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Crypto Market Recovers $15 Billion, Bitcoin Flirting With $7K

  • The total crypto market cap is currently correcting higher from the $170.0B support area.
  • Bitcoin price is up around $250 and it is now trading near the $7,000 resistance area.
  • EOS price jumped from the $2.350 support area and climbed above $2.500.
  • Ethereum price is showing positive signs above the $142 level.
  • BCH price bounced back and it is now trading above the $200 pivot level.
  • Tron (TRX) price is back above $0.0140 and it could soon revisit the $0.0144 resistance area.

Bitcoin (BTC) and the crypto market cap are currently correcting higher. Ethereum, ripple, BNB, BCH, litecoin and EOS are recovering, but facing many resistances.

Bitcoin Price Analysis

After a downside break below the $7,000 support, bitcoin price traded close to the main $6,500 support area (as per the medium term outlook). The bulls took a strong stand and the price recently started an upside correction.

BTC price is now trading above the $6,800 level and testing the $7,000 resistance area. If there are more gains, the price is likely to test the $7,120, $7,150 and $7,200 levels in the near term.

On the downside, an initial support is near the $6,880 level, below which the price is likely to retest the main $6,500-$6,600 support area in the near term. Any further losses may perhaps push the price towards the $6,400 level.

Looking at Ethereum, the price is now trading back above the $140.00 and $142.00 levels. However, ETH is facing a lot of resistance on the upside near the $146, $148 and $150 levels. On the downside, the main supports are near the $136 and $135 levels.

Similarly, ripple price is facing a lot of hurdles on the upside near the $0.2200 and $0.2220 levels. However, there are many positive signs emerging from the $0.2000 support area.

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline below the $220.0B and $200.0B support levels. The crypto market cap even broke the $185.0B support and tested the $170.0B zone.

A low was formed near the $171.4B level and the market cap is currently correcting higher. It broke the $180.0B resistance to start the recovery. It is now trading near the $185.0B resistance area and a bearish trend line on the same chart. The main hurdles are near $190.0B, $194.0B and $200.0B.

Therefore, a clear break above the $194.00 and $200.0B levels is needed for more upsides in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and IOTA in the near term.

The post Crypto Market Recovers $15 Billion, Bitcoin Flirting With $7K appeared first on NewsBTC.

NewsBTC , 2019-11-25 14:38:16 ,

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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.

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

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