BTC/USD Breakout above Resistance Trend Line, Buyers aim $7,200

Latest Bitcoin News

Thing is, Bitcoin is just more than a medium of exchange. In 10 short years, the world’s most valuable coin has evolved from being a Cypherpunk thing to a medium of exchange and now it is a solid store of value. It has been so thanks to last year’s super rally. Bitcoin position as a store of value has been also been strengthened by hyperinflation in countries as Venezuela and embargoes on countries as Iran.

Also Read: Marc Andreessen: Bitcoin Is a “Very Important Idea”

In Venezuela, records indicate that citizens are buying Bitcoins in droves despite sinking prices and government attempts to stem crypto adoption through closure of crypto exchanges and businesses accepting cryptocurrencies. It’s ironic because as they do crack down on a global phenomenon, the government is promoting their own coin, the Petro.

LocalBitcoins data show that the country’s citizens fear holding the Bolivar thanks to the 800,000 percent inflation that has drastically reduced their purchasing power. Although transacting via crypto is risky, BTC is the only viable alternative whose volatility is relatively low and global meaning it has no central point of control or issue.

Meanwhile in Chinese provinces of Xinjiang and Guizhou, mining activities were halted as government officials rein down on crypto mining operations conducting real name registration checks and tax compliance.

More about Bitcoin: Crypto Analysts: Bitcoin’s Calm Indicates Market Will Explode in 2019

Though it is understood the checks are complete, it is estimated that several miners lost business upwards of $143,700 per day during the inspection period. Apart from these, reports indicate that miners were required to sign an agreement promising their implementation of high standard business real-name system in line with China’s Public Security Department.

BTC/USD Price Analysis

Weekly Chart

Even in the midst of the last 10 month consolidation inside a descending wedge with supports at $6,000, it appears as if BTC/USD is ready for a rally. First, thanks to the hype element around Bakkt launch and Bitcoin ETF, there is a sentimental support. Secondly, from candlestick arrangements, BTC/USD is actually trending above the main resistance trend line connecting the last 10 months highs.

As visible from the chart, gains of week ending Oct 21 did lead to a bullish breakout and though the confirmations weren’t as strong, we still do have a whole bearish bar above the resistance trend line meaning traders can begin loading up in lower time frames.

Nonetheless, conservatives should wait until after there are solid gains above $6,800, the lower limit of our resistance zone. Conversely, losses below $5,800 could fade this projection as sellers aim at $4,500.

 

Daily Chart

BTC/USD Price Analysis

Of course, in lower time frames, BTC/USD is ranging. Regardless, the coin is finding support along the trend line and as long as it is trending inside Oct 15 high low then we can interpret this as bullish.

At the moment, volumes are picking up with yesterday’s volume higher than the average at 9k from 8k. While it may be tempting for risk-off traders to load at spot, traders need to see gains above $6,500 before ramping up with first targets at $7,000 and $7,200.

Fitting stops should be at $6,300 or there about.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.



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Falling Wedge Indicates Interim Breakout Scenario




Bitcoin on Tuesday extended its downward momentum, dropping 0.67-percent against the US Dollar.

The BTC/USD trading pair opened the Asian trading session at 6288-fiat and attempted an upside correction to as high as 6309-fiat. The selling pressure around the 6309-level resumed the downtrend. As a result, the pair kept forming red candles for the rest of the Asian and European trading session. It is now trading at 6294-fiat.

The macroeconomic view of the US Dollar posted bullish sentiment for the currency. But it is not looking the same today. The greenback is poised to post losses before the market closes as European currencies rebound. The ICE dollar index was noted to be down 0.1 percent as the market opened today.

SOURCE: TRADINGVIEW.COM

A weaker dollar on an intraday basis can reinject the BTC/USD market with some upside sentiments. The pair is already forming a falling wedge pattern, indicated by the two unparallel black lines in the chart above. The consecutive swing highs and lows coupled with decreasing volume traditionally mark preparation of a breakout action. That said, BTC/USD should attempt to knock out the upper trendline of the falling wedge pattern and rally towards 6500-fiat as its primary upside target.

The RSI and the Stoch are also signaling an upside movement in BTC/USD price action. Both the indicators are inside their respective selling regions and are eyeing a pullback. In the chart above, a rising red trendline is capping the downside action for now.

BTC/USD Intraday Analysis

Our intraday strategy is keeping our eyes glued on the range, anyway. Today, we have 6374-fiat acting as our interim resistance and 6271-fiat as interim support. It is a pretty broad range to apply the intrarange strategy. That means entering a long on a bounce back from support and a short on a pullback from resistance while maintaining a stop loss order in the opposite direction of the price action.

