Bitcoin’s 14-week relative strength index (RSI) has moved above above the key resistance range of 53.00–55.00, validating the longer-term bullish reversal signaled by a falling channel breakout witnessed two weeks ago.
As a result, BTC may rise to the former support-turned-resistance of $6,000 over the next couple of months.
A pullback to the 200-day MA, currently located just below $4,500, may precede such a rise.
The cryptocurrency is teasing a falling channel breakout on the hourly chart, which, if confirmed, could see prices revisit recent highs above $5,460 in the next day or two.
Bitcoin suffered a rising wedge breakdown, or bearish reversal, on the hourly chart earlier today. The bearish view, however, has been neutralized by the quick bounce from the key support near $5,170.
Acceptance below $5,170 would confirm a head-and-shoulders breakdown on the hourly chart and open the doors to $5,000.
A close below $4,912 on Sunday would validate the previous week’s doji candle and allow a deeper price pullback.
Bitcoin could challenge the recent high above $5,450 if sellers again fail to keep prices below $5,200.
Bitcoin appears on track to end April on a positive note for the fourth consecutive year. The cryptocurrency is currently up 27 percent on a month-to-date basis.
Increasing that monthly gain look unlikely, as the bulls will likely have a hard time forcing a convincing break above multiple resistance levels lined up in $5,200–$5,300 range.
Prices may fall back below $5,100 in the next few hours, as the hourly chart relative strength index (RSI) has diverged in favor of the bears.
Bitcoin’s rally from April 2 lows below $4,200 has stalled near the three-day chart’s 100-candle moving average (MA), currently at $5,238.
A three-day close (UTC) above that MA level could invite buying pressure, leading to a sustained move higher toward $5,500 and more.
That bullish close, however, looks unlikely in the short-term, as the cryptocurrency has created a bearish candle on the daily chart, validating signs of bull exhaustion (doji candle) on the weekly chart.
Bitcoin’s out-of-the-blue bounce over the $5,000 mark this month has prompted some predictable pontificating from price-obsessed people within and outside the cryptocurrency community.
Investors who are long-cryptocurrencies have gleefully pronounced that the Crypto Winter, which began when bitcoin’s bubble burst at the end of 2017, is now mercifully over. The most optimistic are forecasting a rerun of bitcoin’s fall 2015 bounce from its prior post-bubble collapse, which sent it not only back above its 2013 high of $1,150 but all the way to a December 2017 peak of $19,500.
Noelle Acheson is a veteran of company analysis and member of CoinDesk’s product team.
The following article originally appeared in Institutional Crypto by CoinDesk, a newsletter for the institutional market, with news and views on crypto infrastructure delivered every Tuesday. Sign up here.
Extremely overbought conditions and other factors seem to have stalled bitcoin’s promising price rally.
Acceptance below $4,912 would validate signs of indecision on the weekly chart (doji candle) and open the doors for a deeper drop to $4,527 (200-day moving average).
Bitcoin dropped to a low of $4,900 on Coinbase after a continued sell-off was seen from its April 11 breakdown. BTC has since moved back above $5,000 and is tentatively holding that line.
Prices remain bullishly above the 200-daily moving average at $4,548, but would flip to short-term bearish with a strong close below $5,000.
The 6-hour candle has closed below a key resistance line at $5,050 and will need to be scaled before the end of today’s trading session.
Bitcoin has cemented a higher low and retained its bullish market structure on the daily chart after a hotly contested close on April 9.
The hourly chart shows bitcoin is trending inside an ascending triangle (typically bullish by nature) with a potential measured move to $5,885.
An exaggerated bullish divergence has formed on the hourly chart, providing additional weight to the likelihood of an imminent bullish breakout.
Bitcoin has managed to fend off any further attacks from the bears during April 9’s tug-of-war trading session.
Bitcoin’s “super guppy” indicator has turned green for the first time since January 2018 in a signal confirmation of bull bias on the daily chart.
The long-term 26-period EMA on the monthly chart has been crossed from below, signalling that the move above $5,200 has placed bitcoin in an official bullish upswing.
The monthly RSI has climbed over 50 in another indication that momentum currently favors the bulls on long-term timeframes.
Bulls need to keep prices above the 26 EMA (currently at $5,064) and the recent dip low of $5,133 to maintain momentum.
Solid gains over the weekend saw bitcoin’s price rise $200/4.89 percent, defying overbought indicators on the daily chart with a strong candle close on April 7.
The hourly chart for bitcoin is printing an ascending triangle, signalling a continuation in price action.
The longer-term outlook remains bullish for bitcoin as long as prices stay above the prior daily candle close at $5,193.
Bitcoin’s breakout from $5,050 resistance has defied overbought indicators and set a new target of around $5,550 for the bulls.
Mainstream news coverage of cryptocurrency is often disingenuous or factually incorrect – that’s certainly no surprise given the nascent technology is widely misunderstood.
But if one would have thought that recent milestones – bitcoin’s 10th anniversary, the arrival of crypto projects from the likes of JP Morgan and Facebook – would have encouraged the media to get smarter, this week’s news shows attitudes at major publishers haven’t changed much.
