Skip to content Skip to sidebar Skip to footer

After a nasty decline, bitcoin price found support near USD 6,550. BTC/USD started a relief rally and climbed more than 10% in the past three sessions. It broke the USD 6,850 and USD 7,000 resistance levels. However, the price seems to be struggling (09: 00 UTC) to clear the USD 7,350 resistance area.

Similarly, there was a solid bounce in many major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA, TRX and XLM. ETH/USD is back above USD 145, but it is facing resistance near the USD 150 and USD 155 levels. Besides, XRP/USD is lacking momentum and finding it hard to climb above USD 0.220 and USD 0.222.

Total market capitalization

Bitcoin and Altcoins Spring Up, Face Strong Resistance 101

Bitcoin price

Finally, bitcoin price found support near the USD 6,550 level and recently started recovering. BTC/USD traded above the USD 6,850 and USD 7,000 resistance levels. The price even climbed above USD 7,200, but the USD 7,350 and USD 7,420 levels are preventing further upsides.
The main resistance for a possible trend change is near the USD 7,650 level, above which the bears are likely to lose control. On the downside, an immediate support is near the USD 7,000 level, followed by USD 6,850.

Ethereum price

Ethereum price is up more than 10% and it broke the USD 140 and USD 145 resistance levels. ETH/USD even traded above the USD 150 resistance, but it failed to continue higher. The price is now trading below USD 150, with supports near USD 145 and USD 142.
On the upside, the price must settle above the USD 150, USD 152 and USD 155 levels to start a nice bullish wave in the near term.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price recovered from the USD 195 level and climbed back above USD 200 and USD 205. BCH/USD is now approaching the USD 215 and USD 220 resistance levels, above which there are chances of a run towards the key USD 250 resistance area. On the downside, the USD 200 and USD 195 levels are important supports.
Litecoin found a strong buying interest near the USD 42.20 level. As a result, there was a rally in LTC/USD above the USD 45.00 resistance area. However, there are still many hurdles for buyers near the USD 48.80 and USD 49.50 levels.
XRP price seems to be forming an important support base near the USD 0.200 level. XRP/USD is currently correcting higher and trading above USD 0.215. If the price settles above USD 0.220 and USD 0.222, there are chances of more upsides in the coming sessions. The next key resistance is near the USD 0.235 level.

Other altcoins market today

In the past three sessions, many small capitalization altcoins recovered more than 10%, including STO, FSN, EXMR, MKR, VET, STEEM, CHZ, ATOM, IOST, SNT, BTM and MATIC. Out of these, STO jumped around 350% and FSN is up more than 70%.

To sum up, bitcoin is making a significant move above USD 7,000. Having said that, BTC/USD must settle above USD 7,350 and USD 7,500 to start an uptrend. If not, it could decline below USD 7,000 and USD 6,850 again.

Find the best price to buy/sell cryptocurrency:

Bitcoin and Altcoins Spring Up, Face Strong Resistance 102

Aayush Jindal , 2019-11-26 11:41:12 ,

Source link

Leave a comment

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

Source link