Bitcoin

Bitcoin price was dumped yesterday by over 20% against the US Dollar. BTC is recovering from $30K and it might attempt a bullish reversal above $40K. Bitcoin tumbled below the $40,000 and $35,000 support levels. The price is now trading well below $42,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to start a strong bullish move if there is a break above $40,000. Bitcoin Price Starts Recovery Bitcoin failed to stay above the $42,000 and $42,000 support levels. BTC tumbled over 20% and it broke many important supports near $35,000. There was also a spike below the $32,000 support zone. A low was formed near the $29,750 and the price is now correcting higher. It broke the $35,000 resistance zone. There was also a break above the 50% Fib retracement level of the recent drop from the $45,775 swing high to $29,750 swing low. However, the price is trading well below $42,000 and the 100 hourly simple moving average. An immediate resistance is near the $39,000 level. There is also a crucial bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the recent drop from the $45,775 swing high to $29,750 swing low. Source: BTCUSD on TradingView.com A successful break above the trend line resistance could set the pace for a strong move above the $40,000 resistance. The next major resistance is near the $42,000 level. A close above the $42,000 level could set the pace for a strong rally in the coming sessions. The next major resistance sits near the $46,000 level. Fresh Drop in BTC? If bitcoin fails to clear the $39,200 and $40,000 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the $36,000 level. The first major support is now forming near the $34,000 zone. A downside break below the $34,000 support could start a fresh decline towards the main $30,000 support zone in the near term. 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 likely to surpass the 50 level. Major Support Levels – $36,000, followed by $34,000. Major Resistance Levels – $39,000, $40,000 and $42,000.

Bitcoin price failed once again to clear the $60,000 resistance zone against the US Dollar. BTC is showing a few bearish signs, but the $52,500 support holds the key. Bitcoin failed to gain pace above $59,500 and it even struggled to test $60,000. The price is now trading near the $55,500 support and the 100 simple moving average (H4). There was a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is recovering losses, but it is facing a strong resistance near $57,000. Bitcoin Price Trims Gains Bitcoin cleared the $58,800 and $59,000 resistance levels. It even spiked above $59,500 level, but there was no follow through move. It struggled to even test the $60,000 resistance zone. As a result, there was a bearish reaction below the $58,500 and $58,000 support levels. There was also a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair. The pair dived below the $55,500 level and the 100 simple moving average (H4). It traded as low as $53,445 and it is currently correcting losses. There was a break above the $54,000 and $54,500 levels. Bitcoin even climbed above the 23.6% Fib retracement level of the recent drop from the $59,590 high to $53,445 low. Source: BTCUSD on TradingView.com The price is now trading near the $55,500 support and the 100 simple moving average (H4). An initial resistance is near the $56,500 level. It is close to the 50% Fib retracement level of the recent drop from the $59,590 high to $53,445 low. The key resistance is now near the $57,000 level. A successful break above the $57,000 level is needed to start a fresh increase towards the $59,500 resistance zone in the near term. More Losses in BTC? If bitcoin fails to clear the $56,500 resistance or $57,000, it could extend its decline. An initial support on the downside is near the $54,500 level. The first key support is near the $53,500 level and the recent low. Any more losses might call for a test of the main $52,500 support zone. Technical indicators: 4-hours MACD – The MACD is slowly losing pace in the bearish zone. 4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 40 level. Major Support Levels – $54,500, followed by $53,500. Major Resistance Levels – $56,500, $57,000 and $59,500.

