Bitcoin Bounces To $8,100, Yet Analysts See Potential For Healthy Pullback

No one expected what Bitcoin (BTC) did in the past 24 hours. According to Messari’s OnChainFX, the leading cryptocurrency is up 9% in the past 24 hours, finding itself at $7,950 after touching $8,100 earlier today. Altcoins have experienced similar gains, with most rising by nearly seven or eight percent.

Related Reading: Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues

While some have claimed that this move is decidedly bullish, especially considering the context of the seeming Bitstamp manipulation, some are fearful that this is just a precursor to one final drawdown.

Bitcoin Could See A Pullback

Josh Olszewicz, a leading technical analyst that frequently posts articles to Brave New Coin, suggests that the Ichimoku Cloud, a series of technical indicators meant to determine trends and key levels, is saying that Bitcoin is “insanely overbought”.

He goes on to add the Cloud is “calling for $6,150, looking to the fact that one of the indicator’s leading lines, which acts as support in bull runs and resistance in bear trends, sits at that price level. Olszewicz also notes that the Relative Strength Index (RSI) reading on the one-day chart is at 90, which is well overbought, hinting that a move lower may be inbound.

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He isn’t the first to have pointed to signs that BTC may soon see a reversal. Bravado’s lead analyst, Bitcoin Jack, recently noted that BTC has yet to break above the $8,400 resistance (signaling a local top), potentially setting the stage for a drawdown to $5,000.

The Other Side Of The Equation

Some, however, have drawn attention to signs that this ongoing move is bullish. Olszewicz notes that according to a textbook chart pattern, the fact that BTC fell for three days, then saw a massive reversal candle to the upside may hint at “bullish continuation”.

What’s more, there isn’t much resistance from current levels, $8,000, to $10,000, giving credence to the theory that if BTC breaks above $8,400, another run-up would just be a matter of time. As Crypto Rand, a well-followed chartist on Twitter, explained on Sunday: “Bitcoin [is] heating up for $10,000”.

Josh Rager, a representative of fledgling crypto exchange Level, explains that this recent rebound confirms that Bitcoin is looking strong. BTC has continued to see higher lows in the current consolidation pattern, preparing the crypto market for a continuation to the upside.

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On the side of fundamentals and sentiment, NewsBTC’s Joseph Young has noted that the simple fact that BTC rebounded to $8,000 is a confirmation that many investors are bullish.

Featured Image from Shutterstock

The post Bitcoin Bounces To $8,100, Yet Analysts See Potential For Healthy Pullback appeared first on NewsBTC.

Bitcoin Bounces To $8,100, Yet Analysts See Potential For Healthy Pullback

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Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues

Despite facing increased levels of downwards pressure earlier this week that temporarily put Bitcoin’s upwards momentum in jeopardy, the cryptocurrency has been able to continue surging upwards and is now nearing the low-$8,000 region, which is the point at which BTC incurred significant selling pressure a few days ago.

Now, analysts believe that Bitcoin may have more fuel in it that allows it to surge towards $10,000 in the near future, which would be a significant technical movement for the cryptocurrency.

Bitcoin (BTC) Nears $8,000… Again…

At the time of writing Bitcoin is trading up nearly 8% at its current price of $7,915, up significantly from its 24-hour lows of $7,250.

Over a one-week period, BTC has incurred some choppy price action, surging from lows of $6,800 to highs of $8,300 before reeling back to below $7,000. Since dropping below $7,000, Bitcoin has been able to build greater buying pressure that has allowed it to continue its upwards ascent.

The recent series of upwards movements have led to a drastic shift in market sentiment, as many analysts and traders alike are currently expressing an overwhelmingly bullish sentiment regarding the aggregated crypto markets.

Joseph Young, a popular figure within the cryptocurrency industry, told his nearly 100k followers that BTC’s rapid recovery towards $8,000, in spite of the recent pull back, is a testament to the positive market sentiment.

“Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.”

