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Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin price started a fresh increase from the $16,200 support zone against the US Dollar. BTC is up 5% and it is trading above $17,500, but facing a major resistance at $18k and $18.2k.

  • Bitcoin started a fresh upward move above the $17,000 and $17,200 levels.
  • The price is now trading nicely above the $17,500 resistance and the 100 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could revisit the $18,200 resistance, where the bears might put a strong fight.

Bitcoin Price is Rising Steadily

This past week, bitcoin saw a sharp downside correction below $18,000 and $17,200 against the US Dollar. The BTC/USD pair even broke the $16,800 support and the 100 simple moving average (4-hours).

It traded as low as $16,219 before forming a support base. A fresh increase was initiated above the $16,500 and $16,800 resistance levels. Bitcoin price cleared the $17,400 resistance and 100 simple moving average (4-hours) to move into a positive zone.

There was also a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear break above the $17,850 and $18,000 levels might lead the price towards the key $18,250 resistance zone. It is close to the 61.8% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

A successful break above the $18,250 and $18,400 levels is needed for a fresh rise towards the $19,000 and $19,500 levels in the coming sessions.

Another Drop in BTC?

If bitcoin fails to clear the $18,000 and $18,250 resistance levels, it could start a fresh decline. An initial support is near the $17,500 level or the 100 simple moving average (4-hours).

The first major support sits at $17,400 levels. A downside break below the $17,400 level could lead the price towards the main $16,800 support level. Any more losses might call for a new low below $16,200.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $17,400

Major Resistance Level – $18,250

Source

Bitcoin’s Recent $3,000 Correction Actually Formed a Bullish Candle

Bitcoin’s Recent $3,000 Correction Actually Formed a Bullish Candle

Bitcoin has faced an extremely strong correction since its local highs around $19,500. The leading cryptocurrency currently trades for $17,000 almost exactly, though fell as low as $16,200 just the other day.

That means that from its local highs, the leading cryptocurrency was down by over $3,000.

Many have not taken this correction well: just days ago, there were many expecting Bitcoin to move towards new all-time highs, citing a confluence of technical and fundamental trends.

But this rally actually formed a somewhat bullish candle, despite what conventional wisdom may lead some to believe. BTC  actually bounced at an extremely important macro level.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Forms Bullish Candle Despite Drop

Bitcoin’s strong $3,000 correction actually stopped an extremely important macro technical level: $16,200.

A trader shared the chart below after the brunt of the downtrend, showing that Bitcoin’s weekly candle bounced at the extremely important macro level. As he shows, the level’s importance stretches back to the 2017/2018 highs. The chart shows that Bitcoin actually topped at $16,200 after a dead count bounce after the week that the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin corrected 40%.

Bitcoin finding support here on a weekly basis could confirm that the uptrend remains intact.

It is important that BTC does trade above $16,200 for the next two days to confirm the level as technical support.

Image

Image

Chart of BTC's price action over the past few years with analysis by crypto trader Alejandro (Pastore1314 on Twitter).
Source: BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For BTC

One More Drop?

Bitcoin may face yet another leg lower, though.

Ki Young Ju, the chief executive of crypto data analytics firm CryptoQuant, recently noted that whales have deposited a larger amount of BTC into exchanges than normal:

“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Investors may be selling those coins, which may result in a further sell-off.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin's Recent $3,000 Correction Actually Formed a Bullish Candle

Source

Whales Dump Ahead Of Bitcoin ATH, More Than 93K BTC Sold Since Peak

Whales Dump Ahead Of Bitcoin ATH, More Than 93K BTC Sold Since Peak

Bitcoin price is now trading at roughly 15% less than it was just days ago, falling short of setting a new all-time high by just a few hundred dollars.

A new record was so close bulls could taste the victory, but the achievement was blocked by massive whales who reloaded centralized crypto exchanges with a flood of BTC to be dumped, stopping the rally in its tracks. Here’s what this could mean for the crypto market over the next few weeks.

Whales Flood Crypto Exchanges With 93K BTC, Bring Bitcoin Rally To Abrupt End

Bitcoin was moments away from making history, setting a new all-time high in price and breaking the 2017 crypto bubble record. New BTC addresses are at record highs, as is hash rate, and even the cryptocurrency’s market cap. But so far, price couldn’t yet follow.

Related Reading | Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End

A new all-time high in Bitcoin price could create a storm of FOMO, which whales potentially sought to stop just before the record was broken.

According to on-chain analytics, whales began moving BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-recording breaking finish to the recent rally.

Sell walls on Coinbase were reported, and whale watching on various crypto quant platforms were giving signs of their activity just before the selloff began.

Over $15 Billion In Profit Taken Since Peak Was Put In

Whales moved and sold as much as 93 BTC since the peak at $19,500, or roughly $1.5 billion in profit taken even at an average sell price of $17,000 per <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin.

bitcoin whale

bitcoin whale

Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com

Where the rally stopped is notable for narrative-sake. Double-tops are notorious for causing unbreakable resistance, and the current price action is a candidate for such a top formation.

Related Reading | Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

It could be enough to cause a bearish wave of doubt in the cryptocurrency, just as some negative news begins trickling into the market, in terms of self-custody regulation in the US.

The double-top narrative caused by whales taking profit during an extremely profitable year could provide the sentiment necessary for the final shakeout before the cryptocurrency goes full parabolic and races to its next peak.

All that starts with a break of the previous all-time high. Will whales continue to block the new record, or will the crypto asset’s unstoppable bullish momentum leave whales underwater?

Featured image from Deposit Photos, Charts from TradingView.com

Source

This Bitcoin Whale Trend Suggests a Serious Selloff Could be Imminent

This Bitcoin Whale Trend Suggests a Serious Selloff Could be Imminent

It has been a rough past few days for Bitcoin, with the cryptocurrency seeing immense sell-side pressure as bears aim at erasing the gains that have come about as a result of the recent uptrend.

Where the cryptocurrency trends next will depend largely on whether or not it sustained its recent break below its $17,000 support level.

If bulls cannot reclaim this level in the near-term, it could mean that a decline towards its multi-week support at $16,200 is imminent. If this level is broken, it could strike a serious blow to the cryptocurrency’s technical outlook.

One on-chain analyst is pointing to a disturbing trend that could indicate downside is imminent for BTC.

He notes that whales are depositing BTC into exchanges rapidly, which nearly always indicates that a flurry of sell-side pressure is imminent.

Until trading activity amongst these large Bitcoin investors dies down, he concludes that it will either see sideways trading or slide lower.

This comes as investors are already on edge, with mounting regulatory concerns and the recent $19,500 rejection both striking blows to its underlying strength.

Bitcoin Struggles to Gain Momentum as Bears Take Control

At the time of writing, Bitcoin is trading down just under 3% at its current price of $16,700. This marks a rebound from daily lows of $16,500 but a decline from highs of over $17,000.

Where the entire market trends next will depend largely on whether or not BTC can stabilize around its current price region or if it can push higher in the days ahead.

Any continued decline from here could strike a serious blow to its technical outlook, potentially causing it to see some serious mid-term losses.

This On-Chain Trend Spells Trouble for BTC

One analyst explained that a surge in trading activity amongst Bitcoin whales indicates that further downside could be imminent in the days and weeks ahead.

“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Bitcoin

Bitcoin

Image Courtesy of Ki Young Ju. Source: CryptoQuant.

If whales begin taking profits and offloading their holdings, this could place some immense pressure on Bitcoin’s recent uptrend.

OKEx resuming BTC withdraws could also add some pressure to the cryptocurrency’s near-term outlook.

Featured image from Unsplash.
BTCUSD price data from TradingView.

Source

TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k

TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k

Bitcoin price declined heavily, but it found support near $16,300 against the US Dollar. BTC is likely forming a double bottom pattern and it could rally if it clears $17,500.

  • Bitcoin is holding the $16,300 support zone and trading above $17,000.
  • The price is facing a strong resistance near $17,500 and it is well below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $17,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A possible double bottom pattern is emerging with support near $16,300.

Bitcoin Price Likely To Rally Again

There was sharp decline in bitcoin price below the $18,000 and $17,200 levels. BTC even spiked below $16,500 before the bulls protected the $16,300 support zone.

There were two attempts by the bears to push the price below $16,300 and $16,200, but they failed. A swing low is formed near $16,219 and the price is currently rising. It is trading above the 23.6% Fib retracement level of the recent decline from the $19,500 swing high to $16,219 low.

It seems like there is a possible double bottom pattern emerging with support near $16,300. The breakout resistance is forming near the $17,500 level.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $17,500 on the hourly chart of the BTC/USD pair. The next major resistance is near the $17,850 or the 50% Fib retracement level of the recent decline from the $19,500 swing high to $16,219 low.

Bitcoin price is likely to start a strong increase if it clears the breakout resistance at $17,500 and then gains pace above $17,850. The next major resistance sits near the $18,400 level or the 100 hourly simple moving average.

Failure in BTC?

If bitcoin fails to clear the breakout resistance at $17,500, there is a risk of a fresh decline. An initial support on the downside is near the $16,800 level.

The first major support is near the $16,500 level. The main support is near the double bottom zone at $16,300. A daily close below the $16,300 and $16,200 levels could open the doors for another slide.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering and approaching the 50 level.

Major Support Levels – $16,800, followed by $16,300.

Major Resistance Levels – $17,500, $17,850 and $18,400.

Source

Bitcoin Wicks to $17,100 Amid 14% Pre-Thanksgiving Crash

Bitcoin Wicks to $17,100 Amid 14% Pre-Thanksgiving Crash

Bitcoin wicked as low as $17,100 minutes ago as buying pressure finally abated after weeks upon weeks of upward price action. The <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin corrected from the $19,600 region yesterday to these lows for a drop of approximately 14%.

Analysts are currently divided over what comes next for the leading cryptocurrency.

Bitcoin was starting to roll over after it topped at $19,600 yesterday. Simultaneously, analysts noted that the cryptocurrency had begun to print bearish technical signals near the highs that suggested it was overbought.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Extremely Overbought

Mohit Sorout, a founding partner at Bitazu Capital, shared the chart seen below on the day that Bitcoin moved past $19,000.

The chart shows BTC’s price action relative to a Pi Cycle Top Indicator on the site Look Into Bitcoin. The indicator is a formula that has accurately predicted medium-term BTC highs in the past, including the mid-2019 high, along with a series of intra-trend highs in 2016 and 2017.

Should history repeat, there’s a good chance that Bitcoin will correct back toward the lower bound of the indicator, then will return higher to break above the upper bound of the indicator.

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Image

Alex Fiskum, an associate at Alice Capital, shared a similarly bearish chart. The chart shows that Bitcoin’s current market sentiment and positioning looks extremely similar to the 2019 highs and the all-time highs that were seen in 2017.

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Image

Chart of BTC's price action over the past three years with analysis by Alice Capital's Alex Fiskum
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Wicks to $17,100 Amid Pre-Thanksgiving Sell-Off

Source