Bitcoin News

Bitcoin (BTC) Faces Minor Price Retreat Amid Increasing Bull Exhaustion

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  • Bitcoin created a doji candle yesterday, signaling buyer exhaustion near the crucial 21-week moving average (MA) resistance at $4,073. As a result, a price pullback could be in the offing in the next 24 hours.
  • A break below $3,930 (flag support on 4-hour chart) would further strengthen the case for a pullback and expose support levels lined up at $3,890 and $3,755.
  • The doji candle would be invalidated if prices find acceptance above $4,000 in the next few hours, confirming a bull flag breakout on the 4-hour chart. That could yield a rally to the bearish lower high of $4,236 created on Dec. 24.
  • Any gains above the 21-week simple moving average of $4,073 will likely be transient, though, as long as that average is sloping downwards.

Bitcoin (BTC) is showing signs of buyer exhaustion and could see a minor pullback unless resistance at $4,000 is scaled in the next few hours.

The crypto market leader witnessed two-way business yesterday before closing (UTC) on a flat note at $3,969 on Bitstamp. Essentially, BTC created a doji candle, which is widely considered a sign of indecision in the marketplace.

Notably, the fact that the doji candle has appeared close to the historically strong resistance of the 21-week simple moving average (SMA), currently at $4,073, suggests the indecision is predominantly among the bulls and could be considered a sign of buyer exhaustion.

So, a price pullback could be on the way, especially if support at $3,930 is breached in the next few hours. That said, the rally from the March 14 low of $3,775 could resume if prices rise above the resistance at $4,000, invalidating the doji candle.

As of writing, BTC is changing hands at $3,975, representing a 0.4 percent gain on a 24-hour basis.

Daily and weekly charts

Bitcoin Coindesk Daily Weekly Trading

On the daily chart, BTC looks to be creating the right shoulder of an inverse head-and-shoulders pattern, having bounced up from the rising trendline last week. The 5- and 10-day MAs are also trending north, indicating a bullish setup.

Even so, the rally has stalled near $4,000 and a doji candle has appeared, validating the bearish view put forward by the descending 21-week SMA, currently at $4,073.

BTC, therefore, risks falling back to the rising trendline support at $3,890. A break lower would expose the March 14 low of $3,775.

It’s worth noting that bitcoin may have a tough time scaling or holding onto gains above the 21-week SMA as long as that average is trending south.

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Bitcoin’s 3 Day Price Charts Point to an Impending ‘Golden Cross’

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A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.

The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.

That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.

Seasoned traders often refer to that long-term bull market signal as a lagging indicator. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

3 day chart (2016-2017)

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Garrick Hileman Explains Why Bitcoin (BTC) is on The Rise This Year!

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Garrick Hileman, head of research at Blockchain, explains what’s behind the cryptocurrency’s near-200% year-to-date rally (watch the interview above)

 

Dr Garrick Hileman is head of research at Blockchain and research associate at the London School of Economics

Garrick is best known for his research on monetary and distributed systems innovation, particularly cryptocurrencies and blockchain technology.

Hileman Garrick was ranked as one of the 100 most influential economists in the UK & Ireland. He is regularly invited to speak and share his research and perspective with public sector institutions, including the CIA, US Army and Naval War Colleges, Federal Reserve, Bank of England, Bank of International Settlements, and the Financial Stability Board, as well as media, including the BBCCNBCFTWSJ, and NPR.

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Bitcoin Price Passes $10,000 as Cryptocurrency’s Spectacular Recovery Continues

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The price of bitcoin has broken above $10,000 (£7,855) for the first time since March 2018, as the cryptocurrency’s remarkable surge in value continues.

Bitcoin passed the milestone after experiencing gains of more than 10 per cent over the last 24 hours.

The price jump saw the world’s largest cryptocurrency reach as high as $10,831, according to the CoinMarketCap price index, taking its overall market capitalisation close to $200 billion.

Bitcoin’s most recent run of good form began in early February, when it was trading at well below $4,000.

It had reached this price after more than a year of steady declines saw its price withdraw dramatically from its late 2017 peak of close to $20,000.

Bitcoin’s recent run has drawn comparisons from some with bitcoin’s run in 2017, with some hoping it can go beyond its previous record high.

“This really is amazing,” one crypto enthusiast wrote on Twitter. “It has 2017 written…

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Satoshi Studio Launches First Ever Blockchain-Certified Sneakers

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Paris, 30th of May 2019. French brand Satoshi Studio announces the launch of their first sneakers. The Satoshi_one is the first pair of shoes certified on the Ethereum blockchain. More high-end products will come from Satoshi Studio thanks to their innovative financing campaigns.

Satoshi Studio was founded in 2018. The Parisian brand is influenced by the Tech industry and Crypto culture. It aims to create a place for itself as a reasonably priced high-end brand. To reach that goal, it will not use traditional channels of communication, striving instead to connect directly with its young and tech-focused community.

To be able to regularly offer new products and avoid traditional seasonality, the brand will launch several crowdfunding campaigns per year. Satoshi Studio believes in responsible shopping habits: they will only produce the right amount, no more, no less. The sneakers will be offered at a reasonable price, without compromising on quality.

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Why We Could See The Price of Bitcoin Quadruple Within Just a Few Months

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Bitcoin is ballooning to new highs… but can it last?

Compound interest might be the most powerful force in the universe, but FOMO can’t be far behind, especially as it relates to bitcoin.

We’ve seen the “fear of missing out” contribute to a nosebleed rise in the price of bitcoin BTCUSD, before, and Fundstrat’s Thomas Lee believes we’re about to see it play out again — but even more pronounced.

The outspoken bitcoin backer told clients this week the world’s top cryptocurrency could ride a wave of FOMO all the way up to $40,000 “within a few months,” thanks to better transparency and a breach of the psychological $10,000 barrier.

He pointed to Grayscale Bitcoin Trust GBTC, as a great way to partake in a rally that would be most welcomed by the crypto bulls who had to suffer through a 74% drop in the price of bitcoin last year.

“Bottom line: Crypto winter looks over,” Lee said….

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Bitcoin (BTC) Price Eyes Chart Pattern That Kicked Off Bull Market in 2015

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  • Bitcoin’s 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover – a sign of bull market momentum. Back in October 2015, the same cross marked the start of a long-term bull market.
  • This time, BTC has already rallied more than 180 percent ahead of the bull cross. As a result, we may not see a big move to the higher side immediately following the confirmation of the bull cross.
  • Prices could rise to $8,400 in the next 24 hours, having witnessed a bearish channel breakout on Wednesday. A break below key 4-hour chart support at $7,910 would weaken the case for a rise to $8,400.

A long-term bitcoin (BTC) price indicator is about to turn bullish for the first time in nearly four years.

The 50-candle moving average (MA) on the three-day chart is trending north and could soon cross above the 100-candle,…

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