1-pips below the entry point to support our overall risk management.

Click here for a real-time bitcoin price chart or here to review our latest crypto market coverage.

Featured Image from Shutterstock. Charts from TradingView.

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Bitcoin Price Watch: BTC Hesitates, But Recovery Seems Likely

Key Points

  • Bitcoin price found support near the $3,125 level and later recovered against the US Dollar.
  • There is a major bearish trend line formed with resistance at $3,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to correct towards $3,320 if there is an upside break above the $3,220 resistance.

Bitcoin price is showing positive signs above $3,120 against the US Dollar. BTC could rebound in the short term towards the $3,320 or $3,400 levels.

Bitcoin Price Analysis

This past week, there was fresh decline below $3,300 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,250 and $3,200 support levels. A new low was formed at $3,121 and later the price formed a decent support above $3,120. As a result, the price started a short term correction and traded above the $3,180 and $3,200 resistance levels. There was also a break above the 23.6% Fib retracement level of the last drop from the $3,487 high to $3,121 low.

However, the upward move was protected by the $3,260 level and the 100 hourly simple moving average. There is also a major bearish trend line formed with resistance at $3,220 on the hourly chart of the BTC/USD pair. The current price action indicates that the price could break the trendline, $3,200, and the 100 hourly SMA. A successful close above $3,220 may push the price towards $3,300 and $3,320. The 50% Fib retracement level of the last drop from the $3,487 high to $3,121 low is also at $3,304.

Looking at the chart, bitcoin price seems to be setting up for a bullish break above $3,220. If BTC buyers fail to gain momentum above $3,220, there could be a fresh slide towards $3,120 or $3,080.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI moved above the 50 level.

Major Support Level – $3,120

Major Resistance Level – $3,325

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Ripple Price Analysis: XRP Could Retest Lows Before Higher

Key Highlights

  • Ripple price recovered recently, but it faced sellers near $0.2900-0.2910 against the US dollar.
  • There is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may perhaps decline further to revisit the $0.2800 support area in the near term.

Ripple price is facing uphill task against the US Dollar and Bitcoin. XRP/USD is under pressure and it may decline further towards $0.2800 before a fresh upward move.

Ripple Price Analysis

After trading as low as $0.2776, ripple price started an upward move against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2850 resistance levels. It also broke the 23.6% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. However, the upside move was capped by the $0.2900-0.2910 zone, which was a support earlier.

Besides, there was no test of the 50% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. More importantly, there is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair. Therefore, the price must break the $0.2860 resistance and the $0.2900 barrier to move into a positive zone. The next resistance above $0.2900 is positioned near the $0.3000 level. On the downside, an initial support is at $0.2800, below which the price may revisit the $0.2770 swing low. If there is no break below $0.2770, the price is likely to bounce back.

Looking at the chart, ripple price is facing a solid resistance near $0.2900 and it is well below the 100 hourly SMA. Thus, it won’t be easy for buyers to gain bullish momentum above $0.2900 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level.

Major Support Level – $0.2800

Major Resistance Level – $0.2900

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Ethereum Price Analysis: ETH Could Turn Bullish Above $90

Key Highlights

  • ETH price recovered recently, but it failed to break the $88 resistance against the US Dollar.
  • There is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $87, $88 and $90 resistance levels to move into a positive zone.

Ethereum price is struggling to recover higher against the US Dollar and bitcoin. ETH/USD could start a solid upward move if there is a break above $90.

Ethereum Price Analysis

There was a decent bullish reaction from the $80 support in ETH price against the US Dollar. The ETH/USD pair climbed above the $84, $85 and $86 resistance levels. There was even a spiked above $86 and the 100 hourly simple moving average. However, buyers failed to hold gains and the price retreated from the $88 resistance area. It declined below the 50% Fib retracement level of the last wave from the $80 low to $88 high.

