Bitcoin (BTC) Price Recovers Sharply: Is This A Real Bullish Move?

Bitcoin price started a fresh upward move after trading as low as $7,519 against the US Dollar.
The price gained pace above the $7,700 resistance and even traded above $7,800.
Yesterday’s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is showing positive signs above the $7,800 support and the 100 hourly simple moving average.

Current Bitcoin Price Action Like That of Pre-2017 Mania, Says Analyst
Tuesday September 17, 2019

Popular on-chain technical analyst Willy Woo believes that Bitcoin is currently in the early phases of another huge bull market. He appeared on former Wall Streeter and Bitcoin proponent Tone Vays’s YouTube channel earlier...

The post Current Bitcoin Price Action Like That of Pre-2017 Mania, Says Analyst appeared first on 12bitplay - Bitcoin Play.

Bitcoin price started a strong rebound above $7,700 and $7,800 against the US Dollar. However, BTC must gain pace above the $8,000 barrier to move into a positive zone.
Bitcoin Price Analysis
Recently, bitcoin price traded to a new weekly swing low close to $7,500 against the US Dollar. The BTC/USD pair found support near $7,500 and recently started a decent upward move. It broke the $7,600 and $7,700 resistance levels to start a recovery. There was a break above the 50% Fib retracement level of the key drop from the $8,130 high to $7,515 swing low. It opened the doors for more gains above the $7,800 level and the 100 hourly simple moving average.
Moreover, yesterday’s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC/USD pair. The pair even spiked above the $8,000 level, but it failed to gain bullish momentum above the $8,050 level. A swing high was formed near $8,080 and the price is currently consolidating gain. An initial support is near the 23.6% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high. Besides, there is a short term contracting triangle forming with resistance near $8,050. If there is an upside break, the price could continue to rise in the near term.
Conversely, if there is a downside break below $7,900, the price could test the $7,850 support area. The 100 hourly SMA is also just above $7,850 to act as a support. The next support is close to the $7,800 level. It represents the 50% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high.

Will Binance’s Limited US Launch Impact Current Resurgence of Non-BTC Crypto?
Wednesday September 18, 2019

Cryptocurrency exchange giant Binance launched registrations and deposits today in the United States. The popular crypto asset trading venue will be blocked from 13 states and will feature a vastly restricted set of currencies...

The post Will Binance’s Limited US Launch Impact Current Resurgence of Non-BTC Crypto? appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price is trading with a positive bias above the $7,850 and $7,800. As long as there is no downside break below $7,800, the price might continue to rise. On the upside, a follow through above $8,000 and $8,080 might push the price towards $8,300.
Technical indicators:
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 50 level.
Major Support Levels – $7,850 followed by $7,800.
Major Resistance Levels – $8,000, $8,080 and $8,200.
The post Bitcoin (BTC) Price Recovers Sharply: Is This A Real Bullish Move? appeared first on NewsBTC.

Crypto Market And Bitcoin Holding Support: BCH, Litecoin, EOS, XLM Analysis
Tuesday September 17, 2019

The total crypto market cap is holding the main $250.0B support area, with positive signs. Bitcoin price could recover as long as it is above the $10,000 support area. Litecoin (LTC) price is eyeing...

The post Crypto Market And Bitcoin Holding Support: BCH, Litecoin, EOS, XLM Analysis appeared first on 12bitplay - Bitcoin Play.

You may also like...