Financial Industry News
View BTC is on the defensive and may face selling pressure in the run up to the bearish crossover of the 100- and 200-day averages. Prices will likely breach the 50-day average support near $8,550 and extend losses toward $8,000 in the short term. Confirmation of the bear cross may mark an interim bottom in BTC, […]
Continue ReadingView Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000. Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline. A high-volume move above $9,335 (descending […]
Continue ReadingView Bitcoin’s short-term 50-period moving average is edging closer toward the longer-term 100-period moving average on the weekly chart, hinting at a potential bullish “golden cross” formation for the first time in 3.5 years. In the shorter term, however, total weekly volume has fallen period-to-period as indecision continues to grip the market. Price action is […]
Continue ReadingView Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat. Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop. BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500. A high-volume triangle breakout […]
Continue ReadingView A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127. The pullback from $9,500 to $9,200 lacked volume support and could be short-lived. A high-volume UTC close […]
Continue ReadingBitcoin logged double-digit gains in October, outperforming gold for the first time since June. The world’s biggest cryptocurrency by market value ended last month with a gain of 10.26 percent, snapping a three-month losing streak, according to Bitstamp data. Meanwhile, gold gained just 2.74 percent in October, having dropped 3.17 percent in September – the […]
Continue ReadingView Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601. A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support. Acceptance […]
Continue ReadingAnother flash crash has occurred for bitcoin (BTC), this time appearing on the Coinbase Pro and Deribit exchanges. At 19:55 UTC on Oct. 31, BTC’s spot price dipped from $9,260 to $9,055 in quick succession on Coinbase’s exchange for professional traders. An hour later, Deribit, a futures and options exchange for BTC, saw futures prices […]
Continue ReadingView Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data. With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months. Shorter term, […]
Continue ReadingView Bitcoin looks set to post the first monthly gain since June. The percentage rise, however, may be less than 10 percent as the daily chart is reporting signs of buyer exhaustion. A triangle breakdown on the hourly chart, if confirmed, could yield a pullback to support at $8,820. A high-volume contracting triangle breakout will […]
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