Bitcoin (BTC) Is Up 6% Even As Sellers Eye $7,500
Bitcoin (BTC) resurgence, up 6 percent
Altcoins dominance fall
Why Bitcoin’s Tumble Under $6,000 Could Be the Start of Something Worse
Sunday March 29, 2020
Bitcoin hasn’t done too well over the past few hours. As reported by this outlet previously, the cryptocurrency just tumbled under $6,000 just hours ago, falling under this key psychological level for the first...
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Superior, Bitcoin is generally in an uptrend despite early July losses. Presently, resistance lies at $14,000, and if buyers overcome this level, then BTC could soar to $18,000 by close of the year.
Bitcoin Price Analysis
The altcoin world is turbulent. Even if the general notion is that Bitcoin and altcoin prices are in sync, correlating directly with the former acting as a base in most exchanges, thus far, there is a divergence in performance.
Contributing to this difference is the liquidity of Bitcoin, the trust it has thanks in part to the controversy around its use, and the high reliability. However, what sets them apart is what investors want to draw from each asset. Driven by varying objectives, Bitcoin remains to be that store of value, a reliable, low throughput network whose security is like no other.
On the other hand, investors and even traders relishing for action and ten-fold gains within short time frames flock in droves to altcoins. At the moment, the expectation is that altcoins like Bitcoin Cash or Bitcoin SV will rise from the ashes.
With the negative publicity of the latter, these Bitcoin hard forks have low market capitalization with Bitcoin SV in particular in danger of being illiquid following the delisting from Binance. While at it, there is a race in Iran. Feeling the squeeze from US sanctions, citizens are all in, mining Bitcoin even in Mosques despite authorities crack the whip on cryptocurrencies.
Bitcoin Price Just Death Crossed, But Last Time Led To Historic China Pump
Wednesday March 25, 2020
Bitcoin price just formed a death cross of the 50-day and 200-day moving average, a sign that typically signals to investors that the asset in question is in an unhealthy state and could see...
The post Bitcoin Price Just Death Crossed, But Last Time Led To Historic China Pump appeared first on 12bitplay - Bitcoin Play.
At the time of press, BTC buyers are back. Following yesterday’s recovery and thrust past $10,000, prices are back in consolidation. Typically, these sort of wild price movements is common.
Even so, distinct from signaling candlesticks, yesterday’s bar was with low participation. Then again, notice that there is a whole bull candlestick closing below the lower Bollinger Band (BB). That’s a bullish signal, revealing a state of BTC under-valuation, justifying yesterday’s expansion.
Unless otherwise there is a surge past June 2019 high of $14,000 in line with previous BTC/USD trade plan, the path of least resistance is southwards. Because of that, every high is technically a selling opportunity with targets at $9,500 and later $7,500.
Anchoring and leading this trade plan is July 16 candlestick. The bar has decent trading volumes of 43k confirming the bear breakout of July 14. Therefore, as above, any surge above $11,200 or June 27 low-previous support now resistance, ought to be with high participation exceeding 43k. If that prints this weekend, BTC could rise to $14,000. Conversely, liquidation will cement this trade plan’s overview.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Traders Divided Over Bitcoin’s Prospects as Price Crumbles Below $6,000
Sunday March 22, 2020
Over the past few days, Bitcoin has held $6,000 time and time again, managing to close 20 four-hour candles about this psychological level in succession. But, the cryptocurrency just an hour ago closed a...
The post Traders Divided Over Bitcoin’s Prospects as Price Crumbles Below $6,000 appeared first on 12bitplay - Bitcoin Play.