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Analyst: BTC May Be Heading Towards $10,000 Next

Although most analysts and investors are currently bullish on the markets, it still remains unclear as to where Bitcoin will surge to before incurring enough resistance that halts its upwards momentum.

Crypto Rand, a popular cryptocurrency analyst on Twitter, concisely noted in a recent tweet that he believes this upwards momentum will lead the cryptocurrency towards the coveted $10,000 level.

“Bitcoin heating up for $10K,” he told his followers.

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As the weekend wraps up and the fresh week begins, traders will likely gain greater insight into whether or not this current rally truly has the makings of an early-stage bull run, or if further consolidation is necessary.

Featured image from Shutterstock.

The post Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues appeared first on NewsBTC.

Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
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Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues

Despite facing increased levels of downwards pressure earlier this week that temporarily put Bitcoin’s upwards momentum in jeopardy, the cryptocurrency has been able to continue surging upwards and is now nearing the low-$8,000 region, which is the point at which BTC incurred significant selling pressure a few days ago.

Now, analysts believe that Bitcoin may have more fuel in it that allows it to surge towards $10,000 in the near future, which would be a significant technical movement for the cryptocurrency.

Bitcoin (BTC) Nears $8,000… Again…

At the time of writing Bitcoin is trading up nearly 8% at its current price of $7,915, up significantly from its 24-hour lows of $7,250.

Over a one-week period, BTC has incurred some choppy price action, surging from lows of $6,800 to highs of $8,300 before reeling back to below $7,000. Since dropping below $7,000, Bitcoin has been able to build greater buying pressure that has allowed it to continue its upwards ascent.

The recent series of upwards movements have led to a drastic shift in market sentiment, as many analysts and traders alike are currently expressing an overwhelmingly bullish sentiment regarding the aggregated crypto markets.

Joseph Young, a popular figure within the cryptocurrency industry, told his nearly 100k followers that BTC’s rapid recovery towards $8,000, in spite of the recent pull back, is a testament to the positive market sentiment.

“Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.”

https://platform.twitter.com/widgets.js

Analyst: BTC May Be Heading Towards $10,000 Next

Although most analysts and investors are currently bullish on the markets, it still remains unclear as to where Bitcoin will surge to before incurring enough resistance that halts its upwards momentum.

Crypto Rand, a popular cryptocurrency analyst on Twitter, concisely noted in a recent tweet that he believes this upwards momentum will lead the cryptocurrency towards the coveted $10,000 level.

“Bitcoin heating up for $10K,” he told his followers.

https://platform.twitter.com/widgets.js

As the weekend wraps up and the fresh week begins, traders will likely gain greater insight into whether or not this current rally truly has the makings of an early-stage bull run, or if further consolidation is necessary.

Featured image from Shutterstock.

The post Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues appeared first on NewsBTC.

Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
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Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next?

Bitcoin has made a come back following three days of depressive price movements that led to a 21.37 percent drop.

The world’s leading cryptocurrency started Sunday while trending in positive territory. The asset’s rate against the US dollar surged by circa 11 percent to settle a session high at $8,041 on Coinbase exchange. The move brought approximately $12 billion to the bitcoin market, with maximum influx coming from Tether’s stablecoin USDT. Nonetheless, the uptrend slowed down ahead of the European session, hinting that a downside correction might still be underway.

bitcoin

Bitcoin Price Revives Bullish Sentiment upon Retesting $8,000 | Image Credits: TradingView.com

Next Upside Target between $9,200-$11,000

Josh Rager, a prominent cryptocurrency analyst, saw the bitcoin price breaking a critical resistance level. The US-based market expert said the asset is looking to close above $8,216 in near-term to validate an extended bullish bias. He predicted that bitcoin would establish an upside target of $9,600 or more.

“Bitcoin certainly looks to be pumping, now over previous resistance,” said Rager. “Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior). A close above $8200 on the daily/weekly would be very bullish and would target $9,600 [or beyond].”