Bitcoin price recovered losses and surpassed the $56,550 resistance zone against the US Dollar. BTC is likely to rally if there is a close above $58,000 and the 100 hourly SMA. Bitcoin remained strong above $54,000 and it climbed above $56,550 The price is now facing resistance the $57,500 level and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $56,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong increase if there is a close above $58,000 and the 100 hourly SMA. Bitcoin Price Recovers Losses Bitcoin declined sharply after it failed to test the $60,000 resistance. BTC broke the $57,500 and $55,500 support levels. However, it found support near $53,500 and it recently started a fresh increase. There was a decent recovery wave above the $55,000 and $56,000 levels. The price cleared the 50% Fib retracement level of the key decline from the $59,500 swing high to $53,460 swing low. There was also a break above a key bearish trend line with resistance near $56,800 on the hourly chart of the BTC/USD pair. The pair is now facing resistance the $57,500 level and the 100 hourly simple moving average. It is also stuck near the 61.8% Fib retracement level of the key decline from the $59,500 swing high to $53,460 swing low. Source: BTCUSD on TradingView.com To start a strong increase, bitcoin must clear the $57,500 barrier and the 100 hourly SMA. The next immediate resistance is near $58,000, above which the price could grind higher towards the $59,500 level. The main resistance is still near the $60,000 zone. Fresh Drop in BTC? If bitcoin fails to clear the $57,500 resistance or $58,000, it could start a fresh decline. An initial support on the downside is near the $56,500 level. A downside break below the $56,500 support zone could lead the price towards the $54,850 pivot level. Any more losses might call for a fresh test of the $53,500 support zone in the near term. 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 now above the 50 level. Major Support Levels – $56,500, followed by $54,850. Major Resistance Levels – $57,500, $58,000 and $59,500.

Bitcoin, Ethereum, and just about every other asset on the planet trades against the dollar on its most liquid trading pair, and the greenback is the base currency that all exchanges rates are based on. The power and influence of the almighty dollar cannot be understated, and the crypto market could soon feel the surprising sting of the global reserve currency. A double bottom could be forming on the dollar, with a hidden bullish signal that could bring a hurting to the currently overheated stock and crypto market. Here’s a closer at the double bottom formation that could put a stop to Bitcoin’s bull market. Double-Bottom Forms On The Dollar Currency Index The slow death of the dollar has let equities and crypto assets like Bitcoin fly like never before, during a time when the economy was on pause and unemployment was climbing. Stimulus money kept things afloat, while those who didn’t need the money for essentials bought shares of GameSpot and hundreds of thousands of DOGE. Related Reading | Broken Parabola: Mapping Out The Bitcoin Bull Market And More The soaring market caps of assets everywhere was a glaring sign that inflation was getting out of hand, and the US government has been taking steps to reel things in. And it has already taken a toll on Bitcoin, resulting in the top cryptocurrency returning to below $55,000. Recent comments about stock market “froth,” “risk appetite,” and a random warning today from the SEC that Bitcoin is a “highly speculative” asset are suspect in terms of timing. At the same time, an Adam and Eve double bottom could be forming on the DXY Dollar Currency Index, and it is ready to take a dent out of crypto gains. Is an Adam and Eve bottom forming on the dollar? | Source: DXY on TradingView.com Why Bitcoin Could Be In Trouble If The Greenback Bounces An Adam and Eve double bottom is a rare structure that results in new highs. Failure, sends the asset tumbling even lower than the support level that greenback bulls are attempting to confirm as ironclad. This type of double bottom structure is also found on the likes of Litecoin and other cryptocurrency price charts. Superimposing the Bitcoin price chart specifically over the same DXY price chart, with the logarithmic MACD activated, things become more clear regarding the bearish change in trend that could be taking place. Bitcoin could be due for a reversal if the DXY rips higher | Source: DXY on TradingView.com The last major rebound and bullish crossover in the DXY also was the peak of the 2017 bull market. The dollar bounced sharply, while the first ever cryptocurrency started a bear market. Related Reading | Creator Of Flawless Top Indicator Says Bitcoin Isn’t Done, Despite Signal This time around, the dollar is taking its sweet time in turning around, forming a short-term double-bottom in addition to the longer-term one dating back to the last cycle top. There’s also a hidden bullish divergence forming on the LMACD, all while Bitcoin grinds at resistance, struggles with $60,000, and rare top signals have appeared. Is this the end of the Bitcoin bull run already, or will the dollar’s attempt to get back on its feet fall flat on its green back? Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin price failed to stay above the key $42,150 support zone against the US Dollar. BTC is declining and it remains at a risk of a sharp decline below $40K. Bitcoin failed to stay above the main $42,000 and $42,150 support levels. The price is now trading well below $45,000 and the 100 hourly simple moving average. There is a new major bearish trend line forming with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower below the $40,000 support levels in the near term. Bitcoin Price Breaks Double Bottom Bitcoin started a decent recovery from the $42,000 and $42,150 support levels. However, the bulls failed to push the price above the $46,000 resistance zone. As a result, the price started a fresh decline below the $44,000 level. The bears were able to push the price below the main $42,000 and $42,150 support levels (double bottom zone). It is now trading well below $45,000 and the 100 hourly simple moving average. Bitcoin tested the $40,500 support zone and it is showing a lot of bearish signs. An initial resistance is near the $41,800 zone. It is near the 23.6% Fib retracement level of the recent decline from the $45,774 high to $40,472 low. There is also a new major bearish trend line forming with resistance near $44,000 on the hourly chart of the BTC/USD pair. An intermediate resistance is near the $43,200 zone. It is close to the 50% Fib retracement level of the recent decline from the $45,774 high to $40,472 low. Source: BTCUSD on TradingView.com A successful close above the $43,200 and $44,000 levels could open the doors for a decent recovery in the coming sessions. The next major resistance sits near the $46,000 level. More Losses in BTC? If bitcoin fails to clear the $43,200 and $44,000 resistance levels, there is a risk of more losses. An initial support on the downside is near the $40,500 level. The main support is now forming near the $40,000 zone. A downside break below the recent low and $40,000 could spark another sharp decline in the near term. The next key support could be $36,500. 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 well below the 30 level. Major Support Levels – $40,500, followed by $40,000. Major Resistance Levels – $42,000, $43,200 and $44,000.

