Bitcoin (BTC) Correction in Progress, Another $1,300 Drop Likely

Bitcoin (BTC) slide 10.9 Percent
Bitstamp flag a large sell order that caused a market imbalance, over-pricing BTC

The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again
Tuesday January 21, 2020

A long-term bitcoin price resistance has flipped to become support for what appears to be a potential bullish action. The 50-weekly moving average (50-SMA), which measures the average of bitcoin prices over a 50-week...

The post The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again appeared first on 12bitplay - Bitcoin Play.

Not surprising, Bitcoin (BTC) prices are under pressure, dropping 10.9 percent in the last day, at the time of writing. Analysts attribute this to a large sell order from Bitstamp that forced prices to fall as supply exceeded demand.
Bitcoin Price Analysis
Fundamentals
In a day marked by chaos and investors jostling to liquidate Bitcoin (BTC) at market rates, the asset price dropped by $1,340. By sliding from intra-day highs of $7940 to lows of $6,600, the dip is the largest in more than a year.
Nonetheless, today’s slip is but a minor blip mainly because candlestick arrangement favors buyers. This is all thanks to increasing transaction volumes and general awareness of what BTC represents. Coincidentally, the drop is two days after keen observers noted a sharp increment in the number of retail investors/traders owning more than 1 BTC.
Even so, the majority are crypto exchanges. All the same, this is bullish and reveals optimistic participants keen on accumulating in readiness for the next wave of higher highs that would most likely lift Bitcoin above 2017-18 peaks probably towards $50k as per Arthur Hayes projection.
Candlestick Arrangement

Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap
Thursday January 16, 2020

If you’ve spent any time browsing crypto Twitter, or any of the Bitcoin or crypto-focused communities on Reddit, there’s no doubt you’ve come across investors challenging traders sharing charts filled with trendlines, saying that...

The post Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap appeared first on 12bitplay - Bitcoin Play.

From the chart, Bitcoin (BTC) is down 10.9 percent in 24 hours but up 15.8 percent from last week’s close. Even though buyers are technically in charge thanks to favorable price action and a stellar performance in the previous six weeks when prices surged 75 percent after breaching $4,500, today’s unloading is likely a correction.
Already, what we have is a double bar bear reversal pattern. Because of today’s losses, May-16 bears are back. As such, in days ahead, the path of least resistance will likely be southwards. In that case, risk-off traders can exit their longs, fade the primary trend, and aim for Apr-2019 highs of $5,600 in line with our last BTC/USD trade plan.
Technical Indicator
Our anchor bar is May-13 with 47k against 21k averages. However, because of BTC over-valuation in the last few days, BTC prices will likely dip below May-13 lows as sellers flow back albeit with light volumes. That will correct the over-extension with probable support at the 20-day MA on the upper end or $5,600 on the lower end.
Chart courtesy of Trading View. Image Courtesy of Shutter Stock
The post Bitcoin (BTC) Correction in Progress, Another $1,300 Drop Likely appeared first on NewsBTC.

This Single Factor Suggests Bitcoin’s 2020 Rally is Far From Over
Friday January 17, 2020

Bitcoin has been holding steady around the $8,700 region after facing an influx of selling pressure that forced it to lose its previously held position within the $8,800 region. Data suggests that this selling...

The post This Single Factor Suggests Bitcoin’s 2020 Rally is Far From Over appeared first on 12bitplay - Bitcoin Play.

You may also like...