Bitcoin (BTC) Price Watch: Back to Support Yet Again!
Bitcoin Price Key Highlights
Ethereum Short Positions Skyrocket, Providing Fuel for the Next Parabolic Surge
Wednesday February 19, 2020
Ethereum’s intense uptrend seen throughout the month of February has stalled after the crypto faced a firm rejection at $290, which subsequently sparked a retrace that led ETH down to lows of $240, where...
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Bitcoin price has formed higher lows and lower highs to trade inside a triangle pattern on its 4-hour time frame.
Price got rejected on a test of resistance once more and a move to support appears to be taking place.
Technical indicators are suggesting that further declines could be in the cards.
This Top Crypto is Poised for Massive Gains as Market Remains Flat
Saturday February 22, 2020
EOS – like all major cryptocurrencies – has been seeing some turbulent price action over the past several days, with Bitcoin’s sharp drop incurred this past Wednesday sending shockwaves throughout the aggregated market. These...
The post This Top Crypto is Poised for Massive Gains as Market Remains Flat appeared first on 12bitplay - Bitcoin Play.
Bitcoin price bounced off the top of its triangle consolidation pattern and is gearing up for another test of support.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. Price is currently testing the 100 SMA dynamic inflection point and might be due for further losses if it breaks below this level or the $6,250 triangle bottom.
Stochastic is also heading south so bitcoin price might follow suit while sellers have the upper hand. This oscillator is nearing oversold levels, though, so bears might be feeling exhausted soon. RSI is pointing down and has more room to fall before hitting oversold levels, so sellers could stay in control for a bit longer.
The chart pattern spans $6,000 to around $8,250 so a break lower could be followed by a drop of the same height. Similarly an upside break could lead to a rally that’s the same height as the triangle.
BTCUSD Chart from TradingView
Bitcoin price has drawn support from the SEC decision to open the comment period for the proposed rule change to list the bitcoin ETF by VanEck/SolidX on an exchange. This keeps traders’ hopes up that an approval may be in the works sooner or later as it managed to avoid a quick rejection.
Meanwhile, there appears to be no major catalyst that has spurred the sharp tumble, apart from profit-taking. Some point to the BIS report that regulation has been a driving factor for bitcoin price also.
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Here’s Why the Aftermath of Bitcoin’s Insane Plunge Isn’t as Bearish as it Seems
Thursday February 20, 2020
This afternoon, investors bore witness to an insane Bitcoin (BTC) flash crash that sent the cryptocurrency reeling from the lower-$10,000 region to lows of $9,200, which is where it was able to find some...
The post Here’s Why the Aftermath of Bitcoin’s Insane Plunge Isn’t as Bearish as it Seems appeared first on 12bitplay - Bitcoin Play.