Bitcoin (BTC) Price Watch: Bulls Defend Triangle Bottom Again
Bitcoin Price Key Highlights
Time to Pay Attention: Bitcoin Nears Major Confluence Level as Bulls Fight Back
Friday November 15, 2019
Bitcoin’s bears roared last night after the cryptocurrency plunged below its key near-term support level at $8,700, although this BTC dip was met with decent buying pressure that allowed it to once again reclaim...
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Bitcoin price tumbled down to the bottom of its long-term triangle but bulls keep buying on dips.
Support continues to hold so another test of the resistance at $6,600 could take place.
Technical indicators, however, are giving mixed signals on whether support might keep holding or not.
Will Bitcoin Retrace to Low-$7,000s? Price Fractal Says So
Sunday November 10, 2019
While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals. Related Reading:...
The post Will Bitcoin Retrace to Low-$7,000s? Price Fractal Says So appeared first on 12bitplay - Bitcoin Play.
Bitcoin price has bounced off the bottom of its triangle once more and is setting its sights on the top.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA on the daily time frame to hint that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. Then again, the gap between the moving averages is narrowing to signal that bearish momentum is slowing.
Stochastic is indicating oversold conditions and might be ready to pull up, indicating a return in bullish pressure. This could be enough to take price back up to the top of the triangle, which is right around the 50 SMA dynamic inflection point. RSI is also starting to turn higher to signal that buyers are ready to regain control.
BTCUSD Chart from TradingView
Bitcoin price is trying to keep its head afloat after the recent selloff as a break below this level could pave the way for a prolonged slide. Note that the chart pattern spans around $6,000 to $10,000 so the resulting slide on a breakdown could be of the same height.
Bulls have repeatedly defended this area as a number of investors are buying on dips. Some say, however, that only HODL-ers are in the game at this point, as the lower highs of bitcoin price also reflect increased selling pressure.
Still, there are a few things to look forward to, including a much-anticipated rebound before the end of the year. Some believe that this could be spurred by an approval of bitcoin ETFs by the SEC but recent regulatory updates haven’t been so positive.
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Why Litecoin May Soon Post Major Gains Despite Current Bearishness
Tuesday November 12, 2019
Litecoin (LTC) has been facing an ongoing influx of selling pressure ever since its mining rewards halving that occurred this past-summer, which sparked a deep-cutting sell-off in spite of the fact that many investors...
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