Bitcoin

Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA for a steady increase. Bitcoin is recovering higher from the $35,000 support zone. The price is currently well below $37,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear $37,000 and the 100 hourly SMA to start a fresh increase in the near term. Bitcoin Price is Facing Key Resistance Bitcoin failed to stay above the $37,000 support zone and extended its decline. BTC even broke the $36,000 support level and settled below the 100 hourly simple moving average. There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price climbed above the 50% Fib retracement level of the recent decline from the $37,915 high to $34,830 low. There was also a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair is still well below $37,000 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is also near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above $37,000 and $37,200, the price could start a major increase. The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase. Fresh Decline in BTC? If bitcoin fails to clear the $37,000 resistance, it could start a fresh decline. An initial support on the downside is near the $36,000 level. The first major support is near the $35,500 level. If there is a downside break below the $35,500 support and $35,000, the price could start a sharp decline towards $32,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $36,000, followed by $35,500. Major Resistance Levels – $37,000, $38,500 and $40,000.

Bitcoin price climbed above the $38,000 resistance against the US Dollar, but it failed near $39,500. BTC is correcting lower and it might dive if it breaks the $37,000 support. Bitcoin failed to gain momentum for a break above $39,500 and $40,000. The price is currently trading above $37,000 and the 100 hourly simple moving average. There is a major rising channel forming with support near $37,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above $37,000 and the 100 hourly SMA to avoid a major decline. Bitcoin Price Trims Gains Bitcoin started a decent increase above the $37,500 resistance zone. BTC even broke the $38,000 resistance level and settled well above the 100 hourly simple moving average. The bulls gained strength for a push above the $39,000 level. However, they struggled to a move towards the $40,000 level. The price topped near the $39,500 level and it recently started a fresh decline. There was a break below the $38,500 and $38,000 levels. Bitcoin traded below the 50% Fib retracement level of the upward move from the $35,925 swing low to $39,500 high. It is currently trading above $37,000 and the 100 hourly simple moving average. An immediate support on the downside is near the $37,500 level. There is also a major rising channel forming with support near $37,400 on the hourly chart of the BTC/USD pair. The channel support is close to the 61.8% Fib retracement level of the upward move from the $35,925 swing low to $39,500 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $38,200 level. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase. Downside Break in BTC? If bitcoin fails to clear the $38,500 resistance, it could extend its decline. An initial support on the downside is near the $37,500 level. The first major support is near the $37,200 level and the 100 hourly simple moving average. If there is a downside break below the $37,200 support and $37,000, the price could start a sharp decline towards $35,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $37,200, followed by $37,000. Major Resistance Levels – $38,500, $39,500 and $40,000.

Bitcoin price just saw the worst high timeframe correction in years, falling sharping by 50% and instilling fear across the market. The turn in sentiment has everyone guessing where the now bearish cryptocurrency could fall to, but according to past cycles, it could get a lot worse before it gets better. Here’s more on why Bitcoin price could fall back toward $14K before the bear phase is over. Bitcoin Yearly Candle Turns Bearish, But What About The Bull Market? The arguments are all similar: if that was the top in Bitcoin this was the shortest and weakest bull market yet. The cryptocurrency would have fallen short of expectations by hundreds of thousands of dollars. That thought alone could result in some extremely bearish sentiment – even more negative than what’s going on across the market currently. Related Reading | Bulls Beware: Bears Have Only Now Taken Control Over Bitcoin There are calls for $20K BTC as the bottom, which would be another 50% from here. Another sizable drop seems unlikely given the potential the asset has, but as a “highly speculative” asset Bitcoin is extremely volatile. That volatility could result in a full retracement back to $14K. The yearly candle never touched the previous support level | Source: BLX on TradingView.com Why BTC Could Be Headed Back To $14K Per Coin This Year In technical analysis, the highest timeframes always matter the most. Bitcoin was bullish on the daily, but the weekly MACD turning bearish signaled the top before the drop even began. Monthly timeframes are even more dominant, and there’s a bearish evening star reversal pattern now confirmed on the monthly chart. Getting even more distant, things could be even more bearish. The short yearly candle and large wick to only the upside is unlike any other annual Bitcoin price candle before it. The candle is currently bearish, but the yearly chart could say more. In the past, the yearly candle to follow a breakout always comes back to nearly retest the previous yearly close that resulted in a bear market. It happened in the last two bull markets, but hasn’t during the current bull market. This time is clearly different so far, but will it stay that way? The same chart on weekly timeframes makes the picture clear | Source: BLX on TradingView.com If Bitcoin price were to retrace to the former yearly open before the bear market began, it would take the leading cryptocurrency by market cap back to $14K, which would be a roughly 78% retrace. 78% is significant for a number of reasons. For one, it falls short of the 80%+ parabolic curve retracement requirements, so it isn’t yet quite a bear market by BTC standards. Related Reading | Bitcoin Bear Market Comes Down To Pivotal June Close 78.6% is a key Fibonacci retracement level. Bitcoin price already retraced to the 50% mark, with 61.8% being the middle ground that also could act as a stopping point. Finally, 78% would closely match the 2013 retrace that crypto investors should be hopeful repeats. If it does, the final leg up of the bull market could be mind-blowing before a more extend bear market takes place. Featured image from iStock Photo, Charts from TradingView.com

