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Bitcoin BTC Price Watch – Bearish Wedge Breakout

Bitcoin (BTC) Price Watch - Bearish Wedge Breakout

Bitcoin (BTC) Price Watch – Bearish Wedge Breakout

Bitcoin Price Key Highlights
 

  • Bitcoin price recently broke below a rising wedge pattern to signal that further losses are in the cards.

  • Price might still pull back to the broken support area, which lines up with Fib levels, to gather more selling pressure.

  • Technical indicators are showing that there is still some bullish momentum left.

Bitcoin price made a downside break from its rising wedge pattern but might be due for a pullback before heading further down.
 

Technical Indicators Signals

 

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is still to the upside. In other words, there still might be a chance for the uptrend to resume.
 

However, the gap between the two is narrowing to reflect weaker bullish momentum and a possible downward crossover. Bitcoin price has also tumbled below both moving averages, so these might hold as dynamic resistance moving forward.
 

RSI is turning higher after recently dipping into oversold territory, suggesting a possible return in bullish pressure. Stochastic also looks ready to climb out of the oversold region and bitcoin price could follow suit once it heads north.
 

However, price could hit roadblocks at the Fib levels marked on the breakdown. The 61.8% Fib lines up with the broken wedge support around $6,430 and the 50% Fib lines up with the 200 SMA dynamic inflection point. If any of these levels keep gains in check, bitcoin price could resume the slide to the swing low or lower.

Risk aversion has returned to broader financial markets on account of the fresh set of tariffs imposed by the US on China. These tariffs, which are due to take effect on September 24, levy 10% of duties on $200 billion worth of Chinese goods and the rate would increase to 25% by the end of the year.

 

With that, it’s understandable that traders are dumping their riskier holdings and flocking back to the safe-havens. Cryptocurrencies have been deep in the red once more, with declines led by ethereum.

SARAH JENN | SEPTEMBER 18, 2018 | 3:52 AM

Alan Zibluk Markethive Founding Member

BitPay Executive Maintains Bullish Stance on Bitcoin

BitPay Executive Maintains Bullish Stance on Bitcoin

BitPay Executive Maintains Bullish Stance on Bitcoin
 

Amid a multi-month downtrend, the price of altcoins and Bitcoin have fallen to yearly lows, pushing market sentiment to near bottom. While price action wanes, BitPay’s Chief Commercial Officer Sonny Singh maintains an optimistic outlook on Bitcoin.

Bitcoin Gaining Institutional Traction

Following the drastic Bitcoin price drop last week, Singh appeared on Bloomberg to discuss the state of the cryptocurrency market and the future of the industry.

Founded in 2011, BitPay offers Bitcoin and Bitcoin Cash payments processing and storage services for merchants around the world.

With institutional solutions to cryptocurrency investing on the rise, Singh believes the market is too eager for certain catalysts to arrive:

“Right now, you’re just seeing rumors that somebody might do something–someone might launch a trading desk; someone might not be launching a trading desk. But I think next year, you’re going to see the big entrance become real; where you see Goldman does launch a trading desk; fidelity does launch a Bitcoin product; Square offers Bitcoin processing for merchants; Blackrock launches an ETF. So all that will then become real and you’ll see some adoption, actually, and you’ll see the price start bouncing back up again.”

Wall Street firms continue to explore digital asset investment products and services, but few have confirmed their plans to follow through. Currently, there are no major investment banks that offer direct cryptocurrency trading services to clients.

Earlier this month, Goldman Sachs CFO Martin Chavez confirmed that the firm never had a defined timeline to launch a Bitcoin trading desk, which had been largely anticipated earlier in the summer.

On Aug. 22, the U.S. Securities and Exchange Commission (SEC) rejected nine Bitcoin ETF applications by ProShares, Direxion and GraniteShares.

The SEC cited failure to prevent manipulation and fraud as well as failure to prove Bitcoin markets are “markets of significant size” as reasons for rejection. This was similar to the reasoning provided by the SEC when it issued a denial of the Winklevoss ETF.

While investment products may still be farther off on the horizon, it’s apparent that the development of blockchain technologies and adoption is still growing. With increasing Bitcoin payments volume on BitPay, Singh gave a bullish stance on the largest cryptocurrency’s future growth:

“Bitcoin will rebound next year when all these products become mainstream adopted. And we’re seeing no slow down at all at BitPay. Our merchants are seeing great growth still every week. They’re signing up more and more all the time. We’re hiring more salespeople.”

Maintaining an optimistic outlook on Bitcoin, Singh did not share the same sentiment for the falling altcoin market, stating:

“It’s still full speed ahead in the Bitcoin space. I can’t guarantee what’s going to happen in the altcoin world. There’s a lot of dodgy ones that are out there that are still overvalued. They can go a lot further down. Who knows what’s going to happen to them. But Bitcoin, again, is the leader in this space.”

The overall cryptocurrency market continues to show a general downward trend. While institutional solutions and emerging regulations continue to develop, it’s unclear which way the market will move.

Traders are reminded to remain cautious and invest only what they can afford to lose.

 

Jonathan Kim

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch - More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch – More Bears Waiting to Hop On

 

Bitcoin Price Key Highlights

  • Bitcoin price broke below its ascending triangle consolidation to signal that more losses are in the cards.

  • Price is finding a bit of support, though, so a pullback may be taking place from here.

  • The Fibonacci retracement tool shows the next potential resistance levels, but technical indicators are signaling more gains.

Bitcoin price made a downside break from its triangle pattern and looks ready for a pullback before heading further down.

 

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to resume and price to move back inside the triangle pattern.

However, the 200 SMA lines up with the 38.2% Fib at $6,360.50 to add to its strength as resistance and the 100 SMA coincides with the 61.8% Fib at $6,436.90. This is also near the broken triangle support, which might hold as resistance from here. A move past this level could lead to another test of the resistance at the swing high.

RSI already made it to oversold territory and is pulling back up to signal that buyers are returning while sellers take a break. Stochastic is also heading up to indicate a return in bullish momentum.

 

Market Factors

Bitcoin price seems to be shedding its gains due to the improvement in risk appetite in global financial markets. The economic turmoil in Turkey is taking the backseat to the upcoming trade talks between the US and China, which many traders are hoping to get positive updates from.

One thing to keep in mind, though, is these are just low-level talks and there’s a low likelihood of any decisions being made. Worsening trade tensions could even lead to a return in risk aversion and dollar weakness, which might revive demand for bitcoin. Escalating troubles in Turkey could also boost bitcoin demand as people look for an alternative store of value.

 

 

SARAH JENN | AUGUST 21, 2018 | 4:19 AM

Alan Zibluk Markethive Founding Member

Bitcoin BTC Daily Price Forecast November 12

Bitcoin (BTC) Daily Price Forecast – November 12

Bitcoin (BTC) Daily Price Forecast – November 12

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000

Support levels: $6,300, $6,100, $8,900

Last week the price of Bitcoin was in a bullish trend. The digital currency reached a high of $6,606.42 but the bulls failed to take price to the $7,400 price level. On November 7, the crypto faced resistance at $6,600 price level and it fell. It was suggested that if price broke the $6,400 price level in a downward trend, the crypto would find support at the $6,200 price level.
 

Today, the crypto fell and approached the $6,300 price level but now in a bullish trend. Price of Bitcoin is likely to continue its rise. Meanwhile, the digital currency is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.

On the 1-hour chart, the digital currency reached a low of $6,350 and pulled back. The crypto's price is above the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

By Azeez M – November 12, 2018

Alan Zibluk Markethive Founding Member