Skip to content Skip to sidebar Skip to footer


Bitcoin

Bitcoin (BTC/USD) gained marginal ground early in today’s Asian session as the pair traded around the 8488.00 area, following several sessions of trading in a very tight range.  Traders continue to steadily drive the pair lower in search of technical Support, having knocked BTC/USD as low as the 8361.00 area during Friday’s North American session.  Stops were triggered below the 8535.67 level during the pair’s move lower late last week, a level that represents the 61.8% retracement of the late-October 7296.44 – 10540.49 range.  The next downside level of potential technical Support related to this range is the 8062.04 area, representing the 76.4% retracement.

Another interesting range that traders are watching is the move from 9948.12 to 3128.89.  Notably, Friday’s low was just above the 8338.78 area, representing the 76.4% retracement of that depreciating range.  The next downside area of potential technical Support related to that range is the 7343.17 area, representing the 61.8% retracement.  The current bearish environment is reinforced by the pair’s trading activity below the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly). Also, the convergence of 50-bar MA (4-hourly) and 200-bar MA (4-hourly) is also providing traders with a Bearish signal.

Price activity is nearest the 200-bar MA (4-hourly) at 8,699.19 and the 50-bar MA (Hourly) at 8,504.61.

Technical Support is expected around 8338.78/ 8062.04/ 7343.17 with Stops expected below.

Technical Resistance is expected around 9130.00/ 9378.16/ 9774.89 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum

Ethereum (ETH/USD) appreciated to the 183.17 level early in today’s Asian session after some buying pressure emerged around the 181.74 area during yesterday’s North American session.  Market sentiment has recently deteriorated as traders drove the pair as low as the 177.00 figure during Friday’s North American session, stopping short of testing technical Support around the 176.25 area. This level represents the 50% retracement of the 153.00 – 199.50 range.  A couple of additional important levels and areas of potential technical Support related to that range include the 170.76 and 163.97 areas, representing the 61.8% and 76.4% retracements.

Another very important area that traders are watching is the 165.25 area, representing the 38.2% retracement of the 302.20 – 80.60 range.  That level’s importance was reinforced given the manner in which price activity reacted around the 191.40 area on 10 November, representing the 50% retracement of the same range.  Below current market activity, traders anticipate some buying pressure between the 173.86 – 175.04 levels.  Also the 172.72 level represents the 23.6% retracement of the 239.45 – 152.11 range, and some Stops are likely situated below this level.

Price activity is nearest the 200-bar MA (4-hourly) at 180.73 and the 50-bar MA (Hourly) at 181.53.

Technical Support is expected around 176.25/ 175.02/ 170.76 with Stops expected below.

Technical Resistance is expected around 187.66/ 191.32/ 194.60 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

Sally Ho , 2019-11-17 02:00:00 ,

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