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#Bitcoin Price Analysis

Bitcoin Price Analysis BTC/USD Bearish Pattern may Proceed, 12 July.

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Bitcoin Price Key Points

  • Bitcoin price declined further and broke a key help at USD 6,300 against the US Dollar.
  • There was a break underneath a contracting triangle with support at $6,310 on the hourly diagram of the BTC/USD match (information feed from Kraken).
  • The combine is as of now under strain and it stays at a danger of more misfortunes beneath $6,200.

Bitcoin price dropped essentially underneath $6,300 against the US Dollar. BTC/USD is quickening misfortunes towards the following backings at $6,100 and $6,050.

Bitcoin Price Analysis

Bitcoin price began a fleeting rectification subsequent to exchanging toward the $6,280 level against the US Dollar. The BTC/USD match moved a couple of focuses higher and exchanged over the $6,300 and $6,350 levels. In any case, the upside move was topped by the 23.6% Fib retracement level of the last drop from the $6,720 high to $6,280 low. The price neglected to move past the $6,400 and declined strongly.

The ongoing decrease was to such an extent that the bitcoin price broke the $6,280 low. All the more critically, there was a break beneath a contracting triangle with help at $6,310 on the hourly diagram of the BTC/USD match. It opened the entryways for more decays and the bitcoin price cleared the $6,200 bolster. It is currently exchanging admirably beneath the $6,500 turn level and the 100 hourly basic moving normal. A low was shaped at $6,145 and the price is as of now merging. An underlying obstruction is close to the $6,280 level, which was a help before. Besides, the half Fib retracement level of the last slide from the $6,399 high to $6,145 low is likewise close $6,290 to go about as an obstruction.

Bitcoin Price BTC to USD Chart 12 July

Bitcoin Price BTC to USD Chart 12 July

Taking a gander at the diagram, bitcoin price is under a great deal of weight underneath $6,300. On the off chance that it keeps on moving down, a break underneath $6,180 could drive the price towards $6,100 and $6,050.

Taking a gander at the specialized pointers:

Hourly MACD – The MACD for BTC/USD is moving vigorously in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving lower towards the 20 level.

Real Support Level – $6,100

Real Resistance Level – $6,300

#Bitcoin Price Analysis

Bitcoin Price Analysis: BTC in a critical zone.

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Bitcoin price fell to a yearly low and later recovered against USD. BTC could fall further if the buyers fail to break the resistance around $3,450.

Technical  Indicators

Significant Support Level – $3,375

Significant Resistance Level – $3,450

  • Bitcoin price fell to a monthly low towards $3,340 and later recovered.
  • A resistance is formed close to $3,450 on the hourly chart of the BTC/USD pair.
  • The price may begin a recovery back above $3500 if there is a break above $3,450.

Bitcoin price fell to a yearly low and later recovered against the US Dollar. BTC could fall further if the buyers fail to break the resistance around $3,450.

 

Bitcoin Price Analysis

Recently, we saw a noteworthy decrease in bitcoin price beneath the $3,400 support against the US Dollar. The BTC/USD pair exchanged beneath the $3,360 support and shaped another yearly low at $3,344. Afterward, there was a new upside recovery over the $3,380 and $3,400 levels. A buying pressure helped in the recovery of the price over the $3,420 level, yet there is a solid resistance shaped close to the $3,450 level.

Additionally, yesterday’s key bearish pattern line has formed a resistance close to $3,450 on the hourly chart of the BTC/USD pair. A break over the pattern line and resistance around $3,450 is must for further gains. The major resistance is close to $3,500. If buyers are unable to pick up strength above $3,450 and $3,480, bitcoin price can fall further below $3400.

BTCUSD Price Chart

BTCUSD Price Chart

Taking a gander at the chart, bitcoin price is moving toward the key $3,450 resistance. The major support is at $3,375. If this support is broken, the price may fall below to $3,300 range.