Looking from the breakout perspective, the price should break above 6374-fiat to enable our long position towards 6406-fiat. If we go ahead with this trade, then we’ll put our stop-loss order just 3-pips below the entry position. Similarly, in the event of a breakdown action, a break below 6271-fiat will have us go short towards 6203-fiat.

Trade safely!

Featured Image from Shutterstock. Charts from TradingView.

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Crypto Market May be Poised for Bullish Breakout




Bitcoin on Tuesday confirmed another bull flag formation after reversing from its downside correction action.

The BTC/USD pair has almost negated the losses made during yesterday’s trading session, bringing the 24-hour gains to 0.46 percent. The pair found a strong intraday support level at 6372-fiat, just ahead of testing the lower trendline of the parallel channel introduced in the previous analysis. It reversed from the said level to retest its interim resistance at 6421-fiat. The BTC/USD pair is now trading at 6427-fiat on a comparatively high volume day. Coupled with the bull flag formation, it is also signaling further upside action as the US session comes into play.

SOURCE: TRADINGVIEW.COM

The hourly signals are turning more bullish as BTC/USD continues to trend above its 100- and 200-period simple moving averages. At the same time, the RSI is also reversing to the north from its current neutral area, hinting a possibility of a strong push towards the overbought region. The Stochastic Oscillator movements are also biased towards the north, moving right towards the area defined by strong buying sentiment.

The upside bias nevertheless remains capped by a medium-term descending trendline depicted in blue. A break above it could bring BTC/USD inside a bull trap. But, an extended momentum that takes the pair above 6810-fiat could confirm a medium-term upside sentiment in the market.

BTC/USD Intraday Analysis

Our focus is likely to remain on our intraday positions, to take out the maximum profits regardless of the direction of the BTC/USD price action. So, without further ado, let’s have a look.

SOURCE: TRADINGVIEW.COM

Our intraday positions from yesterday have allowed us to exit our long position towards 6421-fiat on a decent profit. As we now gear up for another day of trading, the levels we are watching stand slightly modified. A break above 6421-fiat has allowed us to find an ideal long target at 6450-fiat instead while keeping 6472-fiat in view. A stop-loss order at 6515-fiat is defining our risk management perspective on these long positions.

A breakout action above 6421-fiat only puts BTC/USD in a bull trap, meaning the pair could attempt a strong reversal nevertheless. So a sign of reversal coupled with an increase in volume could have us open a short position towards the lower trendline of the parallel channel formation while eyeing 6329-fiat as a potential downside target. In both these positions, maintaining a stop loss order just 5-pips above the entry point will minimize our losses.

Featured Image from Shutterstock. Charts from TradingView.

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ADA/USD and IOT/USD Bull Breakout Pattern

As EOS bull momentum slow down, ADA/USD and IOT/USD are trading within a bull break out pattern and it is likely that prices will race towards immediate targets at 9.5 cents and 90 cents. Should there be higher highs today in these two pairs as EOS/USD and XLM/USD consolidate then it points to an existing undervaluation. In that case traders should buy EOS, Litecoin and Stellar Lumens with expectations of higher highs.

Let’s have a look at these charts:

EOS/USD Price Analysis

Finally, the partnership between EOS and Bancor is now complete. Going forward, it will be possible to swap tokens between EOS and Ethereum blockchain networks via Bancor’s own BancorX. The dApp allow cross-chain token swaps without the need of transacting via exchanges thanks to Bancor’s BNT. Overly, this should be positive and a step towards creating this huge web of possibilities where there is seamless exchange of tokens empowering users.

Back to price action and EOS/USD is pretty stable in the last day. Prices are up 0.3 percent but still trading inside Nov 4 high low. Considering our previous EOS/USD trade plan, we suggest traders to practice patience only buying EOS once prices edge past Oct 15 highs or $6 triggering short term buys aiming for $7. On the reverse side, losses that fade Nov 4 gains dropping below $5 or Oct 15 lows and area of minor support could mean the resumption of bears as set by Oct 11 losses.

LTC/USD Price Analysis

LTC/USD Price Analysis

By printing and closing above $50, LTC/USD is technically bullish. In fact, yesterday’s correction and failure to close above Nov 4 highs is but a confirmation of bulls since volumes are thin while trade range is tight. If anything, aggressive bulls should load up at spot prices with stops at $50. On the other hand, risk-on, conservative type of traders should wait for breaches above $60 or $70 before igniting bulls aiming for $90 and later $110.

