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Recently, there was a strong recovery wave in bitcoin price above the USD 7,000 resistance area. BTC/USD climbed above the USD 7,200 resistance and recently surged above USD 7,400. The price even spiked above USD 7,600 and it is currently (09:00 UTC) correcting gains.

Likewise, there was a strong upward move in major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is broke the key USD 150 resistance area and tested the USD 155 hurdle. XRP/USD is now trading above the USD 0.220 resistance and it could rise further above USD 0.225.

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Bitcoin and Altcoins Target Further Upsides, Dips Supported 101
Source: www.tradingview.com

Bitcoin price

After an upward move, bitcoin price settled above the USD 7,000 resistance area. BTC/USD is now trading above the USD 7,400 resistance and it is correcting gains. An initial support is near the USD 7,400 level, below which it could test the main USD 7,320 support area.
On the upside, the main resistances are near the USD 7,550 and USD 7,650 levels. A clear break above the USD 7,650 resistance area may perhaps set the tone for a decent upward move. The next key resistances are near USD 7,850 and USD 8,000.

Ethereum price

Ethereum price bounced back above USD 150 resistance and it even tested the USD 155 resistance area. ETH/USD is now trading above USD 152, with supports near USD 150 and USD 148.
On the upside, the first key resistance is near the USD 155 level, above which there are high chances of more upsides above the USD 158 and USD 160 levels. Any further gains could lift the price towards USD 165.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is trading above the USD 200 and USD 205 resistance levels. BCH/USD is now trading above USD 220, but it is struggling to rise above the USD 225 resistance area. A clear break above USD 225 may perhaps lead the price towards the USD 240 level.
Litecoin is slowly rising towards the USD 47.50 and USD 48.00 resistance levels. Having said that, a clear break above USD 50.00 is needed for a trend change. On the downside, the main supports are near the USD 45.80 and USD 44.60 levels.
XRP price climbed higher recently above the USD 0.220 and USD 0.221 resistance levels. XRP/USD is also trading above the USD 0.225 level and it could continue to rise towards the USD 0.228 and USD 0.230 levels. On the downside, the main supports are near USD 0.224 and USD 0.220.

Other altcoins market today

In the past three sessions, many small capitalization altcoins climbed more than 12%, including TT, SOLVE, IGNIS, ENG, MATIC, CHZ, NPXS, MAID, ARDR, IOST and STEEM. Out of these, TT rallied around 80% and SOLVE is up more than 40%.

To sum up, bitcoin is gaining bullish momentum above the USD 7,350 resistance area and it could continue to rise. BTC/USD is currently correcting gains, but it is likely to remain well bid near USD 7,350 and USD 7,250. On the upside, the main hurdles are near USD 7,550, USD 7,650 and USD 7,880.
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Bitcoin and Altcoins Target Further Upsides, Dips Supported 102

Aayush Jindal , 2019-11-28 11:45:15 ,

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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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