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Analysis

BTC Is Breaking Down: Will Bitcoin ‘Survive’ Another Drop?

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The Bitcoin news today show a rather dull move from the leading cryptocurrency, which has managed to fall from its $4,200 highs to a new low of $3,842, dropping around 10% in only one day. The Bitcoin market cap also lost around $5 billion, while the total cryptocurrency market cap (again) went below the $130 billion mark.

According to analysts, one of the reasons for this move may be the delay of the tariff hike by the US President Donald Trump. However, what’s certain is that the price of BTC was rejected and as a result of that, there was a huge bearish reaction where sellers gained pace and pushed the price below the key $4,000 support level.

The current price action seems bearish – without any upsides likely to be capped near $3,860. However, the main resistance is right now near the $3,900 level. Above $3,900, the price of Bitcoin could face resistance near $3,950 and the 100 hourly SMA. On the other hand, a break above the main $4,000 hurdle won’t be easy for buyers.

Looking at the chart, the Bitcoin price made a sharp U-turn below the $4,000 and $3,900 support levels. From this, it could correct higher in the short term but the previous supports at $3,860 and $3,900 might also prevent further gains.

On the downside, the initial support is formed at $3,680 below which the price may decline even below $3,600.

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Analysis

Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning

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Bitcoin's price goes to $8K, btc
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.
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Analysis

Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%

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expected bitcoin drop
Expected bitcoin drop that happened over the past 24 hours has led the other major crypto assets to plunge by 7 percent. Bitcoin’s price dropped by around four percent against the US dollar and we find out more in the coming altcoin news. The anticipated drawback of both bitcoin and all of the other major crypto assets comes after the technical analyst Josh Rager proposed that a healthy bitcoin pullback will surely come due to the coming off a massive 100 percent gain. He pointed out:
“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’
Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news. The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
 “BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’
The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
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Analysis

Bitcoin To 6k: Will BTC Drop To New Monthly Lows?

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bitcoin to 6k
As we already reported in our coming altcoin news, the pullback has begun and wiped away $14 billion on the market overnight, taking losses from almost every single coin. Many analysts think that Bitcoin to 6k is a big possibility now, after scanning the charts and looking for support zones. Meanwhile, BTC has spent the past three days trading sideways below $8,000. Ever since its meteoric rally to $8,300, BTC has hit resistance twice and pulled back sharply twice. Aside from the Bitcoin to 6k reality, a weekend dump to $7k was quickly recovered as the charts now show. During the morning Asian trading session, Bitcoin managed to fall 4% to an intraday low of $7,620 but later corrected more, going below $7,500. The steep decline made a lot think if Bitcoin to 6k is the next scenario in the latest cryptocurrency news. Unlike the previous minor correction when BTC dropped like a stone, this is a more gradual descent (for now) until the price of the most dominant cryptocurrency finds support. Speaking of dominance, Bitcoin sits at 57.1% dominance which is relatively good for it, but not that good from the perspective of the latest coins featured the altcoin news which are all losing dominance on the market. According to the crypto trader 'The Cryptomist', the drop was expected and Bitcoin to 6k is a reality if it continues:
“Forewarned this drop earlier, and secured most of this month’s profits. I expect us to drop further and test support upon 7.4k region. 1D Rsi still needs to drop. If this support breaks, 6.8k is next regional support,” he tweeted.
https://twitter.com/TheCryptomist/status/1131335063902273542 If the correction continues, Bitcoin to 6k could be the next thing we see this week. However, many analysts are also eyeing the $6,400 level as major support and some predict a 30% retracement. This was the most traded price in 2018 and therefore a return to it does not seem to be too farfetched.
“Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week,” the Twitter analyst CryptoFibonacci tweeted.
https://twitter.com/CryptoFib/status/1131377214593949697 The dip today pushed the market cap below $240 billion, and the altcoins are getting punished as usual. Many best cryptocurrency news sites predict that it will extend in the next day or two.
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Altcoin News

BNB Price Analysis: Bullish Trend Forming After Token Sale Announcement

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BNB price analysis
BNB price analysis shows that the price of the altcoin shows signs of reversing the bearish trend and increased up to 12 percent over the 24 hours. The current price of the altcoin is now up to $21.80 and in the coming altcoin news, we make a broader analysis. Binance has recently announced the next Binance Launchpad token sale or the next Harmony Protocol which is a new innovative platform. With the announcement, the price of the BNB coin also increased. Harmony is a low-latency and low-fee consensus platform but more details about it we have to expect after May 15 during the new announcement. If you take a look at the BNB/USD1-Day charts, you can see the price action of the BNB coin. For example, after the latest BNB price analysis, we can see that the pair is falling even lower and it reached the outlined support at $18.81. The support at the current level is provided by a short-term downside at 1.414 Fibonacci Extension level. The BNB coin has rebounded before reaching this level and has also broken back above the $20 price point. It is also currently trading at the same position. The nearest resistance level of the coin is located at $22. Another resistance level could line with the $24.40 and $25.18 price points. Above the $25.18 price point, a higher resistance could be located somewhere around $26.60. On the downside, the nearest level of support is now at $20.85 or $20. Further downside support can be found at $19.50 and $18.81. If the sellers manage to break the low level at $18.81, the next support line could be found at $17.84 and $16.30. The trading volume of the coin has managed to remain average over the past few days but it still relatively high. The RSI index shows an extremely oversold area. A crossover above could even spike a positive correction. The previous BNB price analysis which we covered in the latest cryptocurrency news shows that the coin continued to decline against BTC and has even fallen beneath the support of the 100 days moving average. The initial support line lies at 00.0031 BTC and the 0.0030 BTC area. The Stochastic RSI indicator could produce a crossover above oversold territory and a further bullish correction is approaching.
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