XLM/USD Price Analysis

XLM/USD Price Analysis

Two things are clear, Oct 11 bears still has an effect of price because prices are yet to recoup losses. Secondly, we retain a bearish outlook as long as prices are trending below the minor resistance line and buy trigger at 30 cents. Notice that even in the midst of these higher highs ignited by bullish events of BCH lifting the crypto market with it, XLM/USD is actually consolidating inside a 15 cents range with resistance at 30 cents.

It is for this reason that we insist that bulls would be in charge once there are convincing breaks and close above 30 cents. Before then risk-off traders can begin buying at spot with stops at Oct 31 bull pin bar with first targets at 30 cents. If bull momentum is strong and there is a rally, then first ambitious target will be at 50 cents.

ADA/USD Price Analysis

ADA/USD Price Analysis

At the back of solid volumes signaling bullish resumption, the follow through has been weak. But, considering the volumes behind Nov 4 bull bar, the break and close above the minor resistance trend line we recommend buying at spot prices with first targets at 9.5 cents. However, on a more cautious approach, buyers should wait for a move above Sep highs at 95 cents. Thereafter, traders should buy on dips with first targets at 12 cents—an important resistance and buy trigger line, and later 20 cents.

IOT/USD Price Analysis

Luca Moser and Andrew Brough are the newest members of the IOTA Foundation.

Their membership coincides with Ledger Nano S offering support for IOTA. Moving on, investors can easily link their Ledger Nano S with IOTA Trinity and Romeo wallet.

IOT/USD Price Analysis

Price wise and IOTA is bullish. Not only do we have a bullish breakout pattern after Nov 4 rally, but Nov 4 bull bar did complete a three-bar bullish reversal pattern gradually reversing losses of Oct 11. Like in our previous IOT/USD trade plan, conservative traders need to wait for solid moves above 60 cents triggering bulls. Thereafter first targets would be at 90 cents—an important resistance line. However, traders can still take advantage of recent break above resistance and trade with stops at 44 cents. First targets would be 60 cents and later 90 cents.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.



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Bitcoin Price Eyes Move to $6.8K After Bull Breakout

Bitcoin could be about to make a move towards $6,800, having witnessed a bullish triangle breakout yesterday.

The leading cryptocurrency, which had been in a narrowing price range, closed at $6,423 yesterday, confirming an upside breakout.

With the move, the bulls look to have come out victorious in a months-long tug-of-war with the bears. However, BTC is struggling to find acceptance above the immediate resistance of the 50-day exponential moving average (EMA), currently at $6,450.

However, the EMA hurdle could be crossed in a day or two and prices could rise to $6,800 in the near-term, as the ethereum-bitcoin exchange rate (ETH/BTC) is looking north, representing a rising demand for alternative cryptocurrencies.

This is because fiat money enters the market via BTC. As a result, it’s dollar-denominated exchange rate tends to go up during times of increased risk appetite in the market.

At press time, BTC is changing hands at $6,400 on Coinbase, having clocked a high of $6,440 earlier today. The cryptocurrency is up 1 percent on a 24-hour basis and is largely unchanged week-on-week.

Daily chart

The symmetrical triangle breakout seen in the above chart indicates the scope for a retest of recent highs above $6,800.

That target looks achievable as the breakout is backed by a bullish crossover on the moving average convergence divergence (MACD). Further, the relative strength index is holding in a bullish territory just above 50.00.

ETH/BTC daily chart

The falling channel breakout and a convincing move above the former support-turned-resistance of 0.031994 (Sept. 25 low) indicates a bearish-to-bullish trend change.

The rising MACD histogram is suggesting that further gains could be in the offing. The RSI of 53.00 is biased toward the bulls.

Thus, ETH/BTC looks set to rise in the near future.

View

  • Both BTC and the ETH/BTC are looking north after the technical breakout.
  • An increased risk appetite is seen lifting BTC above the 50-day EMA of $6,450. That would open the doors for a sustained rally to $6,810 (Oct. 15 high).
  • The short-term bullish outlook in BTC would be invalidated if prices see a UTC close below Oct. 31 low of $6,200.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View 

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Bitcoin Price Intraday Analysis: BTC/USD in Breakout Action




Bitcoin on Sunday jumped 2.13 percent against the US Dollar as USD-pegged cryptocurrency tether (USDT) resumed its implosion.

BTC/USD was in a sideways sentiment for most of the weekend trading session. The bearish trendline has capped the upside bias on multiple occasions. Nevertheless, the pair — from the past 8 hou rs to the time of this writing — has persuaded a successful breakout action, breaking the cap mentioned above and forming new intraday highs towards 6464-fiat. At the same time, CoinMarketCap.com is showing a massive drop in Tether value — about 4 percent — mirroring the scenario of the October 15 trading session that prompted a massive upside rally throughout the cryptocurrency market.

