Bitcoin (BTC) Price Watch: Short-Term and Long-Term Reversal Patterns
Bitcoin Price Key Highlights
Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving
Sunday August 11, 2019
Bitcoin price action has turned bullish in anticipation of its upcoming halving since the start of 2019, and the leading crypto asset by market cap has only recently started to take a pause to...
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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.
Massive UK Newspaper Heralds Bitcoin and the “Golden Age of Cryptocurrency”
Wednesday August 14, 2019
The United Kingdom’s widely circulated Metro news publication has published a surprisingly bullish article explaining Bitcoin for its millions of readers. The article is scant in its detail but does feature a full Bitcoin...
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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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Crypto Market Cap & Bitcoin Extending Losses: BCH, Litecoin, ADA, TRX Analysis
Wednesday August 14, 2019
The total crypto market cap declined further and broke the $280.0B support area. Bitcoin price is down more than 6% and it recently traded below the $10,800 support. Litecoin (LTC) price is holding the...
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