Bitcoin Price Weekly Analysis: BTC Signaling Bullish Continuation, $4K Incoming?
Bitcoin price started a downside correction after a sharp move towards $3,750 against the US Dollar.
The price corrected lower and tested the $3,540-3,530 support area, where buyers emerged.
Later, there was a break above a key bullish flag with resistance near $3,570 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is placed nicely in a positive zone and it could continue to move higher towards $3,650 and $3,800.
Bitcoin Price (BTC) At Risk Of Downside Break Below $10,200
Monday September 09, 2019
Bitcoin price is under pressure and it recently declined below the $10,500 support against the US Dollar. The price is struggling to climb higher and is approaching the $10,200 support area. There is a...
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Bitcoin price is slowly gaining bullish momentum against the US Dollar. BTC/USD remains in a decent uptrend, with high chances of a bull run towards the $4,000 resistance in the near term.
Bitcoin Price Analysis
Recently, bitcoin price spiked sharply from the $3,350 support area against the US Dollar. The BTC/USD pair rallied and broke the $3,500 and $3,600 resistance levels. There was also a break above $3,700 level and the 100 simple moving average (4-hours). Buyers pushed the price towards the $3,750 level and a new monthly high was formed near the $3,745 level. Finally, the price started a downside correction and traded below the $3,700 level. There was even a break below the $3,650 level, but the price remained well above the 100 simple moving average (4-hours).
During the decline, the price broke the 23.6% Fib retracement level of the last wave from the $3,343 low to $3,744 high. The price traded below the $3,600 level, but buyers appeared near the $3,540-3,530 support area. Moreover, the 50% Fib retracement level of the last wave from the $3,343 low to $3,744 high also acted as a support. A new support base was formed near $3,340 before the price moved higher. Recently, there was a break above a key bullish flag with resistance near $3,570 on the 4-hours chart of the BTC/USD pair. The pair is now placed nicely above the $3,550 level, with a bullish angle.
On the upside, an initial resistance is near the $3,600 level, above which there are chances of more gains. The main resistance is near the $3,750 level, followed by $3,800. If buyers remain in action, the price could even test the $4,000 barrier.
Bitcoin Stranded as SEC Chief Indicates Behindhand ETF
Tuesday September 10, 2019
Bitcoin was clueless about its direction on Tuesday as the chairman of the US Securities and Exchange Commission (SEC) hinted delays in the launch of the first bitcoin exchange-traded fund. The BTC/USD instrument was...
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Looking at the chart, BTC price is showing positive signs above the $3,550 level. Should bitcoin fail to gain pace above the $3,600 level, there could be a bearish reaction. An initial support is at $3,540, below which the price could test the $3,500 support area.
4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed above the 50 level.
Major Support Level – $3,540
Major Resistance Level – $3,600
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Crypto Research Group Advocate Federal Digital Asset Regulation
Tuesday September 10, 2019
Researchers at CoinCenter are in favour of a federal level regulatory framework to overlook intermediaries doing business with crypto assets in the United States. The non-profit organisation argues that the existing state-by-state regulations are...
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