Tag Archives: BTC Analysis

As another week comes to its end, let’s start from the bottom line: Bitcoin price ends the week exactly where it started it, hovering around the $10,600 mark.It wasn’t a remarkable week for Bitcoin, unlike the other cryptocurrencies, especially the DeFi ones, that saw triple-digit gains.Looking at the shorter timeframe, which is seen on the following 4-hour chart, Bitcoin had formed a double-bottom around $11,100. The latter is considered to be a bullish pattern unless the bottom is broken...

BitcoinBitcoin saw a small 4% price drop this week as it headed into the $11,300 support (downside 1.272 Fib Extension). During the week, the coin broke beneath the August rising trend line. The bulls attempted to recover, but the previous support flipped into resistance and the buyers failed to overcome it.On Tuesday, Bitcoin plummeted by 6% from $11,770 to a low of $11,150 (.382 Fib Retracement). Luckily, the bulls pushed higher to close the daily candle above the $11,300 support (downside...

Bitcoin’s chart looks pretty interesting right now. On the 4-Hour BTC/USD, there is a clear bearish convergence forming between the 50 and 100 EMA lines for the first time since July 22.This typically signals that there’s more downside to come as short-term momentum drops in comparison to the longer-range momentum.However, looking more closely at today’s price action, there are some signs of hope that we might get a recovery shortly.Bitcoin’s current trend is resembling the start of a whale...

The crypto space is experiencing another red day today as a further $13 billion disappears from the market. This exodus of investment has caused Bitcoin to unravel $300 in the last 4 hours or about $1,200 in the last week.While there are no apparent catalysts for the current decline, Federal Reserve Chairman, Jerome Powell, is scheduled to give an update on Thursday regarding new steps the United State’s central bank plans to take to keep the struggling economy afloat.With rising pessimism...

Bitcoin price is attempting to re-enter the bullish ascending triangle pattern that it exited out of last Friday, August 21, when the asset unraveled $500 in 24 hours.This previous key support, which had helped prop up Bitcoin over eight times since July 28, 2020, is now acting as a strong resistance on the 4-hour chart and is preventing bulls from surpassing the $11,800 level.Looking at the total crypto market cap, it appears that we have just set a new lower high at $369 billion, according...

Bitcoin’s price had seen a four-day decline of over $1150, while the altcoins suffered even harder.Despite that Bitcoin is currently trading around the consolidation range from a week ago, we cannot ignore this week’s false breakout to $12,500. This turned to be a fake-out, and the bearishness that came out of this is clearly seen on the following days.As can be seen on the 4-hour chart, BTC was forming a bullish triangle ($12K as an upper angle), and even after the above mention false...

BitcoinBitcoin continued its sideways movement this week as it remained around the $11,600 level. However, during the week, the cryptocurrency did push higher as it penetrated above the $12,000 resistance to reach the $12,400 level.Unfortunately, it was unable to sustain these highs as it rolled over to fall beneath $12,000 at the start of the week. Bitcoin has since dropped further as it reached the support at $11,650 (.236 Fib Retracement). A rising trend line also bolsters this support.The...

The global crypto market continues to slide today as another $11 billion pours out.This exodus of investment has now kicked Bitcoin outside of the rising channel that it’s been tracking inside of (mostly) for the past 22 days. What was acting as reliable support has now flipped into a strong resistance level and could prevent the leading cryptocurrency from retracing back to $12,000 in the short-term.Could this be the start of a bearish decline towards the unfilled CME gap down at...

Bitcoin’s exciting bull run might be over as quickly as it started after prices failed to close above the $12,400 daily resistance yesterday. Any hopes of a parabolic continuation will now have to be put on hold as bulls recover from the sharp decline.In the last 24 hours, the global crypto market capital has lost $13 billion from its peak at $387 billion.It’s still unclear what caused the sudden reversal. However, shortly after BTC prices catapulted to $12,400, the leading crypto broke into...

Bitcoin price had been lingering under the $11,900 mark for the past 48 hours, despite another injection of $6 billion entering the global crypto market at that period.In the last hour, however, a sudden surge in buying pressure finally arrived, which assisted in driving prices over the psychological $12,000 resistance for the first time in over a week. The bulls drove the price higher than $12,125, which was the 2020 high since the beginning of August.This key level has so far succeeded in...