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Analysis

Price Analysis: BTC Drops By 4% After Reaching $5,450

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Following the recent 2019 high for the number one cryptocurrency, Bitcoin dropped by 4 percent and in the latest cryptocurrency news today we find out why.

Bitcoin reached $5,540 only 12 hours ago but it dropped soon after despite the increased demand for the currency from investors. Also, the Bitcoin Investment Trust premium which is a cryptocurrency investment company that has about $1.2 billion under management, increased by 10 percent.

As you can see from the charts, the bitcoin priced went down from $5,400 to $5,200 in less than 12 hours and is currently trading at $5,058. On a daily basis, the largest cryptocurrency by market cap decreased by 1.2 percent and on the weekly charts, we can see that the asset is still up by 6.8 percent.

According to the price analysis, over the past 14 days, when bitcoin started the 20 percent rally, it showed slight retracements from 1 to 5 percent range. It started the rally at $4,200 and reached $5,000. On April 4th, Bitcoin reached $5,261 but it soon fell down by more than 7 percent.

The price analysis shows that Bitcoin is likely facing some issues after starting the upside movement because of the resistance levels hovering above the currency above the $5,000 region.

Technical Analyst Luke Martin believes that the $5,500 price point is a relatively strong resistance level and that the asset should be able to recover above $6,000. He noted:

 “For the first time since $1,000 BTC breakout on Apr 1st, [the bitcoin] price is reaching an area that I expect to act as resistance. It’s the only area price paused at after the dump from $6,000.”

Since the price of BTC dropped after reaching the resistance level at $5,500 it seems like the asset will need strong catalysts to boost it past the level and reach to the $6,000 region. In the short-term, if institutional investors decide to pour their capital in bitcoin, the demand for Bitcoin will go up and so will its price.

Also, in the medium-term the recent developments in the crypto industry such as Coinbase issuing its crypto debit cards, could further raise the confidence for the crypto sector from investors.

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Altcoin News

BNB Coin Analysis: Altcoin Remains In Uptrend Despite Recent Decline

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bnb coin analysis
BNB coin analysis shows that the coin managed to stay on the uptrend despite the recent decline due to the ban for US customers from the main exchange. The price tested the key resistance support at $30.00 and we read more about it in the coming altcoin news. The binance coin price declined sharply due to the US customer ban but later recovered above $34.00. There seems to be a crucial bullish trend line forming near the support line at $32.50 on the 2-hour chart. The price still remains in an uptrend and could easily make another attempt and surpass the $35.00 support range. The major crypto exchange banned all United States customers from their main exchange and this was one of the reasons that led the price to a sharp decline. The exchange later announced a separate exchange for US customers. Although the BNB coin analysis shows a heavy decline, there was a positive movement for both Ethereum, Bitcoin, and Ripple which turned out to help Binance Coin to find the nearest support area at $30.00. If you take a look at the 2-hour chart of BNB/USD, the pair declined heavily after it failed to clear the $36.50 resistance level after it had previously broken down the $32.00 support area which acted as a strong buying zone. As a result, the price bounced back above the $32.50 and later to $34.00. The BNB price also managed to break the $35.00 support level but it has, however, struggled near the $35.40 area. On the downside, as reported in the latest cryptocurrency news, there are many support levels near the $33.50 and $32.50 levels. The 50% Fib retracement level of the latest upward move from the $31.60 low to $35.43 high is also close to the $33.50 level and will act as a support with the 25 moving average. Also, there is a crucial bullish trend line that is now forming near the $32.50 on the same chart. Therefore as long as the price remains strong above the $32.50 it will remain in an uptrend. On the upside, the binance coin price resistance level will be near $35.50 which could help revisit the $36.50 area.
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Analysis

Bitcoin Ignores Correction Calls: Where Is BTC Headed?

