Bitcoin (BTC) Price Primed To Break $8.5K, Dips Remain Supported

Bitcoin price started a downside correction after trading close to $8,350 against the US Dollar.
The price declined below the $8,000 support and tested the $7,600-7,630 support area.
There is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could retest the $7,600 support area before it could start a fresh increase above $8,200.

Ethereum (ETH) Price Grinding Higher: Fresh Rise Above $265 Likely
Wednesday May 22, 2019

ETH price is slowly moving higher and it is currently holding the $250 support against the US Dollar. The price is likely to gain pace above the $265 and $270 resistance levels in the...

The post Ethereum (ETH) Price Grinding Higher: Fresh Rise Above $265 Likely appeared first on 12bitplay - Bitcoin Play.

Bitcoin price corrected lower recently below $8,000 against the US Dollar. However, BTC remains well bid above $7,600 and it is likely to climb back above $8,200 and $8,300.
Bitcoin Price Analysis
Yesterday, we saw an extended rally in bitcoin price above the $8,000 barrier against the US Dollar. The BTC/USD pair broke the $8,200 and $8,300 resistance levels. It traded close to the $8,340 level and a new 2019 high was formed at $8,338. Later, the price started a downside correction below the $8,200 support, but remained well above the 100 hourly simple moving average. The price declined below the $8,000 support level and traded close to the key $7,600 support area. A swing low was formed at $7,631 and the price recovered recently above $8,000.
There was a break above the 50% Fib retracement level of the recent decline from the $8,338 high to $7,631 low. However, the price seems to be facing a strong resistance near $8,150. The 61.8% Fib retracement level of the recent decline from the $8,338 high to $7,631 low is also preventing an upside break. Moreover, there is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC/USD pair. Therefore, the pair needs to clear the trend line and $8,150 to start a fresh increase.
On the upside, an immediate resistance above $8,150 is at $8,220. The next key resistance is near the $8,340 level, above which the price could test the $8,500 level. The 1.236 Fib extension level of the recent decline from the $8,338 high to $7,631 low is also near the $8,505 level.

Crypto Market Testing Crucial Support: Bitcoin Cash, Litecoin, EOS, XLM Analysis
Saturday May 18, 2019

The total crypto market cap declined sharply and tested an important support near $210.0B. Bitcoin price is showing signs of a decent recovery above the $7,200 support level. Litecoin (LTC) price failed to stay...

The post Crypto Market Testing Crucial Support: Bitcoin Cash, Litecoin, EOS, XLM Analysis appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price is currently consolidating above the $8,000 level. In the short term, there could be another drop towards $7,850 or even $7,630. However, there are many support on the downside near the $7,580 and $7,600 levels. Besides, this week’s followed important bullish trend line is intact with support at $7,580. As long as the price is above the trend line support, it is likely to break $8,150 and $8,340.
Technical indicators:
Hourly MACD – The MACD is likely to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat above the 50 level.
Major Support Levels – $7,850 followed by $7,630.
Major Resistance Levels – $8,100, $8,150 and $8,340.
The post Bitcoin (BTC) Price Primed To Break $8.5K, Dips Remain Supported appeared first on NewsBTC.

Ethereum Still Bullish With Record Trading Volumes and Solid Fundamentals
Tuesday May 21, 2019

Bitcoin has been getting all the attention recently as it has doubled in price since early April. The big move has shifted total market capitalization over $250 billion for the first time in ten...

The post Ethereum Still Bullish With Record Trading Volumes and Solid Fundamentals appeared first on 12bitplay - Bitcoin Play.

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