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Parabolic Trav, a cryptocurrency analyst, known for his graphic market narratives, too noted a strong bullish bias in the bitcoin market. The market expert treated bitcoin’s 2015 parabolic move as a guide for the asset’s ongoing price movements.

“There’s lots of play in the curvature, but this push we’ve had was earlier in the bottoming process than 2015 and pushed it up faster,” said Parabolic Trav.

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Crypto investment guru DonAlt predicted a similar future for bitcoin. The analyst noted that the asset was looking to close above a substantial resistance area, as shown in the chart below. Nevertheless, he said the bitcoin market would remain bullish as long as it holds above $6,400, a level with strong credentials as resistance during bitcoin’s uptrend sentiment.

bitcoin

Bitcoin Looking to Extend Bull Bias Towards $10K | Source: DonAlt

DonAlt predicted a bitcoin price rally beyond $9,200 (as far as $11,000, according to the chart above), which also marked as the next potential pullback for the asset. More likely, the analyst proposed upside targets that had earlier served as crucial resistance areas in the market. The ‘Major Resistance’ horizontal in the chart above signified its potential to cap bitcoin’s bullish attempts. The $11,000 price target had also capped similar market movements.

“As long as 6400 holds, I’ll be a better perma-bull than Parabolic Trav ever was. This still looks gorgeous to me, and I won’t touch the red button for quite a while,” said DonAlt.

Below $6,400

Event of bitcoin closing below $6,400 could push the price as low as $5,715, Rager said about the weekly support level. Nevertheless, the psychological support at $6,000 would keep providing a strong accumulation case, as seen between June 2018 and November 2018 price action.

The post Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next? appeared first on NewsBTC.

Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next?

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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Bitcoin (BTC) Price Weekly Prediction: Indicators Suggest Rally To $9,000

  • There was a strong buying interest for bitcoin near the $6,800 support area against the US Dollar.
  • The price started a fresh increase and broke the $7,000 and $7,500 resistance levels.
  • There was a break above a major contracting triangle with resistance near $7,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is eyeing a strong rise and it could trade above $8,500 and $8,800 in the near term.

Bitcoin price is up more than 10% after a strong downside correction against the US Dollar. BTC is now eying further upsides and it could even test the $9,000 resistance area.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price rallied significantly above the $7,000 resistance against the US Dollar. The BTC/USD pair broke many barriers near $7,000, $7,200 and $7,800. The pair even surged above the $8,000 level and traded to a new 219 high near the $8,360 level. Later, there was a sharp downside correction below the $8,000 support, but the price stayed well above the 100 simple moving average (4-hours). It broke the $7,200 support area, but found a strong buying interest near the $6,650 and $6,800 levels.

A swing low was formed at $6,645 and the price recently recovered nicely. It climbed sharply above the $7,000 and $7,200 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downside correction from the $8,362 high to $6,645 low. More importantly, there was a break above a major contracting triangle with resistance near $7,300 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $7,700 resistance and the 61.8% Fib retracement level of the downside correction from the $8,362 high to $6,645 low.

These all are positive signs and it seems like the price may continue to surge above the $8,000 barrier. The next key resistance above $8,000 is near the $8,350 level. If the bulls gains pace above $8,362 swing high, it will most likely open the doors for a sharp rally towards the $8,600 and $8,800 resistance levels.

Bitcoin Price Weekly Analysis  BTC Chart Prediction

Looking at the chart, bitcoin price rebounded nicely after a strong decline towards $6,650. It is now up more than 10% and it seems like it could continue higher towards $8,200 and $8,500. The main target for the bulls in the coming sessions could be $8,800 or even $9,000. The key supports on the downside are near $7,500, $7,200 and $7,000.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is back above 50 and it could continue towards 70.

Major Support Level – $7,200

Major Resistance Level – $8,350

The post Bitcoin (BTC) Price Weekly Prediction: Indicators Suggest Rally To $9,000 appeared first on NewsBTC.

Bitcoin (BTC) Price Weekly Prediction: Indicators Suggest Rally To $9,000

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange