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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.

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” 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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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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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

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Why Ethereum and Altcoins Faced Carnage As Bitcoin Hit $19,500

Why Ethereum and Altcoins Faced Carnage As Bitcoin Hit $19,500

The ongoing Bitcoin rally brought investor interest back to altcoins in a big way, but as soon as the top-ranked cryptocurrency made it above $19,000, it has been nothing but carnage for Ethereum and the rest of the <a class="wpg-linkify wpg-tooltip" title="

Altcoin

Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.

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

Here’s why these assets faced carnage as soon as Bitcoin hit $19,500, and why it might signal a short-term top is near the crypto market.

Ethereum And Other Top Altcoins Suffer Carnage As BTC Nears ATH

Today could be the day when Bitcoin breaks its all-time high, and just about anyone in the crypto spaces knows it.

And that’s the primary reason in a nutshell that altcoins like Ethereum, XRP, and dozens more suffered a strong pullback once the most dominant cryptocurrency touched $19,500.

Related Reading | Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season

At just a couple hundred dollars away depending on the exchange, Bitcoin price is now the closest its ever been to its former all-time high, and each attempt from bulls gets closer and closer.

With a new record so close crypto bulls are so confident and salivating at the milestone, that they’re dumping their altcoins – now in profit – back into BTC for what they believe to be the eventual push higher.

bitcoin ethereum crypto ethbtc btc btcusd eth ethusd

bitcoin ethereum crypto ethbtc btc btcusd eth ethusd

ETHBTC and altcoins slide as Bitcoin nears all-time high against the dollar | Source: BTCUSD on TradingView.com

Bitcoin Ended Alt Season As It Passed $19,000, Peak Is Possible

The divergence is clear. Bitcoin passed $17,700, causing altcoins to soar. But as soon as $19,000 was cleared, things have turned for altcoins as evident by the ETHBTC trading pair. Ethereum has tanked compared to Bitcoin’s ongoing bullishness.

The boom in altcoins is one of three factors CNBC’s Brian Kelly points to as a near-term top.

Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

But when Bitcoin does take out its all-time high, fireworks in altcoins typically happen, so downside in the alternative crypto assets is likely limited as well.

Featured image from Deposit Photos, Charts from TradingView.com

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TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby

TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby

Bitcoin price broke to the upside and traded close to $19,500 against the US Dollar. BTC is currently correcting gains, but the previous resistance near $18,800 could provide support.

  • Bitcoin traded above the $18,700 and $18,800 resistance levels before correcting lower.
  • The price traded close to the $19,500 level and settled above the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase as long as it is above $18,800 and the 100 hourly SMA.

Bitcoin Price is Approaching Key Support

Finally, bitcoin price was able to clear the $18,700 and $18,800 resistance levels. BTC climbed above the $19,000 and $19,200 levels. A new yearly high was formed near $19,450 before the price started a downside correction.

There was a break below the $19,300 and $19,200 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high. It is now approaching a major support zone at $18,800 (the recent hurdle).

There is also a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

The next support is near the $18,650 level or the 100 hourly simple moving average. Any further losses could start a major downside correction below the $18,500 support. In the stated case, bitcoin price might even revisit the $18,000 support zone in the near term.

Fresh Increase in BTC?

If bitcoin stays above the $18,800 support level and the 100 hourly SMA, there could be a fresh increase. An initial resistance is near the $19,200 level.

The first major resistance is near the $19,400 level. A successful close above the $19,400 level could open the doors for more gains above the recent higher. The main target for the bulls could be a new all-time high above the $19,800 and $20,000 levels.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently close to the 50 level.

Major Support Levels – $18,800, followed by $18,650.

Major Resistance Levels – $19,200, $19,400 and $19,500.

Source

Bitcoin Price Now Mere Moments Away From Setting A New All-Time High

Bitcoin Price Now Mere Moments Away From Setting A New All-Time High

Bitcoin price is trading well above $19,000 and it is the last stop before reaching $20,000 and setting a new all-time high. With no further resistance above the former peak, will the cryptocurrency go fully parabolic and enter price discovery mode starting today? Or will a long-overdue correction unfold with the vast majority of investors sitting in profit?

Bitcoin Approaches All-Time High, Only Moments Remain Where Buying BTC Was Unprofitable

The first-ever cryptocurrency is on a complete tear, defying gravity and going parabolic over the last several weeks. From the start of November until now, the cryptocurrency has added another 40% to its now over 150% year-to-date returns.

At current prices, only one day remains – December 17, 2017 – where buying BTC was a losing investment. The unlucky few who hit “buy” that night and managed to snipe the exact top, have spent every day since at a loss.

bitcoin btcusd

bitcoin btcusd

Only a few hours Bitcoin traded at higher prices back in December 2017 | Source: BTCUSD on TradingView.com

But with every investor in the asset who bought any day outside of then in profit, could the incredible feat be the catalyst for the correction that thus far has never arrived?

This is Bitcoin, so anything is possible. While all of crypto is bullish on Bitcoin and had planned on holding for the next bull market top, the current disbelief rally blindsided everyone outside of the veterans with the most longevity in the space.

Related Reading | Crypto Calculated: How Ancient Math Predicts Bitcoin’s Next Top At $270K

A retest of $10,000 to $20,000 took a little more than a month, and now the entire world is watching crypto again. With Thanksgiving here, and the holiday acting as the catalyst for a bull market explosion and bubble the last time around, a repeat is very well possible.

And it all starts with Bitcoin taking out its former all-time high, which is set at around $19,800 depending on the exchange.

As a good rule of thumb, seeing Bitcoin trade at a price beyond $20,000 will be the final signal that the bull market has begun.

Featured image from Deposit Photos, Charts from TradingView.com

Source

TA: Bitcoin Stuck In Range, Why BTC Remains At Risk of A Sharp Correction

TA: Bitcoin Stuck In Range, Why BTC Remains At Risk of A Sharp Correction

Bitcoin price failed again to clear the $18,800 resistance against the US Dollar. BTC is trading in a range and it could correct lower sharply if there is a break below $18,200.

  • Bitcoin is still trading well below the key resistance area near the $18,700 and $18,800 levels.
  • The price is now below $18,500 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $18,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline sharply if there is a clear break below $18,200 and $18,050.

Bitcoin Price is Showing a Few Bearish Signs

There was another attempt by bitcoin price to clear the $18,700 and $18,800 resistance levels. However, BTC bulls failed to gain strength, resulting in a fresh decline below the $18,600 level.

The price even broke the $18,500 level and settled below the 100 hourly simple moving average. Conversely, there were strong bullish moves in Ethereum and ripple, breaking the $600 and $0.60 resistance respectively.

Bitcoin price traded as low as $18,160 and it is currently consolidating in a range. There was a break above the $18,250 level. It even traded above the 23.6% Fib retracement level of the recent drop from the $18,782 high to $18,160 low.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

The price is now facing a strong resistance near the $18,450 level and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $18,480 on the hourly chart of the BTC/USD pair.

The triangle resistance is close to the 50% Fib retracement level of the recent drop from the $18,782 high to $18,160 low. If there is an upside break above $18,500, the price could make another attempt to clear the $18,700 and $18,800 resistance levels.

Downside Break in BTC?

If bitcoin fails to clear the $18,500 resistance, there is a risk of a downside break. An initial support is near the triangle lower trend line at $18,280.

A clear break below the triangle support might lead the price towards the $18,160 swing low. In the stated case, there is even a risk of more losses below the $18,000 support level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just below the 50 level.

Major Support Levels – $18,280, followed by $18,160.

Major Resistance Levels – $18,500, $18,700 and $18,800.

Source