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#Bitcoin Price Analysis

Bitcoin Price falling to 3000: Whats the bottom?

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The major fear is to know where will the declining price stop i.e. the bottom price of bitcoin as the price stability has been shattered.

Bitcoin Price showed some recovery yesterday as the price showed an upward move from around $3500 up to $4200 which the major analysts were predicting to be dead cat bounce. After bitcoin fell down from $4000 range, the major support was at $3000 which was being called as bottom by some and some other analysts were predicting that market may even fall further down this line due to the selling pressure and fear which has been created amongst the cryptocurrency investors from fast few days.

 

What’s the bottom?

The major fear that is growing up in everyone’s mind is to know where will the declining price stop i.e. the bottom price of bitcoin as the price stability has been shattered. The current Bitcoin Selloff could be the biggest in history
The past week was tragic for Bitcoin and the entire cryptocurrency markets bringing down the total market cap by approximately 54 Trillion. As per data from CoinGecko, 1 BTC is worth $4047 at press time trading against the US dollars.

 



BTC traded as low as $3475 yesterday and later recovered to approximately $3900. Miners are moving into other businesses amidst the falling price. The crash is being compared to bitcoin’s 2011 crash when it fell up to 93%. Also, the Mt.Gox hack, from 2013 to 2015 the currency went down 83% which was much higher than the current market loss. Market analysts are predicting that the currency will surely fall to $3000 or even up to $2500 before settling down with a significant support.

#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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#Bitcoin Price Analysis

Bitcoin and Gold correlation: BTC to $5500 with head and shoulders pattern?

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According to an article published by the Wall Street Journal, the price of bitcoin and gold is trading in a correlation with each other. The price of gold has mostly been trading opposite to the stock markets as gold is considered a hedge to the stock markets. From the last 5 days, gold and bitcoin have been trading in a similar pattern.

According to the report, bitcoin and other top cryptocurrencies have been trading at around 0.84 correlation with the price of gold where -1 represents a complete inversion and +1 represents a correlation.

 

Why is bitcoin rising?

The article explains that large institutional investors are entering into the cryptocurrency space with Bitcoin being the primary investment.

According to the publication, assets under management worth $55 million were seen by the trust in 2013. In the end of last year when the price of bitcoin was at the highest point, the assets under management also saw a rise to around $3.5 billion. For now, as the market is in a downtrend, only around $900 million are retained by the assets under management.

The publication also explains that the venture capital investment in bitcoin was around $96 million in 2013 whereas it saw rise up to $500 million in 2016 and again a surge last year when the venture capital investment into cryptocurrency space was around $2 billion.

With the regulation of bitcoin and other cryptocurrencies rising around the world especially the United States of America, more and more institutional investors are entering into the cryptocurrency space. Another great news for the crypto environment is the launch of Bakkt Exchange early next year which will allow the physical delivery of bitcoin futures. Other great events such as the launch of Fidelity’s digital asset business is also proving to be quite beneficial for cryptocurrencies especially bitcoin.

 

Bitcoin Price Analysis:

BTCUSD 2 month chart

BTCUSD 2 month chart

Bitcoin saw a whopping surge in price yesterday when the price of bitcoin increase by more than $250 in just a matter of minutes. The chart of bitcoin shows a formation of ‘head and shoulders’ which explains the high possibilities of a massive bullish run in the near future. Bitcoin might rise straightaway up to $5500 if the pattern proves to be correct. The next major resistance for bitcoin lies between $5300 and $5500.

 

The following article is not financial advice. The readers are advised to do their own research and analysis before investing in the cryptocurrency market which is quite risky.

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#Bitcoin Price Analysis

Bitcoin, Dow Jones Price Analysis: BTC heading to $4200?

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Bitcoin price has started a bull run shaking off yesterday’s bear attack. The price of bitcoin has increased by more than $250 in just a matter of minutes and also the volumes are massive which indicate that this may not be a dead cat bounce.

Bitcoin Price going for $4200?

BTCUSD 24 hour chart

BTCUSD 24 hour chart

After dropping to a low of around $3550 yesterday, bitcoin price has started to show bullish momentum rising more than $250 in a couple of minutes from around %3600 to $3850.

Along with bitcoin, other major cryptocurrencies such as Ethereum, XRP and Bitcoin Cash are also in bullish momentum. BCH was trading around $146 just before the bull run and is currently trading around $173 (at the time of writing). ETH started the bull run around $115 and went up to $135, currently trading around $132. XRP went up from $0.3416 up to $0.3780 in a matter of minutes.

The reason behind the sudden rise is not clear yet although the CME bitcoin futures expired earlier today around 5 hours back from now (from the time of writing).

 

Dow Jones Industrial Average in a downfall:

Dow Jones Industrial Average, as well as the S&P 500, have dropped significantly. At the time of writing, Dow Jones Industrial Average is currently down by around 0.38% while S&P 500 is down by around 0.27%. Though the cryptocurrency market is not directly related to the equity markets, somehow the current moves of bitcoin are opposite to the equity market charts.

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