Bitcoin Price (BTC) Watch: Here Is Why Upsides Could Be Capped

Bitcoin price is currently correcting higher and is trading above $9,650 against the US Dollar.
The price is struggling to break the $9,800 and $9,880 resistance levels.
There is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could only turn bullish after it captures the $9,900 and $10,000 resistance levels.

$40M Bitcoin Auction Next Week May Cause a Bitcoin Flash Crash, Data Shows
Friday February 14, 2020

The US Marshals Service is preparing to auction around 4,000 of seized BTC (+$40 million). Previous sales have coincided with an aggressive down wick on Bitcoin price charts. The sale will take place on...

The post $40M Bitcoin Auction Next Week May Cause a Bitcoin Flash Crash, Data Shows appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is facing a lot of barriers near $9,900 and $10,000 against the US Dollar. BTC could trim recent gains if it fails to climb above $9,900 or $10,000 in the near term.
Bitcoin Price Analysis
Recently, BTC started a decent upside correction from the $9,316 swing low against the US Dollar. It seems like a decent support base is forming near the $9,350 and $9,400 levels. The price climbed above the $9,500 and $9,520 resistance levels. Moreover, there was a close above the $9,500 level and the 100 hourly simple moving average. It opened the doors for more gains above $9,550.
Additionally, bitcoin gained pace above the 23.6% Fib retracement level of the last key decline from the $10,293 high to $9,316 low. However, the price is now struggling to break the $9,800 resistance area (the previous support). Moreover, it seems like the 50% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is acting as a strong resistance.
On the upside, there is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair. Above the trend line, the 61.8% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is at $9,920. However, the main resistance is near the $10,000 level, above which the price is likely to move back into a positive zone.
On the downside, an initial support is near the $9,660 level (the recent resistance area). The next key support is near the $9,600 level and the 100 hourly SMA. If there is a downside break below the 100 hourly SMA, the price could revisit the $9,350 support area in the near term.

Litecoin Founder Slams Ethereum’s Fastest Growing Use Case in DeFi Hack’s Wake
Monday February 17, 2020

Following a recent DeFi smart contract compromise, Charlie Lee has attacked the sector for being centralised. The Litecoin founder called the decentralised finance industry, growing fastest on Ethereum, “decentralization theatre”. The most recent application...

The post Litecoin Founder Slams Ethereum’s Fastest Growing Use Case in DeFi Hack’s Wake appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price is facing a lot of hurdles near the $9,800, $9,900 and $10,000 levels. It seems like the bulls could attempt to push the price above $10,000. If they fail, the price will most likely start a fresh decline towards $9,500 or $9,350.
Technical indicators:
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 60 level.
Major Support Levels – $9,660 followed by $9,500.
Major Resistance Levels – $9,800, $9,900 and $10,000.
The post Bitcoin Price (BTC) Watch: Here Is Why Upsides Could Be Capped appeared first on NewsBTC.

XRP Plummets Over 50% on Major Exchange, Causing Rage Amongst Users
Thursday February 13, 2020

XRP has seen some incredibly bullish price action over the past couple of days, with the crypto’s recent break above $0.30 leading it to incur significant buying pressure that propelled it up to highs...

The post XRP Plummets Over 50% on Major Exchange, Causing Rage Amongst Users appeared first on 12bitplay - Bitcoin Play.

You may also like...