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#Bitcoin Price Analysis

Bitcoin Price Reversal: Get ready for a bull run

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After suffering a major bear attack, Bitcoin has finally recovered more than 8% in the last 24 hours with the price now trading around $4100.

After suffering a major bear attack for several days, Bitcoin has finally recovered more than 8% in the last 24 hours with the price rising up to $4150.

The major support for Bitcoin is now at $4000 with a most needed recovery in the last 24 hours.

Following Bitcoin, other prominent cryptocurrencies such as XRP and ETH also started to gain momentum with a rise of over 6% and 8%. Ethereum is trading around $115 breaking yesterday’s resistance of $110. The price was expected to fall down to around $60 if the major support at $100 was broken but the bears could not break this robust support. The market capitalization which was also on a downfall from many days has also gained around 20% in the last 24 hours.

 

Bitcoin ready for a bull run

The price of bitcoin has gained momentum adding a huge market capitalization today which also brought up the market cap of the total cryptocurrencies form $12 billion to around $18 billion.


 

Currently, Bitcoin is trading at 4062 according to CoinGecko (at the time of publication). Analysts are now predicting a reversal in the price of bitcoin which could turn the price to over $5000 in short term. The demand for bitcoin is now increasing as the price is at a yearly low. Although there is huge resistance around $4150 to $4200 which if broken can cause the price to surge massively above $5000 range.

 

This article is only the viewpoints of the author and the author is not a financial advisor. You should do your own due diligence before taking any position in Bitcoin or any Cryptocurrency market.

#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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