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Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair gained ground to the 7448.00 level after trading as low as the 7237.16 level during yesterday’s European session.  Market sentiment has improved over recent days following the pair’s climb higher from the 6526.00 level. Notably, the pair has recently traded above the 7568.81 area, representing the 23.6% retracement of the move from 10944.67 to 6526.00.  During Friday’s North American session, the pair stopped just short of testing the 7893.48 area, representing the 23.6% retracement of the depreciation from 12320.40 to 6526.00.  Two similar levels include the 8101.68 and 8258.82 areas, related to the depreciations from the 13202.63 and 13868.44 levels.

The improving market sentiment has traders focused on some important upside price objective targets around levels including the 8304.27, 8723.78, and 9242.83 areas.  Technicians are waiting to see if the pair can establish a base around the 7594.48, a level that was recently breached and represents a downside price objective related to the depreciation from the 10540.49 area.  Above that level, the 8289 area will be closely watched by traders, as it also represents a downside price objective related to the depreciation from the 10540.49 area. The technical significance of this level was confirmed when significant Stops were elected below the level on 18 November

Price activity is nearest the 50-bar MA (4-hourly) at 7,339.46 and the 200-bar MA (Hourly) at 7,330.70.

Technical Support is expected around 6775.47/ 6653.57/ 6323.42 with Stops expected below.

Technical Resistance is expected around 7870.10/ 8062.04/ 8338.78 with Stops expected above.

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

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

 

Ethereum

Ethereum (ETH/USD) was stronger early in today’s Asian session as the pair traded as high as the 152.24 area after trading as low as the 145.97 area during yesterday’s Asian session. Market sentiment continues to improve following the pair’s climb higher from the 131.80 area last week, and this is evident following the pair’s price activity around certain key price levelsStops were elected above the 151.17 and 155.74 levels during the pair’s climb higher, and the next upside price objective targets related to these levels include the 161.39 and 170.53 areas.  The 152.10 level is another important level related to the pair’s recent depreciation from the 199.50 area, and some additional Stops were triggered above this area during the recent rebound higher before Stops were elected above the 156.99 area.

The recent trading activity around the 149.31 area has traders focused on some additional upside price targets including the 160.15, 168.91, and 177.66 areas, above which Stops are likely in place.  Some selling pressure is expected in between some of those levels and those areas include the 163.28 and 165.11 areas, both of which are also downside price objective targets related to the recent depreciation from the 199.50 level.  Chartists are also eyeing the 168.07 area as an interesting one that represents a downside price objective target during the pair’s recent decline and below which Stops were elected.

Price activity is nearest the 50-bar MA (4-hourly) at 149.38 and the 50-bar MA (Hourly) at 150.99.

Technical Support is expected around 149.24/ 146.35/ 141.74 with Stops expected below.

Technical Resistance is expected around 155.50/ 160.15/ 163.28 with Stops expected above.

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

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

Sally Ho , 2019-12-02 04:00:00 ,

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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.

Featured Image from Shutterstock


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

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