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Bitcoin Ignores
The price of Bitcoin and its fast comeback over the weekend and rise to a 13-month high has been viral and featured on many best cryptocurrency news sites. However, it seems like Bitcoin ignores correction calls which were predicted by analysts and is still above the $9,150 mark, hitting resistance once again. Right now, traders are looking for the next move from the most dominant cryptocurrency and are eyeing altcoins for bigger gains. In the altcoin news, the situation is not that different as Litecoin, Bitcoin Cash, Ripple, Ether and other digital assets are recording growth. So, no one is really expecting a correction right now - especially not after Bitcoin's strong performance and ability to retain the $9,200 price level. For those of you who did not follow our latest cryptocurrency news, it all started when Bitcoin surged through resistance on Saturday evening, recording a new 13 month high of just north of $9,300. This resulted in a 8% price increase on the day for BTC - pumping the price from around $8,600 to the highest price point of 2019. This proved that Bitcoin ignores correction calls despite the small pullback which retested the price again and formed a double top on the day. A new and larger pullback then took Bitcoin to $8,850 but BTC recovered again and is still heading upwards in the Asian trading session. At the time of writing, Bitcoin is trading shy of $9,200 which is marginally higher than yesterday morning. While Bitcoin ignores correction calls, the daily volume is also rising. The number managed to pump back to $23 billion, taking BTC's market capitalization to $162 billion which is higher than the total cryptocurrency market cap back in March this year. A collection of technical indicators named the Ichimoku Cloud recently predicted the price of Bitcoin as well as its momentum and trend decision. As it showed:
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”
An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”
As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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Analysis

Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst

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A new experimental metric is featured in the latest cryptocurrency news, indicating that the Bitcoin 2019 price run was triggered by real and confirmed transaction growth. The quality of activity, as the metric shows, allowed Bitcoin to clock a 28-week high last Saturday, signaling that the cryptocurrency's latest price rally may be more fundamentally driven compared to what many expect. Named the Transaction Amount to Active Addresses Ratio (TAAR), the metric was first proposed by the Pugilist Ventures Founder Chris Brookins, who divided the 24-hour adjusted transaction volume (USD) of Bitcoin with the number of its active addresses, identifying how much each of the active addresses spends in transactions per day, on average. Brookins found that the Bitcoin 2019 price run was signaled from this ratio. For those of you who don't know or are unfamiliar with the TAAR ratio which is a viral topic on many best cryptocurrency news sites... If the TAAR is high, it means that each user (active address) is transacting in high notional values. In other words, TAAR was high over the past couple of weeks during the Bitcoin 2019 price run which showed that the network "quantity" (how much is being spent i.e. transaction volume) was high per the "quality" (how many users are spending the funds from active addresses). So, the TAAR's quantity and quality matched and were both high. This is how a positive reaction in Bitcoin's market occurred. Since April of 2013, the oldest data point (as we can see from Coinmetrics) has been this one - making it clear that the Bitcoin 2019 price run entered a sustainable trend when it was accompanied by a TAAR trend in the same direction. As the chart associated with TAAR indicate, the Bitcoin 2019 price run was impressive. When seeing the network activity, Bitcoin managed to escape its bear market in 2015 with the same technical traction. However, weeks ago, this added fundamental validation to the Bitcoin price growth at the time, which is often a victim to pure speculation. And what's most interesting is the fact that the Bitcoin TAAR performance is once again rising, indicating that the bear market may be over soon and that corrections in price should be expected - both in the Bitcoin as well as the coming altcoin news.
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Analysis

Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst

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bitcoin is vulnerable
According to analysts featured in our latest cryptocurrency news, Bitcoin is vulnerable as it is still correcting below the $8,000 mark. Despite the stability of BTC over the past 24 hours, there are changes that the pullback could accelerate - mostly because BTC failed to close above $8,000 yesterday. Right now, a lot of traders and analysts are looking at the next major buying zones. As we can see from Bitcoin's performance over the past 24 hours, the dominant cryptocurrency has been relatively flat. It suffered a drop to $7,600 before retracing to the current level at $7,750 which showed that Bitcoin is vulnerable. The intraday high for BTC has been established around the $7,900 level but started consolidating around $7,800. The daily volume is also on the decline as Bitcoin dropped to $20 billion on the day trading activities. Traders and analysts are viral on many best cryptocurrency news sites for their current outlook as the path of resistance is slowing down. With this, it is certain that Bitcoin is likely to fall back to support at $7,600. One of the analysts featured in the crypto currency news was Alex Kruger, who has been looking at the current possibilities. As he wrote on Twitter:
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”
https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”
Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”
https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
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