Tag Archives: BTC Analysis

Bitcoin’s price remains stuck under the key 0.618 Fibonacci level at $13,360 going into this week after little bullish momentum arrived during the opening of the US traditional markets. Wall Street, meanwhile, is painted in red. Over shorter timeframes, it’s clear that the general sentiment is still bullish as the leading asset continues to print higher lows. However, trading volumes are beginning to decline, and there’s a growing divergence between the RSI and price action,...

Starting by looking at the bigger picture, Bitcoin price had made a remarkable run since October began, gaining almost $3000 to its value. Looking at the following long-term weekly chart, we can see this week’s greenish candle that will be closed later today. From a technical point of view, as long as the candle close price is above the $12,500 area (previous high) – we can safely say that BTC is on a healthy uptrend. BTC/USD weekly. Chart by TradingViewThe Good and The Bad:...

Bitcoin Bitcoin saw a very strong 13% price increase over the past seven days which allowed it to break above the $13,000 handle. At the start of October, Bitcoin managed to penetrate above a symmetrical triangle pattern which was the first sign that a bull run was about to form. After the breakout, it managed to push as high as $11,600 before stalling. Last Friday, Bitcoin was trading at around $11,200 as it rebounded and started to push higher. It quickly reached the...

Bitcoin price has managed to avoid all 3 unfilled CME gaps this week and go on to break the $13,235 level for the first time since July 10, 2019 – 469 days ago. The catalyst for the 11% surge was the breaking news from PayPal yesterday that the payments giant will soon facilitate BTC and other crypto-asset payments. According to data from Datamish, the Paypal rally caused a $70.8M short squeeze on BitMEX as an eye-popping $31 billion returned to the crypto market during...

Bitcoin price is recovering with yesterday’s surging breakout to $11.8K. The arrival of the new bullish momentum coincided with the US trading markets opening for the week and caused $6 billion to flood back into the crypto space within a few hours. This sharp rise in trading volume has created a third gap on the CME bitcoin futures chart (GAP 3) between $11,490 and $11,405, which will undoubtedly be adding pressure on top of the current uptrend. Not far beneath it is the...

Bitcoin has failed to hold above $11,500 for the second time this week as bears continue to drive prices back down towards the unfilled CME gap at $11,100 (GAP 2). CME bitcoin futures gaps appear because traditional markets close before the weekend and reopen the following Monday, while BTC continues to be traded 24/7. This means that if the leading crypto experiences high volatility over the weekend and the price changes dramatically when the traditional markets reopen, then...

Despite a promising start to the week, the bullish Bitcoin traders have struggled to maintain momentum. In the last few hours, bears have successfully overcome the intra-week support (white line), which was helping to keep BTC in an uptrend, and are now threatening to drive prices back towards the 0.5 Fibonacci level at $11,150. Looking at the 4-hour chart, we can see that the decline was foreshadowed by a significant divergence between the RSI and the price action (yellow...

Bitcoin price is soaring right now as the US legacy market opens up to begin the new week. Just hours ago, the leading cryptocurrency had completed a bearish Bart Simpson pattern after crashing down to $11,175 following an extended period of sideways chop. It was looking as though the asset was about to head down to the 0.5 Fibonacci level at $11,150, but new bullish momentum from the American trading session has helped drive BTC back above $11,500. With this, Bitcoin charted...

Bitcoin took a break from trading during the month of September, with relatively low volatility. As shown on the following 4-hour chart, the marked symmetrical triangle was basically the story of September: Started with a massive dump and a slow consolidation, since then, around $10,600. As can be seen below, Thursday signaled a breakout – in favor of the Bulls. Since breaking the triangle at $10.8K, we saw a healthy consolidation and finally a breakout of the $11-11.2K area,...

Bitcoin’s price has managed to climb $300 today and break bullish out of a 19-day consolidation pattern (white dashed lines). This is pretty surprising considering the recent Kucoin hack, BitMEX investigation from the CFTC, and the potential for a second wave of lockdowns worldwide. In just 6 hours, $12 billion flooded back into the crypto markets, shortly after Jack Dorsey’s Square announced it had purchased 4.709 BTC (approx $50 million). This catapulted the leading...