Bitcoin price made another attempt to clear the $38,000 resistance against the US Dollar, but it failed. BTC is correcting lower, but it might find bids near the 100 hourly SMA. Bitcoin is still facing a strong resistance near the $38,000 zone. The price is currently trading well above $36,500 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above $36,000 and the 100 hourly SMA to remain in a positive zone. Bitcoin Price Eyes Fresh Increase Bitcoin started a decent increase above the $36,500 resistance zone. BTC even broke the $37,000 resistance level and settled well above the 100 hourly simple moving average. The bulls made another important attempt to surpass the $38,000 barrier. However, they failed to gain strength and a new weekly high was formed near the $38,200 level. The price is now correcting lower and it is trading below the $37,800 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high. An immediate support on the downside is near the $37,000 level. Source: BTCUSD on TradingView.com The 50% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high is also near the $37,000 zone to act as a support. There is also a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $37,600 level. The first major resistance is near the $37,850 level. The main barrier is still near the $38,000 zone. A clear break above the $38,000 zone is needed for a push towards the $40,000 level. Downside Break in BTC? If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $37,000 level. The first major support is near the $36,500 level and the 100 hourly simple moving average. If there is a downside break below the $36,500 support and then the trend line, the price could start a major decline in the near term. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level. Major Support Levels – $36,500, followed by $36,000. Major Resistance Levels – $37,800, $38,000 and $40,000.

Debate surrounding if the Bitcoin bull market is over due to the recent correction is at a full boil, while many are already searching for a bottom of the current downtrend. Bulls must be careful not to jump the gun due to buying the dip working so well over the last several months. Because bears have only just now taken control of Bitcoin, according to a trend strength measuring indicator. Analyzing The Crypto Correction And The Possible End Of The Bull Market Bitcoin price is down by more 50% after a deep drop over the last month – among the worst monthly candles on record were left behind in the wake. After such a steep correction and the last bull market never allowing more than a 37% retracement, more traders are looking for a bottom to buy rather than a bounce to short. Related Reading | Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next The idea the bull market will be back on so soon could lead to losses and a painful realization that this cycle is very different this time around. That’s according to the Average Directional Index, which suggests bears only just got back control over Bitcoin, and likely won’t let up anytime soon. The Average Directional Index shows where bears took over | Source: BTCUSD on TradingView.com The Average Directional Index Says Bears Now Taken Over Bitcoin The weekly Bitcoin price chart above shows the many times bears took over the cryptocurrency trend according to the trend strength measuring indicator. Bullish impulses are always the strongest, which send the Average Directional Index itself rising to the highest readings historically. However, the Directional Movement Index indicators that work with the ADX indicate when bears or bulls are in control of the trend. Related Reading | Market Timing: Why Bitcoin Could Sweep Lows Before A Bounce In this case, bears have just taken over Bitcoin after an entire year. So while bulls are expecting an immediate bounce back to highs, a correction anything less than three months long doesn’t make much sense compared to the length of past bear phases. Instead, with each passing bear phase, the following bullish impulse gets stronger, suggesting that when bulls do finally take back control, bears will have all but been eliminated, allowing the cryptocurrency to rise to the all-time highs that investors have been expecting – upwards of around $100,000 per coin or higher. With bears winning the battle currently, it doesn’t mean they’re totally in charge for the long term. Even during past bear phases, bulls did at times regain the upper hand causing a bounce. Until the current bear phase has ended, shoring those bounces if the right way to go, and leave dip buying for later when the new uptrend is confirmed in a similar fashion via the ADX. Featured image from iStockPhotos, Charts from TradingView.com

