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#Bitcoin Price Analysis

BTC bulls foreseen? Bitcoin Price Analysis 10 Oct

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Bitcoin price trimmed a large portion of its additions. BTC/USD could recuperate, however the broken support at $6,560 may go about as a resistance.

Bitcoin Price Key Focuses

  • Bitcoin price neglected to exchange higher towards $6,800 and declined as of late against the US Dollar.
  • Yesterday’s highlighted key bullish pattern line was breached with support at $6,560 on the hourly outline of the BTC/USD pair (information feed from Kraken).
  • The pair declined underneath the $6,500 support and tested the $6,440 support level.

Bitcoin price trimmed a large portion of its additions against the US Dollar. BTC/USD could recuperate, however the broken support at $6,560 may go about as a resistance.

 

Bitcoin Price Analysis

Amid the decay, yesterday’s highlighted key bullish pattern line was breached with support at $6,560 on the hourly graph of the BTC/USD pair The pair even broke the last swing low at $6,490. At long last, it tested the 1.236 Lie augmentation level of the last wave from the $6,491 low to $6,687 high. The price shaped an intraday low at $6,441 and it is as of now amending higher. An underlying resistance is close to the 23.6% Lie retracement level of the last decrease from the $6,687 high to $6,441 low. In the event that purchasers drive the price over the $6,500 level, the following stop could be the $6,560 level. The stated $6,560 level alongside the 100 hourly SMA are probably going to go about as obstacles for buyers.

 

BTCUSD Price Chart 10 October

BTCUSD Price Chart 10 October

 

Taking a gander at the graph, bitcoin price broke a couple of key supports and tested $6,440. It might bob back, yet the past supports close $6,550-6,560 are probably going to keep an upside break.

 

Taking a gander at the technical markers:

Hourly MACD – The MACD for BTC/USD is picking up pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is at present well underneath the 40 level.

Real Support Level – $6,440

Real Resistance Level – $6,560

#Bitcoin

Bitcoin institutional adoption rising: BTC price analysis

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Amidst the crypto winters which led to the price of bitcoin falling massively, institutional adoption is on a rise with many analysts predicting that the bear market was being manipulated by large institutional investors in order to buy bitcoin at the cheapest rates before the entering into the markets.

Greg Tusarm an ex Goldman Sachs executive is comparing the current situation in the cryptocurrency market as early days of equity trading according to Bloomberg. The ex Goldman Sachs executive sees a great future for bitcoin and other cryptocurrencies ahead and believes that there are a lot of opportunities for businesses in the crypto space. Greg has also launched his own crypto brokerage called Tagomi Holdings which is backed by large investment firms such as Founders Fund.

Just a few days back, Jeremy Allaire, the CEO of Circle predicted that the price of bitcoin along with other cryptocurrencies will be rising tremendously in the next 3 years.

Paypal Co-founder launches Tagomi Holdings Inc

Peter Thiel, the head of ‘Paypal Mafia’ which is a group of former Paypal employees and founders who have since founded and developed companies such as Tesla motors, Linkedin, Youtube etc. has successfully launched an electronic brokerage startup Tagomi Holdings Inc. The company will help to overcome operational challenges in relation to trading digital assets such as bitcoin. The launch was announced by the company in a press release. Peter had also claimed that Bitcoin can be a hedge against economic downturns. The Founders Fund led by Peter has made huge a massive fund allocation in cryptocurrency startups all around the world.

Bitcoin Price Analysis:

BTCUSD Bitfinex 24 hour chart

BTCUSD Bitfinex 24 hour chart

After being bearish for a over a month, bitcoin started a bull run yesterday rising over $200 in just a matter of minutes. Though time volumes are quite low in comparison to last year’s trading volumes, the current volumes are quite higher than the last few months. Since yesterday Bitcoin is continuing its bullish pattern currently trading around $3641 on Bitfinex (at the time of writing). The price is expected to rise further as a major bullish pattern is formed with the new key support at $3550 (In accordance to Bitfinex Chart). The major bullish pattern line formed will most likely push bitcoin price above $4000 in short term.

 

Bears turning bullish

Market analysts who were earlier predicting bitcoin to fall below $3000 have now started to make bullish predictions stating that the price of bitcoin can soon reach its original position above $6000 where it was trading earlier before the start of the bearish trend in November this year. More and more institutional investors are buying cryptocurrencies at the current price which is the lowest price for bitcoin for more than a year. Diar has reported that more and more institutional investors are shifting to large over the counter trades for buying bitcoin and other cryptocurrencies lately. The total market capitalization of cryptocurrencies has risen more than $12 billion in 2 days. On Monday, the total market cap was around $103 billion which today stands at around $115 billion.

