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

John McAfee: Bitcoin Is Ancient Technology, As Ford Model T For Cars

American entrepreneur and controversial crypto figure John McAfee, who boldly predicted that Bitcoin would be valued at $1 million by the end of 2020, has openly lashed out on the leading cryptocurrency, referring to it as an ancient technology due to several limitations. This comes as a blow, considering that he was one of the biggest promoters of Bitcoin and crypto in general over the last few years. McAfee believes that being the first blockchain to exist does not make Bitcoin the “future.” In his opinion, there are newer blockchains with enhanced features that solve the flaws of the Bitcoin blockchain, just as the Ford Model T automobile of 1908 was replaced by more sophisticated cars. The 74 years computer programmer and billionaire has always been an advocate of decentralization and privacy. In fact, he has spent a great deal of time on the run while preaching against central authorities like government, and as such, privacy is a big concern for him, one of the features w...
Post a Comment
Read more

South Korea Won’t Tax Cryptocurrency Profits, For Now

Good news for cryptocurrency traders in South Korea as profit generated from crypto trading will not be subjected to tax, according to a recent announcement from the country’s Ministry of Finance and Strategy. The Ministry clarified that the current tax law does not consider crypto trading gains as taxable income; thus, Korean crypto traders are not required to pay taxes on the profits they earn from crypto trading for the time being.  However, crypto traders in the country may not be exempted from taxation for a long time. An official of the Ministry said that the Ministry is aware of the loophole in the current tax law, and they are currently reviewing the regulations in major foreign countries so that they can amend theirs in an effective way. “The income tax law is only taxable on income listed as taxable. We are preparing a taxation plan for virtual assets by comprehensively reviewing the taxation of major countries, consistency with accounting standards, and trend...
Post a Comment
Read more