Bitcoin and the rest of the cryptocurrency market have started Q2 off with an emphatic bang, having at one point increased the market’s total capitalization by nearly $40 billion since the beginning of April.
Indeed, bitcoin led the market-wide charge on April 2, surging over 20 percent in a single hour – a move that had since extended to a 136 day of $5,304 yesterday, according to data from CoinDesk’s price data.
Bitcoin’s quick drop from a 4.5-month high of $5,345 to levels below $5,000 validates the extremely overbought readings on the 14-day relative strength index.
BTC could consolidate around $5,000 with a negative bias over the next day or two. A pullback back to key support levels at $4,672 and $4,565 (200-hour MA) can’t be ruled out.
The longer-term outlook will remain bullish as long as bitcoin’s price holds above the former resistance-turned-support of $4,236.
Bitcoin’s price emerged above three major moving averages for the first time in nearly 15 months on Tuesday.
The development is a byproduct of the cryptocurrency’s surge above $5,000 during Tuesday’s trading session, representing an increase in excess of 20 percent.
A moving average (MA), when used in financial analysis, is simply a continuously calculated average of a certain economic factor like price or trading volume over a specified period of time.
The crypto market sprang back to life with bitcoin’s surge to 4.5-month highs yesterday. But why?
The leading cryptocurrency by market value jumped nearly $1,000 to $5,080 in a sixty-minute window early on Tuesday, confirming a transition from a bear market to a bull market.
While the bullish breakout is a welcome development following a year-long bear market, many traders are still unsure of what suddenly drove prices higher.
The price of bitcoin fell to its lowest point since February today.
As of press time, the leading cryptocurrency’s price went as low as $6,063, according to CoinDesk’s Bitcoin Price Index (BPI), a significant drop considering the day’s opening price of $6,717.20.
The near-$700 decline (which saw prices decline roughly 10 percent) effectively brought bitcoin to within $100 of its 2018 low of $5,947, reached February 6.
Bitcoin’s (BTC) bulls have staged a defense after nearly a month of losses, but a short-term bullish trend reversal is not yet confirmed, the technical charts indicate.
As of writing, the cryptocurrency is up 5 percent at $7,487 on Bitfinex, having clocked a four-day high of $7,560 earlier today.
A minor corrective rally had been expected, courtesy of a bullish price-relative strength index divergence in the short duration charts seen over the last two days.
While the odds are still stacked in favor of bitcoin’s bears, a level of indecision looks to be creeping in, according to the technical charts.
The cryptocurrency fell to a 6.5-week low of $7,142 on Bitfinex earlier today, having breached the 50-week moving average (MA) support for the first time since 2015.
Amid the continued drop in prices, though, the charts show a doji candle formed yesterday, indicating that the bears may be running out of steam and a short-term rally could be on the cards.
Bitcoin risks closing below the 50-week moving average (MA) – an important long-term support not breached for over two-and-a-half years.
With the bears already on the offensive following the recent sell-off, prices are likely to suffer if bitcoin closes on Sunday below the key support, currently seen at $7,611. More worryingly for the bulls, since the cryptocurrency has not traded below the 50-week MA since October 2015, acceptance below that level would only add credence to the argument that the long-term bull run has ended.
Following bitcoin’s recent losses, a key long-term trend indicator is looking increasingly bearish.
Notably, the five-month moving average (MA) has rolled over in favor of the bears and looks set to cut the 10-month MA from above – a bearish crossover that hasn’t been seen since June 2014.
If that occurs it could be a worrying signal for the long-term price outlook. Back then, following an identical crossover in June 2014, the cryptocurrency subsequently dropped by 70 percent (from $580 to $166) in the seven months leading up to January 2015.
The cryptocurrency markets are flashing red as the third week of May comes to close.
The total market capitalization of cryptocurrencies has dropped by 14.48 percent to $366 billion in the last 7 days, taking the month-to-date losses close to 30 percent, according to CoinMarketcap.
Further, the probability that the cryptocurrency market will regain poise next week looks low, given that the bear grip around bitcoin seems to have strengthened, according to technical charts.
Despite a brief rally yesterday, bitcoin (BTC) is still in corrective mode and risks falling back below $9,000, chart analysis suggests.
The cryptocurrency broke out of the bearish falling channel setup Wednesday, courtesy of a bullish relative strength index (RSI) divergence – indicating the pullback from the recent high of $9,990 had ended at a low of $8,980.
Following a bull breakout last night, bitcoin (BTC) looks set to test $10,000 and could possibly move higher over the weekend.
Bitcoin closed yesterday (as per UTC) at $9,759 on Bitfinex – the highest daily close since March 7 – signaling the upside break of the week-long narrowing price range we’ve been anticipating.
The cryptocurrency also clocked a two-month high of $9,875 yesterday.
CoinMarketCap, the popular cryptocurrency market data site, has released its first mobile app.
The Tuesday release – which is currently only available for iOS users – comes as the site marks its fifth anniversary since launching in 2013. CoinMarketCap lists prices for hundreds of coins and tokens as well as trading volume data for exchanges. The site has become one of the most-visited in the world, ranking 174th in Alexa’s global rankings.
According to a post by the company published alongside the app’s release, CoinmarketCap has received 60 million unique visits thus far in 2018.
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