$9,000: Bitcoin Breakdown Might Be The Real Deal As Altcoins Plunge
Bitcoin was rejected near the $10,500 area against the US Dollar. BTC could extend its decline as Ethereum and ripple are down more than 10%.
Ethereum Takes a Bit Hit But Another Lift-Off To $180 Is Likely
Wednesday April 08, 2020
Ethereum is currently correcting lower from the $176 monthly high against the US Dollar. ETH price remains well supported on the downside near the $162 and $158 levels. Ethereum is correcting lower and trading...
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Bitcoin price is under pressure below the $10,000 support area against the US Dollar.
The bears seem to be in control as the price even failed to stay above $9,800.
There is a short term declining channel forming with resistance near $9,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Ethereum and ripple are gaining bearish momentum and are down 11% and 15% respectively.
Bitcoin Price: Current Level Acted As Launchpad For Past Historic Rally
Tuesday April 07, 2020
Bitcoin price has nearly doubled in price after the historic collapse that occurred in mid-March took the asset back to under $4,000 at the low. The first-ever cryptocurrency has reclaimed a critically important level...
The post Bitcoin Price: Current Level Acted As Launchpad For Past Historic Rally appeared first on 12bitplay - Bitcoin Play.
Bitcoin Showing Bearish Signs
After a strong rejection near the $10,500 area on two occasions, bitcoin price started a fresh decrease against the US Dollar. BTC price broke a few key supports near $10,200 and $10,000 to enter a bearish zone.
Moreover, there was a close below $10,000 and the 100 hourly simple moving average. The price even failed to stay above the $9,800 support area and it declined towards the $9,600 support.
A swing low is formed near $9,632 and the price is currently correcting losses. It surpassed the 23.6% Fib retracement level of the recent slide from the $10,400 high to $9,632 low.
However, bitcoin is facing hurdles near the $9,900 and $10,000 levels. More importantly, there is a short term declining channel forming with resistance near $9,900 on the hourly chart of the BTC/USD pair.
Besides, the 50% Fib retracement level of the recent slide from the $10,400 high to $9,632 low is near the $10,000 area to act as a key resistance. The main resistance for bitcoin is near the $10,120 level and the 100 hourly simple moving average.
Therefore, a successful break above $10,000 and then a follow up move above the 100 hourly simple moving average is needed for a fresh increase towards $10,500 in the near term.
More Losses As Ethereum and Ripple Plunge?
As mentioned, Ethereum and ripple are declining heavily, which may perhaps increase pressure on bitcoin below $9,800. If it slides below the $9,600 support, the bears could even aim a break below the key $9,500 support level.
Finally, a convincing break below the $9,500 area is likely to set the momentum for a run towards the $9,000 level.
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.
Major Support Levels – $9,600 followed by $9,500.
Major Resistance Levels – $10,000, $10,100 and $10,120.
Ethereum Price Goes Vertical, Hits $150 in 20% Rally: Factors to Watch
Thursday April 02, 2020
Following the lead of the stock market, Bitcoin, Ethereum, and the rest of the cryptocurrency market have been strongly rallying higher over the past few hours. In fact, ETH’s short-term chart has gone vertical,...
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