Bitcoin News News

Breakout Inbound? Bitcoin (BTC) Price Sets $4K as Upside Target

single-image

The bitcoin price (BTC PRICE) on Tuesday jumped as high as 6.1 percent against the US Dollar but failed to sustain a bullish momentum.

The BTC/USD index is trading at 3910-fiat at press time, up 4.5 percent from the intraday low at 3741-fiat. The pair is undergoing a pullback action after failing to sustain its run above 4000-fiat. The said level still has a lot of bearish activity going around while an equally strong buying sentiment can be seen at 3741-fiat, which has reversed downside corrections twice in the past 36 hours. It puts BTC/USD in a consolidation — a sort of bias conflict awaiting a breakout action.

BTC Price USD Chart
BTC/USD 4H CHART | SOURCE: COINBASE | TRADINGVIEW.COM

The consolidation continues inside a symmetrical triangle formation – as also discussed in our previous analysis. BTC/USD is testing 4000-fiat as its psychological resistance while also eyeing the triangle resistance (falling trend line) as a potential long target. A breakout above the said levels could confirm a bullish bias in the near-term. Its longevity will be confirmed if the pair completes an inverse head and shoulder formation by testing the neckline level at 5578-fiat.

A symmetrical triangle formation also opens similar possibilities of a breakdown action. Thus, a break below the triangle support (rising trend line) could confirm a near-term bearish bias, with an interim short target waiting at 3592-fiat.

The RSI momentum indicator is showing signs of reversals, which could push it toward the selling sentiment area. The MACD indicator is also trending inside a negative territory.

Macroeconomic Factors

Meanwhile, the fundamentals are becoming stronger for bitcoin as Nasdaq has officially confirmed that will add support for bitcoin futures next year. The world’s second largest stock exchange has partnered with VanEck to roll out the said trading market. VanEck is the same company whose bitcoin ETF is being reviewed by the US Securities and Exchange Commission.

The dollar, on the other hand, is looking weaker on Tuesday as the Fed reportedly prepares to pause its interest rate hike, leading to a slippage in the US Treasury yields. The curve inversion further prompted fears of a probable recession in the market. Such fears could allow investors to pool their money into assets like bitcoin that are away from the decisions of the government or any other financial authority.

BTC/USD Intraday Positions

Bitcoin usd chart

BTC/USD 1H CHART | SOURCE: COINBASE | TRADINGVIEW.COM

According to our intraday analysis, the bitcoin price testing 3998-fiat as its interim resistance and 3901-fiat as interim support. An ongoing bullish price action reversal at 3901-fiat is prompting us to open a long position towards 3998. As we do, we’ll put a stop loss order just $10 below the local swing low. A break above 3998-fiat, meanwhile, would have us go long after 4095-fiat, our primary upside target while maintaining a stop loss order just $5 below the level at which we entered.

Continue Reading

You may also like

Bitcoin News News

Bitcoin (BTC) Price Party’s Only Getting Started after 2019’s Monster 100% Surge

single-image

According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

Bitcoin Charts BTC Charts Prices

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…

View More Article
News Ripple News

Ripple (XRP) Explosive Two Day 31% XRP Rally

single-image

World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.

Ripple XRP Price Charts

RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP

The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.

The cryptocurrencies’ breakout action further came with a rise…

View More Article
Bitcoin News News

Bitcoin Price Smashes $7,500 With Spectacular Return of Bull Market

single-image

The crypto market has made a spectacular return as it added $28 billion in the past 48 hours. The bitcoin price surged past $7,400 and hit a new 2019 high, marking the start of a new bull market.

In many major markets, the volume of bitcoin has returned to the late 2017 level with the “real 10” daily spot volume of bitcoin surpassing $1.9 billion.

bitcoin charts 24hr volume, Bitcoin Price

The bitcon price hit a new 2019 high after surging over $7,500

The “real 10” volume calculates the daily volume of BTC using ten exchanges that have more than $1 million in legitimate volume. In March, the “real 10” volume was estimated to be around $270 million.

WHY IS BITCOIN PRICE (BTC) RISING SO RAPIDLY?

Alex Krüger, a global markets analyst, said that the recent rally of BTC was initiated without the involvement…

View More Article
Cryptocurrency News

Facebook is Pro-Crypto: Social Media Giant Lifts Ban on Cryptocurrency and Blockchain Ads

single-image

Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”

Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.

The facebook statement read :

“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”

Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…

View More Article
Bitcoin News News

How To Prove You’re Bitcoin Creator Satoshi Nakamoto..

single-image

Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.

Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.

The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…

View More Article