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#Bitcoin Price Analysis

How Gold Price can help in Bitcoin Price Prediction

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Considering the pre-internet era, the only prominent trusted source of information was the television or the newspapers. These media had enormous outreach but the origin was limited. The world is within our reach with the computer and internet at our command. What if there was a way of making a transaction that didn’t require the use of trusted intermediaries and had direct peer to peer transaction? A Blockchain gets introduced which is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

 

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

The most popular cryptocurrencies are Bitcoin, Ethereum, XRP, Iota, Cardano, Tron, Ripple, Monero, Litecoin and Stellar.

Cryptocurrencies like bitcoins have innumerable advantages over the existing substitutes like,

1. They are decentralized and operate on a public-distributed database which holds and encrypted ledger.

2. They provide Transparent Public Transaction record, i.e in the Bitcoin system, every transaction is made public and recorded in blocks which turns out to be a part of the blockchain.

3. Bitcoin is unhackable due to its fundamental depiction.

 

Bitcoin (BTC) traders could get cues from an apparent negative correlation that has developed between bitcoin and gold prices.

Gold picked up a strong bid at $1,196 on Nov. 13 and jumped to $1,300 on Jan. 4, possibly due to a sell-off in the weakening U.S. dollar. The greenback was down against most currencies in last two months of 2018 on growing speculation that the Federal Reserve (Fed) could decrease or pause interest rate hikes in 2019.

Bitcoin, however, did not benefit from that broad-based sell-off in the dollar. The cryptocurrency instead saw a revived bear market with a convincing move below $6,000 on Nov. 14 – a day after gold found takers around $1,200 per ounce.

That price action indicates that the two assets are inversely correlated. Validating that argument is the 90-day correlation coefficient of -0.593. The statistical measure ranges from -1 to 1, with a negative number representing the inverse relationship between the two variables, while a positive number implies direct correlation.

As a result, the leading cryptocurrency by market value could be influenced by the next move in gold prices. Currently, the safe haven metal is trading at $1,285, having hit a three-week low of $1,276 earlier this week.

Meanwhile, BTC is trading in a narrow range above $3,500 for the 13th straight day. The prolonged period of consolidation could end with a strong bullish move if the corrective pullback in gold worsens.

It is worth noting that correlation is not causation and only describes the relative change in one variable when there is a change in another.

Gold and Bitcoin Chart

Gold and Bitcoin Chart

As seen above, bitcoin and gold have moved in opposite directions since late November.

Gold rallied 8.33 percent in seven weeks leading up to Jan. 4. During the same time, Bitcoin depreciated by 50 percent.

Further, gold’s repeated failure at $1,300 has established that psychological level as a stiff near-term resistance. Meanwhile, Bitcoin has defended $3,500 since Jan. 11.

The cryptocurrency could see a strong bullish move if the pullback in the yellow metal gathers steam.

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#Bitcoin Price Analysis

Bitcoin Price Analysis: Will BTC rise or fall?

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Bitcoin price broke the bearish trend line with resistance close to $3700 and moved above. Bitcoin will most likely break above $4000 level.

Technical Indicators:

Support Level: $3600, $3700
Resistance Levels: $3900, $4200

 

Key Points:

  • Bitcoin price has found major support above $3600 which is not letting the sellers push the price downwards.
  • Bitcoin price is gaining momentum and a lot of buyers bought bitcoin during dips in the past few days.
  • Bitcoin might move above $4000 in short-term to test the major resistance around $4200.

Bitcoin price broke the bearish trend line with resistance close to $3700 and moved above. Bitcoin will most likely break above $4000 level and test the resistance around $4200.

Bitcoin Price Analysis:

Bitcoin price showed bearish momentum in the past few days falling down from above $4000 to around $3600 before starting the correction. The momentum right now is however quite bullish as the robust support above $3600 pushed the price upwards with a lot of buying. The price will likely experience some dips before actually rising above $4000 to test the major resistance.

BTCUSD 24 hour chart

BTCUSD 24 hour chart

Looking at the 24-hour chart, the support above $3600 is quite strong. However, the bitcoin needs to break the short-term resistance around $3900 in order to move above $4000 to test the major resistance point. Bitcoin is currently trading around $3774.75 according to Bittrex Chart (at the time of writing).

 

The following article showcases the viewpoints of the writer and not Coinnounce.com. The readers are advised to do their own research and analysis before investing or trading in any digital assets such as bitcoin which is quite volatile in nature.

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