BTC/USD Technical Analysis

The breakout action has allowed BTC/USD to retest October 24 high towards 6470-fiat while jumping above the pair’s 100H and 200H simple moving averages. The RSI momentum indicator has also jumped towards a favorable buying area owing to the recent upside volatility. And, the Stochastic Oscillator is already inside its overbought area, awaiting correction.

The BTC/USD price action is also forming a rising channel (the dotted one) as of now, with a particular tendency to treat the lower black-dotted trendline as support. If the pair continues the uptrend, one might check the said ascending dotted support line as a potential reversal target off every near-term downside correction.

Nevertheless, BTC/USD is already in a breakout action following the invalidation of the descending trendline depicted in blue. There could still be a bull trap possibility so placing a stop loss to maintain every long/short trade would be advisable.

BTC/USD Intraday Analysis

We have exited our long position towards 6421-fiat on considerably moderate profits and are now entering a new range defined by the Fibonacci retracement swing from 6032-low to 6810-high. The new range has 6421-fiat acting as a new interim support and 6470-fiat as the intermediate resistance level with a sight towards 6513-fiat as the potential interim resistance.

As usual, we are first entering a long position towards 6470-fiat while maintaining a stop loss 3-pips below the entry point. A break above the said long target would have us open another upside position towards 6513-fiat. In this position, a stop loss order just 3-pips below the entry point will define our risk management strategy pretty well.

Conversely, a pullback action makes the lower dotted rising trendline our most likely support level. That said, we’ll enter a short position towards this said level while maintaining our stop loss 2-pips above the entry point. If the lower trendline gets broken during an extended bearish correction action, then 6300-fiat will become our primary downside target.

Featured Image from Shutterstock. Charts from TradingView.

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EOS Price Watch: Sharp Triangle Breakout

EOS Price Key Highlights

  • EOS made a strong downside break from its symmetrical triangle consolidation pattern to signal that a downtrend is underway.
  • Technical indicators are also reflecting the presence of selling pressure that could take price much lower.
  • EOS could fall by the same height as the triangle pattern, which spans 4.200 to 6.600.

EOS made a downside break from its symmetrical triangle consolidation to signal that a downtrend is about to happen.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. The short-term moving average also lines up with the triangle top around 5.400 to add to its strength as resistance while the 200 SMA is close by.

Price could fall by the same height as the triangle pattern, which spans around 1.400 in size, taking EOS down to the 4.000 mark. Stochastic is pointing south to show that there’s still some bearish momentum left, but the oscillator is also nearing oversold levels to reflect exhaustion. Turning higher could bring buying pressure back in. RSI has already reached the oversold region and is starting to pull up, indicating a return in bullish pressure.

EOSUSD Chart from TradingView

Cryptocurrencies saw a lot of red on news of a sudden outage in Canada’s MapleChange. As it turned out, more than 900 bitcoins were stolen from the exchange on a reported hack. The company assured that investigations are ongoing but soon took down its social media accounts and website, spreading more doubts among investors.

This revives fears that the industry might not have the necessary consumer protection features yet, possibly convincing regulators to take a step back in approving more financial instruments like ETFs or futures. In turn, this could delay a pickup in funds flowing in from institutional investors.

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Crypto Market Stagnant as Bitcoin Price Fails to Breakout, Back to $6,390


Throughout the past 24 hours, Bitcoin price seemed to be demonstrating momentum above the $6,400 mark, showing signs of a potential breakout.

However, an abrupt fall from $6,430 to $6,370 put an end to the breakout, as BTC failed to breach a minor resistance level.

bitcoin price

With the volume of BTC at around $3.4 billion on CoinMarketCap, the chance of a major breakout in the next 24 to 48 hours remains relatively low.

Stability of Bitcoin: Same Range Over and Over Again

On October 15, heavily affected by speculation around Tether (USDT) triggered by the issues between Tether LLC and its US dollar bank, the price of the BTC-to-USDT pair rose to around $7,700 on Bitfinex.

As a consequence, the Bitcoin price on fiat-to-cryptocurrency exchanges such as Coinbase, Bitstamp, and Kraken also surged substantially to around $6,800.

Since then, the price of BTC has fallen to the range of $6,350 to $6,450, stuck in the same range for more than 10 days since October 16.

The sudden increase in the price of BTC on October 15 from $6,120 to $6,800 served as an important short-term catalyst to drive the recovery of Bitcoin. Influenced by the price movement of BTC in mid-October, throughout the past week, BTC has been able to defend the $6,300 support level well despite its insufficient volume and low trading activity in the cryptocurrency exchange market.

