Skip to main content

BITCOIN STRUGGLES TO MAINTAIN $10,000: THE LAST TIME BITCOIN SEES 5-DIGIT PRICE IN SEPTEMBER 2019? BTC PRICE ANALYSIS



As you probably know, technical analysis is not always right, but it’s correct most of the time. Three days ago while Bitcoin was trading around $10,600, our last analysis title suggested another re-test of the $10,000 level, when everyone was bullish, we saw this leg down coming-up.

As you could notice, after getting rejected one more time by the crucial long-term descending yellow trend-line, started forming from the 2019 high at $13,880, Bitcoin plunged passed $10,000, marking the $9,880 support as its current daily low (as of writing this). This support is clearly seen on the following 4-hour ascending trend-line (marked yellow).

Looking at the bigger picture, the mentioned pattern of a substantial bearish triangle formation is still threatening the BTC chart. Of course, this can be invalidated at any moment; however, Bitcoin would need to break to the bullish side for it to take place and invalidate.

Simply put, the bigger picture from below is the crucial support line around $9,400, which is the last barrier before the triangle breaks to the downside. From the top, the triangles’ trend-line sits around the resistance level of $10,300 – $10,400. Hence, there is also a possibility of another leg up to the area mentioned above, before another final plunge.

Total Market Cap: $259 billion
Bitcoin Market Cap: $180 billion
BTC Dominance Index: 69.6%

*Data by CoinGecko

Key Levels to Watch



– Support/Resistance:
Bitcoin is now testing the critical $10,000 level as support. Nearby is the $9,880 support along with the 4-hour’s chart ascending trend-line. Further below lies $9600 (weak support level), before the crucial $9,400 level (the red ascending trend-line, the bottom line of the triangle). If broken down, Bitcoin is likely to produce a quick move down to $8,800 – $9,000 at first.

From the bullish side, the nearest level of resistance is the 100-days moving average line (marked white on the daily chart), around $10,250. Further above is the triangle’s descending line along with the 50-days moving average line (marked purple) at around $10,300 – $10,400. Above is the $10,500 – $10,600 zone.

– Daily chart’s RSI: After yesterday’s decline, the RSI is also standing on a decision point – the 44 levels. Overall, the RSI indicator tells the same bearish story of the Bitcoin’s price. Besides, since the stochastic RSI did make the mentioned cross-over at the overbought territory, Bitcoin lost almost $1,000 from its value.

– Trading Volume: Surprisingly, not a huge amount of volume followed the last move. Adding to the above, the daily volume is decreasing over time; this might tell on a coming-up huge price move.

BTC/USD BitStamp 4-Hour Chart



BTC/USD BitStamp 1-Day Chart



Comments

Post a Comment

Popular posts from this blog

As Australia Burns, Binance Donates $1 Million Worth Of BNB

Australia is in severe pain as massive bushfires spread across the country with a staggering 10 million hectares of land consumed by the ferocious flames, leaving at least 2500 buildings destroyed and 25 people and 500 million animals dead. Binance To Help With Australia’s Distress Many institutions and people from around the world, including foreign governments, private institutions, celebrities, and everyday people, have responded to the country’s current situation by offering prayers, thoughts, and donations to the Australian burnfire relief. One of the latest donations comes from the Binance Charity Foundation, the blockchain-based charity division of the world’s leading crypto exchange Binance. Binance Charity announced January 7 that it had made a $1 million (A$1.45m) worth of BNB donation as a lead for its new charity project, Australia Bushfire Donations, to raise funds for the dire situation in Australia. According to Binance, the funds raised in the new initiat...
Post a Comment
Read more

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

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