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#Bitcoin Price Analysis

Bitcoin Price Weekly Analysis: BTC/USD Selling Continues

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Bitcoin price tuned bearish with a nearby underneath $7,260. BTC/USD's upsides stay topped close to the $7,260 and $7,320 levels in the close term.

Bitcoin Price Key Focuses

  • Bitcoin price declined beneath $7,260 and moved into a bearish zone against the US Dollar.
  • There is a noteworthy bearish pattern line-shaped with resistance at $7,320 on the 4-hour chart of the BTC/USD combine (information feed from Kraken).
  • The match should clear the $7,260 and $7,320 resistances to move in a positive zone.

Bitcoin price tuned bearish with a nearby underneath $7,260 against the US Dollar. BTC/USD’s upsides stay topped close to the $7,260 and $7,320 levels in the close term.

Bitcoin Price Upside Obstacles

This previous week, there was a sharp drawback move from well above $7,600 in bitcoin price against the US Dollar. The BTC/USD combine declined and broke the $7,500 and $7,260 support levels to move into a bearish zone. It even exchanged beneath the $7,000 level and is at present well underneath the 100 straightforward moving normal (4-hours). Another month to month low was framed at $6,881 and the price is at present uniting.

An underlying resistance on the upside is close to the 23.6% Lie retracement level of the last plunge from the $8,297 high to $6,881 low. All the more critically, there is a noteworthy bearish pattern line-shaped with resistance at $7,320 on the 4-hour chart of the BTC/USD match. Underneath the pattern line resistance, the past support at $7,260 is a critical resistance. In this way, the $7,260 and $7,320 resistances are significant hindrances for more picks up in BTC in the close term. Ought to there be a break above $7,320, bitcoin price could recoup. The following resistance anticipates close $7,600 and a half Lie retracement level of the last plunge from the $8,297 high to $6,881 low.

BTCUSD Weekly Price Chart

BTCUSD Weekly Price Chart

Taking a gander at the chart, Bitcoin price is obviously exchanging a bearish zone underneath $7,260. In the event that it neglects to recuperate and slides beneath $6,880, the following stop for merchants could be $6,500-6,600.

Taking a gander at the specialized markers:

4-hours MACD – The MACD for BTC/USD is for the most part put in the bearish zone.

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

Real Support Level – $6,880

Real Resistance Level – $7,320

#Bitcoin Price Analysis

BTC Daily Trading Signals: October 19

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BTC Price remains in a range-bound market. The strong bearish pressure within the range was dominant as BTC witness drawdown.

Dominant bias for Bitcoin (BTC) –Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6000, $5900. $5800

 

BTC remains in a range-bound market. The strong bearish pressure within the range was dominant as BTC witness drawdown. Despite a bullish 4-hour opening at $6735.6 on 18th October that led to the high of the day at $6779.9, the bear takeover was confirmed by the next bearish candle. BTCUSD was down to $6609.3 in the support area.

Though $6607 was the low BTCUSD made on 17th October with the current strong bearish pressure, a lower low may be attained at the end of trading session.

 

BTC 4-hourchart

BTC 4-hour chart

 

BTC Price is below the 10 EMA but sits on the 200 EMA. A break below the 200-EMA may see the bear taking BTCUSD to the 6300 area. The stochastic oscillator is in the oversold region but its signal points down which implies further downward price movement within the range.

BTCUSD is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. A breakout at the upper area will be good for a long while a breakdown at the lower area suggests shorting the cryptocurrency.

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#Bitcoin Price Analysis

BTC Daily Trading Signals: October 18

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BTC remains in consolidation. Upward movement of the cryptocurrency towards the upper resistance level was made possible by the bullish hammer at $6717.60.

Dominant bias for Bitcoin (BTC) –Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6000, $5900. $5800

 

BTC remains in consolidation. Upward movement of the cryptocurrency towards the upper resistance level was made possible by the bullish hammer at $6717.60. BTCUSD high of the day was $6794.00 in the resistance area.  Exhaustion to bullish momentum was clearly seen as candles at the area had upper wicks. The bearish pressure was increased with inverted hammer formation. BTCUSD was down to $6674.30 in the support area as the cryptocurrency ranges

 

BTC 4-hourchart

BTC 4-hour chart

 

BTC Price remains below the 10 EMA but above the 200 EMA. The stochastic oscillator is at 23% and its signal points down which implies further downward price movement within the range. A new low at the support area may be attained with the bears’ pressure becoming much stronger

BTCUSD is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. A breakout at the upper area will be good for a long while a breakdown at the lower area suggests shorting the cryptocurrency.

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#Bitcoin

Bitcoin surges more than 4% on Bitfinex after a Tether Panic

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The price of Bitcoin experienced a massive surge in minutes on Bitfinex Exchange as the price rose from $6443 to $6732 in just a couple of minutes.

After the major dumping of Tether which happened on 15th October 2018, more and more people are joining the USDT dumping trend by exchanging their stablecoins into cryptocurrencies especially Bitcoin. The traders and investors are doubting that the Tether or USDT token is not backed by US Dollar and the company is being blamed for misleading the investors.

USDT Dumping

Tether which had a market capitalization of over $2.8 Billion came down to just $2 Billion in a couple of days. So in just a couple of days investors and traders removed more than $800 Million from Tether into Bitcoin and other cryptocurrencies.

 

Bitcoin Surges on Bitfinex

The price of Bitcoin experienced a massive surge in minutes on Bitfinex Exchange as the price rose from $6443 to $6732 in just a couple of minutes as more people started to dump USDT for Bitcoin on Bitfinex.

 

Tether is being blamed for scamming investors this year by a lot of people as the people believe that Tether never had the exact amount of USD backed in 1:1 ratio in accordance to the tether supply.

 

What do you think about Tether? Let us know in the comments section below.

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