Bitcoin price corrected lower from the $38,000 resistance zone against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh increase in the near term. Bitcoin is holding a couple of important supports near the $36,000 zone. The price is currently trading nicely above $36,000 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if it breaks the $37,000 resistance zone. Bitcoin Price Remains Supported Bitcoin gained pace above the $35,500 resistance and extended its upward move. BTC even broke the $37,000 resistance level and the 100 hourly simple moving average. However, the bulls struggled to clear the $38,000 resistance zone. A high was formed near $37,900 and the price recently corrected lower. There was a break below the $37,000 support level. Bitcoin declined below the 23.6% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high. The price is now trading nicely above $36,000 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair. The pair is also finding bids near the 50% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $36,800 level. The first major resistance is near the $37,000 level. A clear break above the $37,000 zone could set the pace for a fresh high above $37,900. The next major resistance is near the $38,800 level, above which the price could test the $40,000 zone. Downside Break in BTC? If bitcoin fails to clear the $37,000 resistance, it could correct lower. An initial support on the downside is near the $36,200 level. The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could start another decline. In the stated case, the price is likely to dive towards the $35,000 support. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level. Major Support Levels – $36,000, followed by $35,500. Major Resistance Levels – $37,000, $38,000 and $40,000.

Bitcoin price started a steady increase above the $36,000 resistance against the US Dollar. BTC even broke $37,000 and it is now showing positive signs. Bitcoin gained bullish momentum above the $35,000 and $36,000 resistance levels. The price is currently trading well above $36,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to remain active near $36,000. Bitcoin Price Gains Pace Bitcoin formed a base above the $34,000 zone and it started a steady increase. BTC broke the $35,000 and $36,000 resistance levels to move into a positive zone. There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the key decline from the $40,420 swing high to $33,630 low. The price even broke the $37,000 resistance zone. However, the bears are fighting near the $38,000 level. It seems like the 61.8% Fib retracement level of the key decline from the $40,420 swing high to $33,630 low is acting as a resistance. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $37,500 level. The first major resistance is near the $38,000 level and the recent high. A clear break above the $38,000 zone could set the pace for a larger increase. The next major resistance is near the $40,000 level. An intermediate resistance could be near the $38,800 level. Dips Supported in BTC? If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $36,500 level. The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could decline towards the $35,200 support zone in the coming sessions. Any more losses could clear the path for a retest of the $34,000 level. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is sliding towards the 50 level. Major Support Levels – $36,000, followed by $35,500. Major Resistance Levels – $37,500, $38,000 and $40,000.

Bitcoin price was slashed in half during the month of May, leaving today as the last day for bulls to make a stand and undo the worst monthly on record. Even if the blood stain is left behind on the price chart for good, that doesn’t mean bulls still can’t pull off an upset and push prices higher. Here are five signs that Bitcoin price has bottomed out, or will be soon. The Signals Showing The Bitcoin Bottom Is Near Just as extreme bullish sentiment and exuberance around mid-April was the local top of the 2021 rally so far, the current level could also act as the bottom now that sentiment has shift to the polar opposite. A hidden bull div has formed on daily support | Source: BTCUSD on TradingView.com Contrarian investors and traders suggest buying the fear or blood in the streets, but that’s still not the reason to think the bottom is in. Related Reading | Building The Case That The Bitcoin Bottom Is In Rather, technicals on nearly all timeframes point to a reversal in the making. The first ever cryptocurrency is forming a bullish divergence (above) while at daily support. The bounce happened once the Relative Strength Index hit oversold levels. The logarithmic MACD shows momentum is turning upward | Source: BTCUSD on TradingView.com The daily LMACD is also turning upward, showing that bulls are attempting to regain momentum on daily timeframes after a month of mayhem. Moving up to a higher timeframe, Bitcoin price has also bounced at a rising trendline of RSI support on the three-day chart (below). Bitcoin bounced off a high timeframe RSI support trend line | Source: BTCUSD on TradingView.com But Wait, There’s More Reasons To Be Bullish On BTC If that’s not enough to believe there’s a low-timeframe reversal in the making, on higher timeframes there’s still many more reasons to be bullish. Related Reading | Don’t Have A Cow: Bart Simpson Is Back In Bitcoin The rarely-looked-at two-week timeframe shows that Bitcoin fell to the middle-SMA on the Bollinger Bands. During the last bull market, the line was never lost. In fact, touching it resulted in the finally impulse upward. The two-week middle-BB was retested only once during the last bull run | Source: BTCUSD on TradingView.com The recent push down also caused Bitcoin’s most profitable buy signal to indicate “capitulation” in BTC miners. Past bull markets saw more than 8,000% and 3,500% after the last buy signal appeared per cycle. The most profitable buy signal in crypto is about to trigger | Source: BTCUSD on TradingView.com Nearly every time the signal appears, more upside is on the way. So why would this time be any different? With so many signals stacking up, chances that the cryptocurrency is near the bottom are becoming more likely. Drawdowns post buy signal are still common, however, the potential reward has historically always outweighed the risk in terms of ROI versus loss. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000. Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels. The price is currently trading well below $37,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $34,000 support and $33,200. Bitcoin Price Turns Red Bitcoin made a couple of attempts to clear the $37,000 resistance zone, but it failed. The last swing low was formed near $33,650 before BTC corrected higher. It broke the $34,000 and $35,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $40,417 high to $33,650 low. The price is now struggling to clear the $36,000 resistance level. Bitcoin is also trading well below $37,000 and the 100 hourly simple moving average. Moreover, there is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $35,500 level. The first major resistance is near the $36,000 level and the trend line. The next major resistance is near the $37,000 level. It is close to the 50% Fib retracement level of the downward move from the $40,417 high to $33,650 low. A close above the $37,000 resistance zone could open the doors for a steady increase. The next major barrier for the bulls is near $40,000 level. More Losses in BTC? If bitcoin fails to clear the $36,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $34,500 level. The first major support is near the $34,000 level. If there is a downside break below the $34,000 support, the price could decline towards the $32,000 support zone in the coming sessions. Any more losses could clear the path for a test of the $30,000 level. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $34,000, followed by $32,000. Major Resistance Levels – $35,500, $36,000 and $37,000.

