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Bitcoin bulls need to clear $ 9,000 to mitigate the downward pressure

The overall picture of the crypto market

The cryptocurrency market has a mixed picture on Wednesday. Bitcoin and all major Altcoins are trading in ranges with bearish bias against the backdrop of declining trading activity. The total market capitalization of cryptocurrencies dropped to $ 239 billion from $ 240 billion the previous day. Bitcoin’s market share dropped to 66.0%.

BTC is again at a crucial stage, with expectations from many traders for a rally at the end of 2019. But market players are also worried that the price may plummet again to 8,400. Altcoins have made unpredictable rallies since liquidity is restored for a smaller selection of coins and tokens.

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Bitcoin is still looking for a bottom

BTC/USD had a bearish start earlier today after the bullish Tuesday. So far this Wednesday, the price of the largest digital asset has dropped from $ 8,832 to $ 8,715.1.

At the time of writing, Bitcoin is trading lethargically above $ 8,700. But the $ 9,000 resistance must be broker in order the bulls to clear their way to the next $ 10,000 target. In the area of ​​$ 9,020 is the upper limit of Bollinger bands on the four-hour chart and 23.6% Fibo correction level from $ 10 329 to $ 8 636.4.

At the same time, the resistance trend line of the downward price channel since the end of June on a daily chart has been tested many times, but unsuccessfully so far. A clear break above this downside channel could finally put BTC on a recovery path towards $ 14,000.

On the downside, there are 3 support levels at $ 8,760, $ 8,675 and $ 8,540. The $ 8,760 area collects the average Bollinger Bands curve, the 10-day SMA of the hourly chart, and the bottom of the previous 4-hour candle. A clear break below this support area will lead the bears to test $ 8,675. If the bearish momentum extend, it is possible to see a test of $ 8,540, where is a 50% Fibo correction of the rally from 3,227 to the high of June 13,960.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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The crypto market has moderate gains

Overview of the crypto market on Wednesday:

The bulls on the crypto market have been working overtime to correct after the downside movement on Monday. Bitcoin and all other significant Altcoins made rally yesterday, enjoying big profits. The total capitalization of the crypto market has earned $ 5 billion over the past 24 hours.

BTC/USD recovered from its last bottom at $ 4,964 to trade around $ 5,195 at the time of my writing. BTC/USD rose 2.37% on a daily basis and this morning continues to move within the current upside price channel. Bitcoin SV, on the other hand, remains the most losing coin, going down by 8% after delistings from Binance, Shapeshift, Kraken, and Blockchain.com.

The crypto market slowly regains some of its previous vitality

On the fundamental front, we also have quite positive news that can only support the bulls of the crypto market. The eToro giant has launched its newest crypto exchange eToroX, which will be regulated in Gibraltar. eToroX will give users access to eight stablecoins (including Swiss francs and US dollar) which have all been created by eToro. Users will be able to buy Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), XRP, Litecoin (LTC) and Dash. There are also 37 pairs of crypto coins-to-fiat currencies available.

OKEx has announced it will expand to European traders by offering 3 new fiat-to-crypto pairs. The Malta-based crypto exchange, which has an international presence, will offer pairs of crypto with the Euro, the Russian ruble and the Turkish lira.

On the other hand, Forbes released a list of “Blockchain’s Billion Dollar Babies”, which means companies implementing blockchain technology and who have a minimum income or valuations of $ 1 billion.

The list includes companies in the spaces of cryptocurrency and blockchain development, in addition to traditional financial companies such as banks and clearing houses, food companies, supply chain management firms and others. Most of the listed companies are local names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle.

In addition, one of the largest travel companies in the world has also made a major step in the world of cryptocurrencies. Corporate Traveler, a subsidiary of Flight Center Travel Group, based in Australia, has already begun accepting crypto payments. BitPay will facilitate payment processing by entering into a strategic partnership with the travel company.

Bitcoin’s technical picture

Bitcoin bulls managed to break the $ 5,200 level after the price dropped to $ 5,014 on Tuesday. BTC/USD managed to reach a high at $ 5,230 this morning. And the price action is currently moving within the formation of bullish pennant pattern, with subject to a breakout higher. On the upside, we have resistance at $ 5,278 (high of April 4), $ 5,300/8 (50% Fibo correction level on the decline from 7,358 to 3,177 on weekly chart) and the psychological $ 5,400 level.

However, it seems that the bears are fighting hard and managed to lower the price to $ 5,189 earlier today. Yesterday, BTC/USD broke and now is moving above the SMA50 on the 4-hour chart, which is currently localized at $ 5,108. A clear breakout under it may resume sales for testing the strong psychological support of $ 5,000. Next supports are as follow: $ 4,825 (38.2% Fibo level of the above-mentioned drop) and $ 4,977 (SMA 100 on 4-hour chart).

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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