Moreover, the price traded below the $85 support and the 100 hourly SMA. At the moment, the price is holding the $83 support. Besides, the 76.4% Fib retracement level of the last wave from the $80 low to $88 high is at $82.50. A break below the $82 level will most likely push the price back towards the $80 level. On the upside, an initial resistance is near $86 and the 100 hourly SMA. Additionally, there is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD.

Looking at the chart, ETH price is facing a solid barrier near the $86, $87, $88 and $90 resistance levels. Therefore, a successful close above $88-90 may perhaps clear the path for more gains towards $100 in the near term.

Hourly MACDThe MACD moved back in the bearish zone.

Hourly RSIThe RSI declined below the 50 level and it is currently showing bearish signs.

Major Support Level – $80

Major Resistance Level – $88

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Bitcoin Price Weekly Analysis: BTC’s Short Term Rebound Likely

Key Points

  • Bitcoin price traded to a new yearly low at $3,126 and later corrected a few points against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $3,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair may perhaps correct higher in the short term towards the $3,320 or $3,380 resistance.

Bitcoin price is forming a short term base near $3,120 against the US Dollar. BTC/USD is likely to test the $3,380-3,400 resistance zone before declining once again.

Bitcoin Price Analysis

This past week, bitcoin price remained in a slow and steady downtrend from the $3,640 high against the US Dollar. The BTC/USD pair traded lower and broke the $3,400 and $3,320 support levels. The decline gained pace and the price traded to a new yearly low at $3,126. Later, it consolidated above $3,126 for a few sessions before correcting higher. It moved above the $3,200 resistance, but it is well below the 100 simple moving average (4-hours).

During the rise, it almost broke the 23.6% Fib retracement level of the last slide from the $3,642 high to $3,126 low. Moreover, there was a break above a key bearish trend line with resistance at $3,220 on the 4-hours chart of the BTC/USD pair. However, it seems like buyers are struggling to gain pace above the $3,250 level. The first hurdle for buyers is near the $3,320 level (the previous support). The next is $3,380 and the 50% Fib retracement level of the last slide from the $3,642 high to $3,126 low. A successful break above $3,380 and the $3,400 is needed for buyers to gain bullish momentum.

Looking at the chart, BTC price could correct higher towards $3,380, but more upsides won’t be easy. On the downside, the $3,200 and $3,126 levels are decent supports, followed by $3,000.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is just near the 50 level.

Major Support Level – $3,200

Major Resistance Level – $3,400

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Ethereum Price Weekly Analysis: Upsides in ETH Remains Capped Near $98

Key Highlights

  • ETH price declined recently and traded towards the $80-81 support area against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $84 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may continue to move higher, but it could face sellers near the $98 and $100 levels.

Ethereum price failed to gain bullish momentum versus the US Dollar and Bitcoin. ETH/USD remains a sell near the $98-100 resistance area in the near term.

Ethereum Price Analysis

This past week, ETH price started a downside move after trading as high as $98 against the US Dollar. The ETH/USD pair declined below the $90 and $84 support levels. The decline was such that the price traded close to the $80 support level. Later, the price recovered above $82, but it is still well below the 100 simple moving average (4-hours). Buyers recently pushed the price above the 23.6% Fib retracement level of the last decline from the $98 high to $80 low.

Moreover, there was a break above a major bearish trend line with resistance at $84 on the 4-hours chart of ETH/USD. The pair is currently trading above the $85 level, but there are many hurdles on the upside near the $89, $90, $95, $98 and $100 levels. An initial resistance is $89 and the 50% Fib retracement level of the last decline from the $98 high to $80 low. However, the main resistance is near the $98 level and the 100 simple moving average (4-hours).

The above chart indicates that ETH price might move a few points above $85 and $90. Having said that, it is likely to face a strong selling interest near the $98-100 zone. On the downside, the main supports are at $81 and $80.

4-hours MACD – The MACD just moved positively in the bullish zone.

4-hours RSI – The RSI recently jumped above the 50 level.

Major Support Level – $80

Major Resistance Level – $98

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