Bitcoin price is showing bearish signs and trading well below $40,000 against the US Dollar. BTC is likely to extend losses below $34,000 and $32,000 in the near term. Bitcoin failed to settle above $40,000 and it started a fresh decline below $38,000. The price is now trading well below $40,000 and the 100 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower as long as it is trading below $38,000 and $40,000. Bitcoin Price Turns Red This past week, bitcoin price started a decent recovery above the $35,000 level against the US Dollar. The BTC/USD pair even broke the $38,000 resistance level. However, the price failed to settle above the $40,000 level and it remained well below the 100 simple moving average (4-hours). A high was formed near $40,971 and the price started a fresh decline. There was a break below the $38,000 support level. Bitcoin traded below the 50% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. There is also a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The pair is now testing the 76.4% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. If there is a downside break below the $34,000 and $33,500 support levels, the price is likely to accelerate lower. The next major support is near the $31,250 level, below which the price may possibly test the $30,000 support level in the near term. Upsides Limited in BTC? If bitcoin remains stable above the $33,500 level, it could start a fresh increase. An initial resistance on the upside is near the $36,500 level. The first major resistance is near the trend line and $38,000. The main resistance is now near $40,000. A close above $40,000 is must to start a steady increase in the near term. The next key barrier could be $45,000. Technical indicators 4 hours MACD – The MACD for BTC/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level. Major Support Level – $33,500 Major Resistance Level – $38,000

The crypto market is in fierce debate: is the top of the Bitcoin bull market in? Bears salivating for cheaper coins say yes, while bulls hell bent on seeing through stock-to-flow predictions say otherwise. But which is it? A secondary conflict surrounds the topic: “if that was a top, it sure doesn’t look like one.” And while that is indeed true, don’t have a cow, man. We’re about to explain why the most recent top ushered in the return of Bart Simpson, along with why the move likely happened the way it did. “If This Is The Top In Bitcoin, It Doesn’t Look Like A Top” Even if you aren’t a pro at technical analysis and couldn’t read a chart if your life depended on it, it is pretty clear that tops and bottoms come to a sharp point most of the time – signaling a rebound is ahead and the violence left behind. Rounded bottoms do commonly appear but are a slow grind of a process and tend to stretch across a long timeframe. Related Reading | Bear Phase Fractal Warns Of Pain, Bitcoin Bull Market To Remain Unbroken The shape and pattern of the recent Bitcoin “top” has many traders and analysts confused. Where is the blow-off phase? Where is the bearish retest? What type of pattern even is this? All of these questions are used as firepower to make an argument that this isn’t a top. The spiky pattern with several sharp peaks into resistance instead looks like the top of the head of a famous cartoon character: Bart Simpson. Bart moves are back in BTC | Source: BTCUSD on TradingView.com via Twitter I’m Bart Simpson, Who The Hell Are You? The character Bartholomew JoJo Simpson, or Bart for short, first appeared on The Tracey Ullman Show in 1987 as a short. A dedicated show first aired in 1989 and it has been running ever since. The animated character is a TV icon, and the show is a pop culture phenomenon that’s adored by millions. So why then, when Bart appears on the Bitcoin price chart do crypto traders get so upset? Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern “Bart moves” as the community calls them, result from low liquidity. During such phases, whales can easily push price action through trading ranges. Bitcoin at more than a trillion dollar market cap tames the overall liquidity argument, but when order books are thin because everyone is holding, a whale can just as easily make waves as we’ve recently seen. This high timeframe Bart move is the largest on record, and shows that more coins being exchanged are necessary to further price appreciation. Order books should be stacked for further upside. For now, the cryptocurrency is back to being a whale’s playground – either until buying or selling picks up to an extreme. Featured image from iStockPhoto, Charts from TradingView.com