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Bitcoin Price Consolidates Back Over $12000, Markets Bullish

The long-awaited Bitcoin price correction has failed to materialize yet again as the king of crypto has held on to gains over the weekend. Consolidation around $12000 appears to be forming and the uptrend is still clearly very strong.


Bitcoin Price Back Above $12000

Over the past 24 hours BTC has been slowly grinding higher adding almost 5% on the day. From around $11,500 yesterday Bitcoin price has ticked up over the $12000 barrier to settle at around 00 during the Sunday morning Asian trading session. Daily volume is back down to ~$28 billion and the next high will be critical in determining the next direction for BTC.

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BTC price on hour candles – Tradingview.com

Bitcoin price is still down 12% from its peak last week but the big thirty percent correction has been nowhere in sight. Many are now wondering if that was it and a 25% flash crash was all that markets could muster. If this was the case, then the digital asset is still extremely bullish and the next leg up could take it to new highs.

Looking at the weekly chart there is very little resistance from its recent high of $13,800 all the way up to $17000. Even mainstream media has turned bullish on Bitcoin with both Bloomberg and Forbes publishing pro-crypto articles recently. The latter claimed that Bitcoin has been designed for systemic stability, not price stability.

“Bitcoin, by contrast, is a system that prioritizes security over price stability. Bitcoin’s systemic stability stems from the security of its network. This week, as bitcoin’s price volatility was capturing headlines, I was watching core bitcoiners get excited about something else entirely—the network’s hash power hit an all-time high, and its “difficulty” also adjusted to an all-time high.”

Altcoins Remain Lethargic

Very few altcoins can match the performance of Bitcoin price at the moment. BTC market dominance is still at an 18-month high of over 62% even after a 12 percent slide.

Only one altcoin is making any momentum this Sunday and that is Litecoin which has surged almost 14% on the day to reach $132 again. Naturally, LTC was always going to bounce back first since it is now only 36 days to the block halving event. The move has enabled Litecoin to flip BCH again and retake fourth place as market cap tops $8 billion.

The rest of the major altcoins are slow to recover with XRP, BCH, EOS, BNB, BSV, and ADA only managing a couple of percent back from their double-digit dumps over the past few days. Altseason is still eluding crypto traders.

Has Bitcoin price corrected and recovered or will it drop further? Add your thoughts below.


Images courtesy of Tradingview, Shutterstock

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Technical Analysis: Weekend Bitcoin Price Drop Explained

Source: bitcoin

Technical Analysis: Weekend Bitcoin Price Drop Explained

Bitcoin is falling down to end its current cycle, which will happen when prices drop to the technical reversal level.

Also read: Industry Report: No Bitcoin Crime Goes Unpunished 

Where Did the Weekend’s Bitcoin Price Drop Come From?

Long-Term Analysis

Prices have started the dive to $600 and $580 after a large lateral sideways lateral movement that ended the first technical cycle. To start a new cycle, quotes must reach former broken resistances, which become supports. Once this occurs, strong purchases are expected, framed in the marketplace of biggest players.

Looking back in the chart, another two flags can be analyzed, which have broken to the bear side. This time, the Contrary Opinion Theory could be considered to allow a pull back to $700, extended to Fibonacci´s technical objective at $820

Mid -Term Analysis

According to oversold mathematical indicators, a plunge to the support at $600 has started, where a new bullish consensus is expected to provide the concurrent elements to ensure a change in trend.

Main support is really at $580, but round numbers theory indicates that most people should react psychologically at 600, starting a rebound to $700 and a new bull cycle to $820, where the box resistance is waiting on the quotes.

Short-Term Analysis

Japanese Candlestick analysis reflects the market’s current weakness, and the quotes are going down to the support.

The oscillators have arrived to the oversold zone far before the coming price plunge, and they could be recovering strength, crossing each other to reinforce the rebound strength from $580 to $600. Afterwards, a recovery will take the bitcoin price to the $700, followed by a continued rise to $820.

At press time, the bitcoin price is hovering in the $620 range and is falling fast, indicating  that the suggestions put forth by technical indicators used in this analysis are accurate so far. Thus, we can expect the price to continue dropping in the immediate term until the markets hit the support needed to prepare the price for a rebound.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Featured image courtesy of Benzinga.

The post Technical Analysis: Weekend Bitcoin Price Drop Explained appeared first on Bitcoinist.net.

Technical Analysis: Weekend Bitcoin Price Drop Explained

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Technical Analysis: Long-Term Bitcoin Price Corrections to Come?

Source: bitcoin

Bitcoin Price Technical Analysis

As the bitcoin price rally gets into high gear, technical indicators at the long, mid and short term levels suggest that there could be corrections on the horizon, after a continued rise to $820 USD. 

Also read: Bitcoin Price Bursts Ahead, Nearing $700 USD

Let’s take a look at the indicators in the first installment of Bitcoinist.net’s new technical analysis series by Ramiro Burgos

Bitcoin Price Analysis

Long Term Analysis

Prices are breaking at every resistance placed by Gann Angles Theory, and also had left back the big triangle accomplishing all the technical objectives.

Taking on all the historical prices data, Fibonacci numbers at the 50% zone would be reached at $670, and the last forecasting on 62% is placed at $820, climbing to $1000 following the round numbers theory.

When we focus on the current recovering movement, the mathematical indicators still show strong signals to the bull market.

But the bubble is on, and every stop loss could follow the climb, producing an approximate 5% pull back. The present rise is just a long term technical correction from the bear market that started in November 2013, and finished in January 2015.

This long-term, upwards correction is about to end with a new correction to $600 as the current big support, likely creating a sideways lateral market and starting a new technical cycle from the new $600 level.

Midterm Analysis

After successive up-breaking, resistance quotes are arriving to a distribution zone, which could be between $670 and $820 due to long-term Fibonacci numbers indicating this up correction from the bear market which took place in 2014.

Now the strongest support shows itself at the recent broken resistance on $600, fixing trading activity among $670 and $820. According to indicators, the strong demand would let prices reach a new level to the up side buy that would be considered a distribution zone because of the overbuying signals from main volatility oscillators.

While investors is focus their math on the 100 level, moving stop losses are recommended on 5% spread behind spot prices, leaving time to accomplish the end of the present cycle, which could  happen in July 2016 or at $820.

Short-Term Analysis

The rising support at $600 seems to be strong enough, and prices still climbing over the 670 level trying to accomplish the long-term Fibonacci numbers at $820 level.

The distribution zone among 670 and 820 could be big enough to take the prices back to 600, creating a lateral sideways market starting a new long term cycle, and closing the current cycle that started on November 2013. This new cycle could have a similar duration as the November 2013 cycle currently coming to a close.

Traders should place moving stop losses at 2, 3 or 5%, but the new lateral sideways movement could have its resistance at $670 after we reach the projected $820 peak. Everybody should wait to sell their positions at $1000, but should also be aware of possible forced stop loss order activations at $820.

Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin. Trade at your own risk.

Article written by Ramiro Burgos.

The post Technical Analysis: Long-Term Bitcoin Price Corrections to Come? appeared first on Bitcoinist.net.

Technical Analysis: Long-Term Bitcoin Price Corrections to Come?

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