The latest cryptocurrency news show that we are in a Bitcoin bloody Monday, where the price of BTC is currently correcting and is in the $8,500 range. Even though this is not that bad of a correction, it is still a sharp downward move which could set a bearish traction in the days to come.
As of recently, the Bitcoin price slowly climbed above $8,400 and $8,500 to later break the $8,800 level and trade as higher as $8,842. Knowing that these numbers were gained hard, a correction like this in today’s Bitcoin bloody Monday shows that the bears showed signs of activity. However, the Fibonacci retracement level at 23.6% is supposedly going to act as a strong support.
Many best cryptocurrency news sites report that there is a key bullish trend line forming with support at $8,640 on the hourly chart of the Bitcoin BTC and USD pair. If there is a downside break below this trend line, the price could test the $8,600 support and the 100 hourly simple moving average. From this, the next important support will be near the $8,500 level. If there are more losses, the price could test the $8,400 support area and coincide with the 50% Fibonacci retracement level of the recent wave – from the $7,995 low to a new high at $8,842.
On the upside, the Bitcoin bloody Monday could be easily forgotten if there is an upside break above the $8,800 barrier as the day progresses. In this scenario, the price could accelerate above the $8,850 level where the next key resistances on the upside will be near the $8,900 and $9,000 levels. If there is a break above $9,000, the Bitcoin price is likely to gain a new pace and trigger the altcoins to post big movements in the altcoin news too.
When looking at the current chart, the Bitcoin price is consolidating its gains above the $8,600 level. In the short term, there could be a downside correction below $8,600 which is going to last. However, there are many supports on the downside near the $8,500 and $8,420 levels right now which is good. A successful close below $8,400, in that manner, will likely start a solid downward move towards the $8,100 level in the near term.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
Messari Report: BTC Could Copy Gold’s Behavior And Drop Dramatically
“I would not be surprised if BTC performs like gold did 2008-2011.’’McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
“Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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