Bitcoin (BTC) Price Looks Primed For Further Gains
Bitcoin price traded above the $5,300 resistance and tested $5,360 against the US Dollar.
The price is currently trading with a bullish bias above the $5,280 and $5,250 supports.
There are two bullish trend lines formed with support near $5,320 and $5,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains supported on dips and it could continue to climb towards the $5,400 and $5,450 levels.
Crypto Market Reaches Longest Stretch of Extreme Fear In Over A Year
Monday March 30, 2020
Bitcoin and the rest of the crypto market has since staged a strong recovery following the massive, record-breaking crash caused by coronavirus fears spilling into financial markets earlier this month. But despite crypto prices...
The post Crypto Market Reaches Longest Stretch of Extreme Fear In Over A Year appeared first on 12bitplay - Bitcoin Play.
Bitcoin price is slowly grinding higher towards $5,450 against the US Dollar. BTC remains in an uptrend and it is likely to climb towards the $5,500 level in the coming sessions.
Bitcoin Price Analysis
In the past three sessions, there was a steady rise above $5,280 in bitcoin price against the US Dollar. The BTC/USD pair gained traction above the $5,300 resistance and settled above the 100 hourly simple moving average. The price spiked broke the $5,340 level and traded as high as $5,359. Recently, it corrected lower below the $5,320 level, and the 23.6% Fib retracement level of the upward move from the $5,197 swing low to $5,359 high.
The price even traded below the $5,300 level, but the $5,280 support acted as a strong support. Besides, the 50% Fib retracement level of the upward move from the $5,197 swing low to $5,359 high acted as a support. More importantly, there are two bullish trend lines formed with support near $5,320 and $5,280 on the hourly chart of the BTC/USD pair. On the downside, there are many supports near $5,280 and $5,250. If there are extended losses, the price may retest the $5,200 support. The 100 hourly SMA is also close to $5,200 to hold losses.
On the upside, a clear break above the $5,360 level may open the gates for a push towards the $5,400 level. The next key resistance is near the $5,450 level, where sellers may appear. The current price action is positive and, therefore suggests more gains above $5,360. If there is a downside correction, the bulls are likely to protect $5,280 or $5,250.
Data Shows Ethereum is Gearing Up for an Explosive Downside Movement
Tuesday March 31, 2020
Ethereum has been closely tracking Bitcoin’s price action throughout the past several days and weeks, which has led ETH to once again enter a bout of sideways trading within the mid-$130 region. Despite being...
The post Data Shows Ethereum is Gearing Up for an Explosive Downside Movement appeared first on 12bitplay - Bitcoin Play.
Looking at the chart, bitcoin price is showing positive signs above $5,280. There might be a couple of swing moves in the short term, but the price is likely to surpass the $5,360 swing high. As a result, the main stop for the bulls this week could be $5,450 or even $5,500. Conversely, a close below $5,200 and the 100 hourly SMA is likely to negate the current bullish view.
Hourly MACD – The MACD is slowly moving back in the bullish zone, with flat signals.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level and testing 60.
Major Support Levels – $5,280 followed by $5,250.
Major Resistance Levels – $5,360, $5,400 and $5,450.
The post Bitcoin (BTC) Price Looks Primed For Further Gains appeared first on NewsBTC.
Why Crypto: Stock Market Volatility Surmounts That of Bitcoin
Saturday March 28, 2020
The global markets have seen crypto-esque levels of volatility throughout the past several months, with all of the major benchmark stock market indices seeing intense downwards pressure that led them to post recession-level losses...
The post Why Crypto: Stock Market Volatility Surmounts That of Bitcoin appeared first on 12bitplay - Bitcoin Play.