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#Bitcoin Price Analysis

Bitcoin Price Weekly Analysis: BTC/USD bearish pattern.

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Bitcoin price as of late broke the $6,214 swing low. BTC/USD is probably going to broaden decreases and it could spike underneath $6,000.

Bitcoin Price Key Focuses

  • Bitcoin price is draining and it could broaden its slide underneath the $6,100 level against the US Dollar.
  • There is an associating bearish pattern line set up with resistance at $6,300 on the 4-hours outline of the BTC/USD pair (information feed from Kraken).
  • The pair is unmistakably under strain and it might maybe slide to $6,000 and $5,950 in the close term.

Bitcoin price as of late broke the $6,214 swing low against the US Dollar. BTC/USD is probably going to broaden decreases and it could spike underneath $6,000 if merchants stay in real life.

Bitcoin Price Pattern

This previous week, bitcoin price began a noteworthy drawback move from well over the $7,200 level against the US Dollar. The BTC/USD pair broke numerous supports in transit down like $7,200, $7,000, $6,750, $6,600 and $6,400. There was likewise a break underneath a noteworthy bullish pattern line with support at $7,200 on the 4-hours graph. The decrease was with the end goal that bitcoin price even broke the $6,214 low and settled underneath the 100 basic moving normal (4-hours).

As of late, bitcoin price broke a bearish banner with support at $6,400 to broaden slides. It tried the $6,100 support and it is as of now combining over the $6,150 level. It appears as though it could amend a couple of focuses, yet the $6,300 level is probably going to go about as a solid resistance. There is additionally an interfacing bearish pattern line set up with resistance at $6,300 on the 4-hours outline of the BTC/USD pair. Over the pattern line, the past support close $6,500 is the following significant resistance. On the drawback, bitcoin price could test the 1.236 Lie expansion level of the last real wave from the $6,214 low to $7,406 high.

BTCUSD Weekly Price Chart

BTCUSD Weekly Price Chart

Taking a gander at the graph, Bitcoin price is plainly in a downtrend, yet the $6,000 and $5,950 support levels could give a solid base to a recuperation.

Taking a gander at the specialized markers:

4-hours MACD – The MACD for BTC/USD is gradually moving back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is still well underneath the 30 level.

Real Support Level – $6,000

Real Resistance Level – $6,500

#Bitcoin

Tom Lee: Bitcoin will hit $15000 within next month

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Tom Lee the founder who earlier predicted bitcoin to hit $25000 this year still predicts that bitcoin will surely hit $15000 by the end of this year.

Amidst the cryptocurrency market crash, Tom Lee the founder and CEO of Fundstrat who earlier predicted bitcoin to hit $25000 this year still predicts that bitcoin will surely hit $15000 by the end of this year. Tom Lee stated his bullish prediction in an interview with CNBC.

 

Tom Lee’s Bitcoin Predictions

At the beginning of 2018, when cryptocurrency prices started to fall Tom Lee predicted that bitcoin will hit $25000 by 2018 end. In July this year, Lee restated his prediction to $22000 and again in August this year, he predicted the same $25000 price.

In the interview, Tom Lee remains very confident about his statement about bitcoin reaching to at least $15000 this year. According to Lee, a regulatory clarification would surely increase the price of bitcoin this year. He said that cryptocurrencies with grow as the world will start adopting digital technology.

 

BTCUSD 1 day chart

BTCUSD 1 day chart

 

The price of Bitcoin is currently making improvements and trading at $4674 according to CoinGecko. Bitcoin fell up to $4300 in the last 24 hours. Will Tom Lee’s prediction proves to be true and will bitcoin hit a $15000 mark this year end? What do you think? Tell us in the comments section below.

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#Bitcoin Price Analysis

Dont Panic Sell BTC: Reasons to hold your bitcoin

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As bitcoin dropped below $5000, a massive feeling of fear was created amongst all cryptocurrency holders and traders started to panic sell their coins.

As bitcoin dropped below $5000, a massive feeling of fear was created amongst all cryptocurrency holders and traders started to panic sell their coins which may be what the buyers waiting to buy at cheap desired of. BTC is currently trading at $4661 according to CoinGecko. The major financial media has predicted a further 70% drop in the upcoming time and foresees bitcoin to a $1500 low while other analysts at Bloomberg and other international media houses are predicting bitcoin is fall around $1000. But is this really a prediction or a clever strategy?

Bitcoin Support Level

 

btcusd support levels

btcusd support levels

 

The major support level of $6000 was broken as bitcoin went below this range. Also, another major support at around $5800 and $5100 was broken as the coin went below $5000 mark. Now the next major support level lies at around $3600 from where the price is predicted to rise again somewhere between $5500 to $6000.

 

Upcoming Cryptocurrency ETP

Bitcoin is predicted to see massive gains with the upcoming cryptocurrency ETP which was recently approved by the Switzerland authorities. The upcoming ETP “Amun Crypto traded product” will start trading on “SIX” Exchange which is one of the largest exchange in Europe with a market capitalization of over $1.6 Trillion. The ETP will be tracking an index of top 5 cryptocurrencies that is: Bitcoin, XRP, Ethereum, Bitcoin Cash and Litecoin. The trading ticker of the ETP is “HODL”, the best term for every cryptocurrency enthusiast. The first step to launch a cryptocurrency based ETF by the Swiss Authorities marks a start of more and more ETF approvals on the way which would eventually lead to massive adoption and rapid price increase.

 

Bakkt Launch

The first physically backed cryptocurrency futures exchange Bakkt is going to launch this December. Cryptocurrency Analysts have predicted a massive bullish momentum for all cryptocurrencies especially bitcoin after the launch of Bakkt.

Bakkt is being launched by the Intercontinental Exchange which will provide a fully regulated cryptocurrency service to all its customers. Physical Bitcoin will be stored in the warehouse to back the trading. The Intercontinental Exchange has anticipated a whopping $270 Billion to move in just the 1st year of the service.
Bakkt has already made major partnerships with industry giants such as Starbucks which will start accepting cryptocurrency payments and Microsoft for leveraging the Azure Platform. Also, many great hedge funds have already invested in the Bakkt project such as Alan Haward hedge funds.
The real motive of Bakkt launch is to build an open platform that will help to unlock the potential of cryptocurrencies around the global markets and commerce.

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#Bitcoin Price Analysis

Cryptocurrency Market Analysis: Is a bear market foreseen?

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The price of Bitcoin dropped more than 5% in the last 24 hours along with the major cryptocurrencies such as Ethereum and Ripple dropping more than 9% and 5% respectively. Other major coins such as Bitcoin Cash, Stellar, EOS and Litecoin showed massive bearish momentum falling from 5% to 15%. Ethereum is trading at a yearly low of $158. The total cryptocurrency market capitalization experienced a wipeout of approximately $15 Billion in just 24 hours.

 

BTC USD 5 day chart

BTC USD 5 day chart

Market Analysis

 

BTC USD yearly chart

BTC USD yearly chart

 

In December 2017, the cryptocurrency market experienced the largest market gain with all major cryptocurrencies rising massively. The market started to fall down in January 2018 and since then the market has not reached a proper support range. Based on the market analysis, the price of major cryptocurrencies may not face a good bullish momentum this year apart from the predicted rise during to launch of BAKKT in December.

 

Stock Market and Cryptocurrency Market Co-Related?

With the decrease in the price of major US market stocks, the stock market investors predict that the market may not see a bullish momentum soon and may face more losses in the coming time. The bear market of US stocks has also impacted the cryptocurrency market which has dropped majorly since the stock market crash.

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