Bitcoin (BTC) Price Watch: Short-Term and Long-Term Reversal Patterns

Bitcoin Price Key Highlights

Ripple (XRP) Price Could Retest $0.3000 Before Fresh Upside
Tuesday April 16, 2019

Ripple price failed near the $0.3370 level and declined below the $0.3250 support against the US dollar. The price traded to a new weekly low at $0.3134 and remains at a risk of more...

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Bitcoin price has broken past the neckline of a short-term double bottom to signal that an uptrend is underway.
Price is also in the middle of forming a longer-term double bottom visible on its 4-hour chart.
Bitcoin has yet to test the neckline on this larger reversal formation at the $7,400 level.

Congress Slams IRS Over Bitcoin Tax Law; Here’s the Major Loophole for Crypto Investors
Thursday April 18, 2019

The United States tax deadline has came and went, and thanks to overwhelmingly confusing tax laws, crypto and Bitcoin investors are left scratching their heads, with many outright refusing to report their crypto earnings...

The post Congress Slams IRS Over Bitcoin Tax Law; Here’s the Major Loophole for Crypto Investors appeared first on 12bitplay - Bitcoin Play.

Bitcoin price has confirmed its short-term double bottom but has yet to complete a larger one to signal a longer-term climb.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA on the 4-hour time frame to signal that the path of least resistance is to the downside. In other words, there’s a stronger chance for the selloff to resume from here.
However, price has climbed past the 200 SMA dynamic inflection point to signal that bullish momentum is picking up. Besides, the moving averages might simply be oscillating to reflect consolidation.
RSI is on the move down after recently hitting overbought levels, signaling that sellers are taking control of bitcoin price action while buyers take a break. Similarly stochastic is on the move down to reflect the presence of bearish pressure. With that, bitcoin could still revisit the lows around $6,200.
BTCUSD Chart from TradingView
Still, sentiment has been mostly positive as traders are drawing hope from the SEC decision to yet again prolong the comment period for bitcoin ETF applications. For many, the regulator’s decision to refrain from a rejection suggests that there’s still a possibility for an approval later on.
With that, speculations for a strong rebound before the year comes to a close are still in play. Any indication that an approval for the VanEck/SolidX bitcoin ETF could lead to positioning ahead of any official announcements as traders are keen on not getting left behind any major rallies. On the other hand, hints that a rejection may be in order could lead the slide to resume.
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Will McAfee Disclose Nakamoto’s Identity? Crypto Will Suffer If He Did
Friday April 19, 2019

In a series of intriguing tweets, John McAfee dropped a bombshell yesterday by claiming knowledge of Satoshi Nakamoto’s identity. McAfee intends to end speculation on Nakamoto’s identity once and for all, which he feels...

The post Will McAfee Disclose Nakamoto’s Identity? Crypto Will Suffer If He Did appeared first on 12bitplay - Bitcoin Play.

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