Skip to main content


In our last Bitcoin price analysis, we mentioned the ‘last hope’ for Bitcoin. Good news for the bulls: the Doji candle on the 4-hour chart maintained the price above the significant 4-hour ascending trend-line (marked in bold yellow).

In the following day, we saw Bitcoin retesting the line, again getting supported upon the significant news coming upon Bakkt launch date. The news could be a game-changer for Bitcoin, in its way for long-term mass adoption.

Bitcoin had recovered nicely from the immediate risk; however, until producing a higher-high on the daily chart, which Bitcoin failed to do at its last attempt around $12,000, the situation is still neutral and fragile in the short-term.

Another thing to note is the range Bitcoin is trading at: from above – the MA-200 (marked by light green on the 4-hour chart), while from below is the 100-days moving average line (marked white on the daily chart) along with the above mentioned ascending trend-line.

Total Market Cap: $268 billion
Bitcoin Market Cap: $185 billion
BTC Dominance Index: 69.1% (Dominance again close to 70%)



Key Levels to Watch

– Support/Resistance:

The nearby resistance now lies around $10,550 (the MA-200 light-green line on the 4-hour chart). Further above is $10,800 along with the 50-days moving average line (marked purple). In case of a break-up, we can expect $11,000 – $11,200 to be the next significant short-term resistance level. The last also contains the descending trend-line, which was started forming amid the 2019 high at $13,880.

From below, the current area of $10,200 – $10,300 is the first line of support. Further below is $10,000 and $9,800 (the 100-days moving average line). Below lies $9600 and $9400 (the weekly low).
– Daily chart’s RSI: The RSI indicator had found support by the 40 horizontal line. As of now, the RSI lies around 45, still below the 50 significant area, which is the bullish area. However, positive remarks might come from the Stochastic RSI oscillator, which had made a cross-over at the oversold territory and about to enter the bullish zone.

– Trading Volume: The reversal candle from two days ago turned out to be the highest volume day since July 18. This could be a bullish sign for a possible green continuation.



BTC/USD BitStamp 4-Hour Chart




BTC/USD BitStamp 1-Day Chart




Comments

Post a Comment

Popular posts from this blog

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more

IN THE NEW DECADE, CRYPTO WILL BECOME ESSENTIAL LIKE EMAIL: SAYS TYLER WINKLEVOSS

It’s the start of a new decade, and industry famous twin Tyler Winklevoss, the co-founder, and CEO of cryptocurrency exchange and custodian company Gemini Trust, has shared his views on what the next ten years hold for crypto. According to Winklevoss, crypto is already becoming more than a niche technology and a form of money, and it will play an essential role in our daily life in the foreseeable future. “Today, crypto is still a niche technology and a form of money. It is not crucial to your everyday life the way email and other web applications are, but our thesis is that this will change — it’s already changing if you look close enough,” Winklevoss wrote. Winklevoss added that the decentralized nature of cryptocurrencies, which empowers individuals, will be the driving force within the new decade. Crypto will not only redesign the internet but will also redesign the financial and monetary systems to protect the rights and dignity of users, he said. The Winklevos...
Post a Comment
Read more

Qatar Blocks Cryptocurrency Services Throughout The Gulf

As the new year begins, Qatar’s Financial Center, the nation’s regulatory authority, has issued a blanket ban on cryptocurrency-related services in the Gulf nation. The prohibition covers not only cryptocurrencies but “anything of value” that could substitute fiat currencies. Qatar Bans Cryptocurrencies The Qatari Financial Center, which is also the nation’s regulatory authority, has issued a statewide ban on cryptocurrencies and other digital assets that might substitute traditional fiat. Per the report , the authority stated that: “Virtual Asset Services may not be conducted in or from the QFC at this time.” It also reads that this goes for “Anything of value that acts as a substitute for currency, that can be digitally traded or transferred and can be used for payment or investment purposes.” However, it’s also worth noting that the ban doesn’t cover digital forms of securities or other financial instruments that are thoroughly regulated by the Regulatory Authority, ...
Post a Comment
Read more