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Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair traded as high as the 7287.75 level following its volatile and sharp ascent to the 7775.00 level early in yesterday’s North American session.  Stops were elected above the 7552.89 area during the pair’s rapid climb, a level that represents the 23.6% retracement of the move from 6526.00 to 7870.10.  The pair was unable to sustain its intraday gains yesterday and has largely now given back most of them. The pair’s short-term market bias appears like it will be determined by BTC Bulls around the 7198.05 area or by BTC Bears around the 7356.65 area. The 7198.05 area represents the 50% retracement of the recent 6526.00 – 7870.10 range and buying pressure has emerged around this level in recent trading sessions.  The 7356.65 area represents the 38.2% retracement of the same recent range and selling pressure has emerged around this level in recent trading sessions.

If BTC Bulls are able to sustainably advance through the 7356.65 area, they may be able to challenge the 7552.89 area and then test an upside price objective target that remains in place around the 7906 area.  If BTC Bears are able to punch below the 7198.05 area, they will have an opportunity to target the 7039.45 and 6843.21 areas on the downside with the possibility of testing recent lows around the 6256.00 area.   BTC/USD has been pressured and Given in the market during the past several weeks, and traders are awaiting clues to adopt a fresh market bias and direction.

Price activity is nearest the 50-bar MA (4-hourly) at 7,402.32 and the 50-bar MA (Hourly) at 7,290.39.

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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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

 

Ethereum

Ethereum (ETH/USD) gained ground early in today’s Asian session as the pair traded as high as the 147.42 area following its spike to the 153.00 area during yesterday’s North American session.  Stops were elected above the 151.17 level during the appreciation higher, an upside price extension objective, and also above the 151.61 area that represents the 23.6% retracement of the 131.80 – 157.73 range.  Additional Stops were triggered above the 152.10 area, a level that represents a downside price extension objective related to the relative high of 199.50 from late October.  Current market dynamics and recent trading activity have rendered it challenging to anticipate the pair’s next moves.  The 144.77 area represents the 50% retracement of the recent 131.80 – 157.73 range and ETH Bulls have been buying the pair above this level following its recent peak.  The 151.61 area represents the 23.6% retracement of the recent 131.80 – 157.73 range and ETH Bears have been selling the pair below this level following its recent peak.

If ETH Bulls are going to sustainably advance through the 151.61 area, they may be able to challenge the 160.15 and 161.39 areas that represent upside price objective targets. If ETH Bears are going to knock below the 144.77 area and challenge the 141.71 and 137.92 areas, they may have another opportunity to test buying pressure around the 132.90 area, representing the 23.6% retracement of the 302.20 – 80.60 range.  Below this level, chartists eye the 127.07 area as a downside price objective target related to the recent 199.50 high, with some ETH/USD Bears seeing the 104 area as a very Bearish target.

Price activity is nearest the 50-bar MA (4-hourly) at 149.95 and the 50-bar MA (Hourly) at 147.24.

Technical Support is expected around 143.17/ 141.74/ 139.13 with Stops expected below.

Technical Resistance is expected around 153.00/ 155.50/ 160.15 with Stops expected above.

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

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

Sally Ho , 2019-12-05 04:00:00 ,

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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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