Bitcoin’s price goes to $8K price level again and continues to follow a steady ascending triangle pattern. The altcoin news today will give you some more detail on the price analysis of the number one cryptocurrency.
The Bulls managed to go past the $7,500 price level yesterday and will now focus on the psychological $8K level. On the daily BTC/USD charts we can see that the ascending triangle is continuously forming since the asset made a strong recovery off the uptrending pattern yesterday. Currently, the $8,000 level seems to be making slight friction in the uptrend as selling pressure from the short-term traders is reaching the market.
Bearish signals on the MACD indicators are seemingly worsening since the analysis made a day ago despite the price surge in Bitcoin by 5.24% in the last 24 hours. The selling volume is also growing and the 12-MA has yet to show signs of converging above the 26-MA point. We should also consider that the MACD is a lagging indicator so the signals can often trail behind the current price activity.
If the bulls come close to the $8K price point, we could expect a bullish convergence to appear during the early hours of the day. But if BTC ends the day below the said price point, we could see another bearish breakout which will take Bitcoin’s price below the uptrending support near the $7,600 mark. Bitcoin’s price goes to $8K level strongly despite the insignificant bearish sentiment.
As noted in the latest cryptocurrency news, the RSI indicator shows that the sentiment remains bearish as the momentum shows a slight decline along the support line. From this, we can all see that the buying momentum is weak and could result in a reversal trend unless new support comes. On the 4-hour charts, the BTC/USD pair shows a totally different picture. Here it appears that the price action is breaking out of the bullish pattern.
The indicators also track the price action closely and will give the traders a better idea of the bitcoin’s price movements. Over time, traders will be able to see smaller changes in momentum clearly which is why the bullish signals are appearing on the MACD and RSI. Overall, we could expect to see Bitcoin test the $8,100 level in the new few days if the momentum continues to improve.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$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.
Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst
Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$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.
Bitcoin Goes Below $8,000 Overnight: What Is The Reason?
“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales - and the market cap of $253 billion is solid proof for that. What's fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red. The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
"Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way."On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.
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