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This past week, bitcoin price recovered above the USD 7,350 and USD 7,550 resistance levels. BTC/USD tested the USD 7,850 resistance area, where the bulls struggled. As a result, the price started a fresh decline and traded below the USD 7,350 pivot area (09: 00 UTC).
Similarly, many major altcoins are down in the past few sessions, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD is now trading below the USD 150 level, with a bearish angle. Besides, XRP/USD is trading below the USD 0.220 area and it is likely to decline further in the near term.

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Bitcoin and Altcoins Restart Downtrend, Bulls Under Pressure 101
Source: www.tradingview.com

Bitcoin price

After bitcoin price failed to stay above the USD 7,550 support area, it broke a major support near the USD 7,350 pivot level. BTC/USD is now trading near the USD 7,200 support area and it seems like it could soon test the USD 7,050 support area. If there are more downsides, the price might even revisit the USD 6,550 support area.
On the upside, an initial resistance area is near the USD 7,350 level. The main weekly resistance is near USD 7,550, above which the price could climb towards the USD 7,850 and USD 8,000 levels in the near term.

Ethereum price

Ethereum price is currently declining and it recently traded below the USD 150 support. ETH/USD is testing the USD 148 support and it could continue to move down. The first key support is near the USD 142 level, below which the bears may target the USD 135 weekly support.
On the upside, an initial resistance is near the USD 152 level. However, the main weekly hurdles are near USD 155 and USD 158, above which the price is likely to accelerate towards the USD 165 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price failed to stay above the USD 215 level and it is now trading near the USD 210 level. BCH/USD seems to be struggling and it is likely to trade below the USD 205 and USD 200 support levels. On the upside, the key resistance is near the USD 225 level.
Litecoin failed to climb above the USD 49.20 and USD 50.00 resistance levels. LTC/USD is now trading near the USD 45.50 level and it might slide towards the USD 44.50 and USD 43.20 levels. On the upside, there are many hurdles near USD 48.80 and USD 49.20.
XRP price struggled to stay above the USD 0.225 support level and it even broke the USD 0.220 support. XRP/USD is currently declining and it seems like it could soon test the USD 0.218 and USD 0.215 support levels. The main weekly support is near the USD 0.212 level.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins gained more than 5%, including VET, NRG, MOF, FET, CHZ, SEELE, NEXO, THETA, ALGO and IOST. Out of these, VET is up around 22% and NRG rallied nearly 17%.

Overall, bitcoin price is under pressure and it is trading below a couple of important supports such as USD 7,350. Therefore, there are chances of more losses below the USD 7,100 and USD 7,000 levels in the coming sessions.
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Bitcoin and Altcoins Restart Downtrend, Bulls Under Pressure 102

Aayush Jindal , 2019-12-02 11:43:12 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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