Cryptocurrency trader and technical analyst Hsaka emphasized that in a period like this, taking leveraged trades and high-risk options is of extreme risk and presents relatively low returns.

“Still range-bound. Not taking any leveraged positions here. Weekly open (white) is acting as support now. Both sides of the range have been tapped often enough now to serve as good levels playable on a break and retest.”

The stability in the price of Bitcoin and the sideways market of crypto have negative affected the short-term price trend of small market cap tokens, which usually benefit from the stability of the dominant cryptocurrency.

Decred, Power Ledger, Loom, Qtum, and Aeternity recorded losses in the range of 5 to 10 percent as the worst performing cryptocurrencies in the global market on October 25.

The volume of Bitcoin is low but the daily trading volume of tokens and small market cap cryptocurrencies are continuing to record yearly lows. Tokens could initiate a strong recovery as they have done throughout 2018 if BTC recovers with solid volume. In the weeks to come, analysts do not expect investors to engage in high-risk trades.

Ripple and Bitcoin Cash Struggling

In recent months, Ripple (XRP), Bitcoin Cash (BCH), EOS, and Stellar (XLM) have demonstrated a price trend which reflects that of tokens and small market cryptocurrencies. The four major cryptotucrrencies recorded losses in the range of 1 to 3 percent against the US dollar.

In the upcoming days, it is likely for the crypto market to see stability in the price of BTC and a gradual increase in its volume until BTC tests a major resistance level in the higher region of $6,000.

Featured Image from Shutterstock. Charts from TradingView.

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Bitcoin (BTC) Price Watch: Is This a Bullish Breakout Yet?

Bitcoin Price Key Highlights

  • Bitcoin price has been trending lower inside a descending channel visible on its 1-hour chart.
  • Price appears to be attempting an upside break as a few hourly candles are closing above the channel top.
  • Technical indicators may be showing some hints of a pickup in bullish momentum.

Bitcoin price is trying to break out of its downtrend but has yet to test nearby resistance levels before sustaining a climb.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the downtrend is still more likely to resume than to reverse. Then again, the gap between the two moving averages is narrowing to signal slowing selling pressure and a potential bullish crossover.

Bitcoin price has yet to break past these dynamic inflection points before confirming a climb, though. And even then it would likely encounter some resistance at the $6,700 mark on its move north.

Stochastic is turning higher without even reaching the oversold area, indicating that buyers are eager to return. RSI is also on the move up and has a lot of ground to cover before reaching the overbought zone. Turning lower from that area could lead to a return in selling pressure, possibly at any of the nearby resistance levels.

BTCUSD Chart from TradingView

Bitcoin price continues to wait for another set of positive catalysts that could allow the earlier surge to resume. For now, it is dealing with risk aversion in financial markets and uncertainty on the SEC decision for bitcoin ETF applications.

Traders might also be taking it easy leading up to the launch of ICE Bakkt bitcoin futures, especially since the ones from CME were blamed for the drop in price late last year. Still, bitcoin has a lot to look forward to in Q1 to Q2 next year on the Fidelity institutional platform.

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EOS Price Watch: Breakout to Happen Soon!

EOS Price Key Highlights

  • EOS has moved to the very end of its triangle pattern, which means that a breakout is bound to happen.
  • Technical indicators are giving mixed signals on the direction of a breakout.
  • Whichever way price decides to go, EOS might be in for a trend that’s roughly the same height as the triangle formation.

EOS could be prime for a triangle breakout soon as it approaches the end of its consolidation chart pattern.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA, hinting that the path of least resistance is to the downside or that support is more likely to break. A candle closing below the 5.300 mark could be enough to confirm that a downtrend is underway. The moving averages line up with the triangle top to add to its strength as a ceiling, too.

Stochastic has already reached oversold territory, though, indicating that sellers are tired and that buyers might take over. In that case, a candle closing past the 5.500 level could be enough to signal that a rally of the same height is due. The triangle spans 4.000 to around 6.800. RSI is moving sideways to reflect consolidation, barely giving any strong directional clues at the moment.

EOSUSD Chart from TradingView

News that the EOS Subreddit has been backed up on its own blockchain is giving some spotlight to the altcoin for its use in integrating to online content. This means that there is a decentralized discussion board integrated with the rest of the community’s discussions by implementing cross-posting and backups.

Once the process is complete, users can visit eos-forum.org to retrieve the copied posts from the blockchain, even if Reddit itself is down or their content has been deleted. Users on eos-forum.org can also post to Reddit anonymously, with their comments simply attributed to /u/eosbot.

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