 

The following article is not financial advice. The readers are advised to do their own research and analysis before making any investment decisions in the cryptocurrency markets. The following are the viewpoints of the writer and not Coinnounce.

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#Bitcoin Price Analysis

Is Bitcoin ready for the Santa Rally: Off to $4400.

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After trading in the red for a larger portion of the last 34 days, Bitcoin's value is seeing a small surge and the coin's price exceeded $3,500

The constant losses Bitcoin has been experiencing in the past month were sharply interrupted yesterday, December 17th.  After trading in the red for a larger portion of the last 34 days, Bitcoin’s value is seeing a small surge, and the coin’s price exceeded $3,500 yesterday and is currently trading at $3469 according to CoinGecko. Many are now wondering whether this is a start of a recovery, or simply Bitcoin’s last attempt to resist the bears.


 

Is the shift in the market real?

BTC is also not the only one, as nearly all coins within the top 100 are currently trading in the green, some of which are experiencing massive 22% gains, such as EOS. XRP, the second largest coin by market cap, is currently experiencing a 13% surge, while Ethereum’s growth remains at 7%.

The new surge, appropriately named the “Santa rally”, has impacted the entire market, and the total crypto market cap has just exceeded $112 billion. Even Bitcoin’s own market cap climbed back up to over $61 billion at the time of writing. The price bounce is expected to fuel investors’ hopes that the worst might be over, despite the fact that recent predictions said that BTC might drop to around $2,800 before the real surge arrives.

There are also those who believe that the current price surge is nothing more than an attempt at market manipulation, potentially coming from the Wall Street itself. While this is all speculation at this point, the reason for the rally remains unclear, which is why it is not surprising that many remain untrustworthy towards such a sudden change.




Right now, Bitcoin is around 83% below its all-time high, while the total crypto market cap lost around $700 billion in the last 12 months.

Following the start of the surge, Bitcoin trading volume also picked up and has risen by around $2 billion within the last 24 hours, currently being just above $6 billion. Considering the fact that investors and traders around the world took this opportunity to return to the market, many are hoping that the shift will be a long-term one.

If true, it will match the expectations of numerous experts who have been predicting a bull run in the final weeks of 2018. However, as mentioned earlier, the majority of analysts did not expect a real bull run before 2019, at best. To many in the crypto community, this is just further proof that the crypto nature remains extremely unpredictable, which is why nothing can ever be said with certainty.

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#Bitcoin Price Analysis

Bitcoin drops to $3200. $2500 next for BTC?

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Today, bitcoin experienced a massive selling volume which let to the price of bitcoin falling down to $3200 which is a yearly low for BTC.

With the price of bitcoin falling, other major altcoins such as ETH and BCH also fell sharply against USD and other fiat currencies.

The price of BCH has been falling massively over the past few days with more than 25% loss in just a week of time. BCH was trading around $115 last week and fell up to $87 today.

 

Crypto Winters

Major cryptocurrency market analysts are predicting that the current crypto winters may last for months and bitcoin may experience a significant price drop in the coming days. Bitcoin price can fall up to $1500 as being predicted. Trading right now is quite risky as the market is quite volatile at the moment. Bitcoin was trying to recover back above $3400 from the past few days and even experienced a bullish run on 9th of December. But the bulls could not face the robust bears for long and the price started a downfall thereafter. The major price downfall happened today when the price crashed down from over $3450 to $3200 in just a few hours.

 

Technical indicators:

Support level: $3200

Resistance Level:$3300

BTCUSD 5 day chart

BTCUSD 5 day chart

Bitcoin is currently trying to recover from today’s massive selling and may settle somewhere around $3300 before crashing again. The major resistance level is now set around $3300 and the support level is around $3200. Once the current support is broken, bitcoin may fall down to the next support around $3000 before falling beneath that. However, the next long-term major support low lies at around $2500 and bitcoin may crash down to this level if the $3000 support is broken.

Bitcoin may not be able to move above $4000 at least for a month or so. Bitcoin is currently settled between $3000 and $4000 range from the past few weeks. Large venture capital firms that were planning to come into the cryptocurrency market have now started to back out looking at the market situation.

 

The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investments in any digital asset such as bitcoin.

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