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#Bitcoin Price Analysis

Bitcoin Price Analysis, 16 July. BTC/USD Bulls Struggling.

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Bitcoin price seems, by all accounts, to be keeping its head over the close term zone of enthusiasm at the channel bolster.

Bitcoin Price Key Features

  • Bitcoin price seems, by all accounts, to be keeping its head over the close term zone of enthusiasm at the channel bolster.
  • On the off chance that a ricochet back to the opposition happens, a converse head and shoulders example could likewise be finished.
  • A break past the channel best could be sufficient to affirm that a long haul uptrend is in progress.

Bitcoin price is remaining over the $6,300 zone important to flag that bulls are setting up a decent battle.

Specialized Pointers Signs

The 100 SMA is beginning to cross over the more drawn out term 200 SMA to recommend that bearish force is finished and that the easy way out is to the upside. This implies the inversion could acquire footing from here, particularly once the hybrid is finished.

All things considered, bolster at the rising channel could continue holding as this lines up with a zone of intrigue or previous help and obstruction level. Bitcoin Price could discover its way back to the channel top at $7,200, which would likewise be over the neck area of an inversion design.

Bitcoin price keeps on endeavoring to finish the backwards head and shoulders development on this 4-hour time span, and this is viewed as a strong inversion flag. The example would traverse $5,800 to $6,800 or $1,000 in tallness, so the subsequent uptrend could be of at any rate a similar size.

Be that as it may, RSI is as of now surrounding the overbought zone and is indicating aim to head down. This could imply that dealers are anxious to push bitcoin price south once more. Correspondingly stochastic is beginning to turn after achieving overbought region so bitcoin could go with the same pattern.

BTCUSD CHART 16 JULY

BTCUSD CHART 16 JULY

Market Factors

Bitcoin price was set for an encouraging begin in July yet a large portion of these additions were returned a week ago on negative discourse and another trade hack. US specialists likewise arraigned twelve Russian authorities for utilizing digital currency in meddling with the 2016 races.

This time, the attention could stay on related features that could decide if the bullish run could continue or if another arrangement of downbeat updates could compel a continuation of the prior slide.

#Bitcoin Price Analysis

Bitcoin Price Analysis: BTC to $4200?

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Technical Indicators

Support Level – $3,900

Resistance Level – $4,000

  • Bitcoin price is very strongly supported on the drawback close to the $3,900 against the US Dollar.
  • The price is probably going to grow massively over the $4,000 resistance level.
  • There is a bullish pattern line formed with support at $3,900 on the hourly chart of the BTC/USD.
  • BTC might fall a few points, however, the buying pressure is massive and is probably going to stop any declines under $3,850.

Bitcoin price is all set to break above $4,000 against the US Dollar. BTC could increase bullish force towards $4,200 in the event that it outperforms the $4,000 resistance.

 

Bitcoin Price Analysis

Bitcoin price went a little downwards yesterday from the $3,975 swing high against the US Dollar. The BTC/USD pair traded underneath the $3,900 support level, however, strong support was formed close to the $3,860 level. Afterward, it began a crisp upward move. There was a break over a bearish pattern line at $3,900 on the hourly chart of the BTC/USD pair.

The pair settled over the $3,920 level and traded near the $3,950 resistance. Bitcoin price is at present merging underneath $3,950, with a bullish edge. The present price activity is sure and it appears there could be more increases above $3,950 and $4000 in short term. An effective break over the $4,000 resistance is a must for an upside spike. The next resistance is around  $4,200.

On the downside, the support is around $3,900 level. There is a bullish pattern line formed with support at $3,900. If bitcoin price falls underneath the pattern line, it could test the $3,860 and $3,830 support levels. The last support is at $3,800 and the 100 hourly SMA. Beneath the 100 hourly SMA, the price could decrease towards $3,720.

BTCUSD Price Chart

BTCUSD Price Chart

Taking a look at the chart, bitcoin price is in a bullish momentum over the $3,900 and $3,860 supports. Along these lines, there are high odds of more upsides over the $3,975 and $4,000 resistance. Buyers could go for $4,200 in short term if there is an hourly close over the $4,000 level.

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#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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