With Bitcoin price falling to the low $40,000 range, debate has picked up on if the once trending cryptocurrency’s bull run is now over. There’s no truly telling for sure, however, this time is very different than the last bull market. Why? Because Bitcoin price just lost a key level that never once saw a weekly close below during the last market cycle. Could this be it for the bullish impulse – long before predictions of $100,000 or more per coin are ever reached? Crypto Cycle Could Conclude With Key Level Lost From Past Trends Cryptocurrencies are a highly speculative asset class, regardless if adoption is picking up or not. Sure PayPal is now game, as is Visa and an assortment of others, but the volatile assets have a long road of price discovery ahead. Although most recent crypto participants only have known “always up” as the direction of the trend, things have recently taken a turn downward. BTC has lost the middle Bollinger Band or 20-week SMA  | Source: BTCUSD on TradingView.com But is this “the top?” It’s hard to say. One thing for certain, however, is that Bitcoin price has now lost the middle Bollinger Band – also the 20-week SMA. Passing through the mid-BB in and of itself can be a powerful buy or sell signal. Related Reading | Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here However, the fact that during the last bull run Bitcoin weekly never closed below it, it could be a sign that the structure of the bull market has been broken.  Never once was there a meaningful weekly close below the mid-BB  | Source: BTCUSD on TradingView.com Will Bitcoin Price Snap Back Into A Bull Phase? What To Look For The Bollinger Bands are a tool created by legendary trader John Bollinger. The tool has a variety of uses, namely measuring the volatility in the price action of assets like Bitcoin. The technical analysis indicator consists of a 20-session SMA as mentioned, and two standard deviations of that moving average that widen and contract based on volatility. When they tighten or “squeeze” it can be a sign a massive move is coming. These large moves can begin or continue a trend after a long pause. The recent peak has more similarities with 2018 and 2019 than 2017  | Source: BTCUSD on TradingView.com Bitcoin weekly timeframes have tightened during the recent consolidation phase, and a breakout has started. However, the direction appears to be down according to the middle-Bollinger Band. Passing through the middle-band typically results in several touches of the bottom band to find support. Like last major “tops” the bottom bands widened to extremes, but when they began to tighten back up, the trend was over. A rounding of the top bands also is a sign of the tools suggesting a break in the bull run. Related Reading | All About The Bollinger Bands As for when Bitcoin is ready to turn bullish again, it could be worth waiting for the cryptocurrency to reclaim the middle-BB, which outside of Black Thursday and now, have always been a sign of a bull rally in the making. With Bitcoin now below the key level, the case for a bear phase, however, is now just as strong. Featured image from iStockPhotos, Charts from TradingView.com

Bitcoin price is likely forming a double bottom pattern near the $42,150 zone against the US Dollar. BTC is showing positive signs and it could climb towards $47,000. Bitcoin is finding a strong buying interest above the $42,000 and $42,150 support levels. The price is still trading well below $47,000 and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $44,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely forming a short-term double bottom pattern with support near $42,150. Bitcoin Price Holds $42K Bitcoin made another attempt to surpass the $42,000 and $42,150 support levels. However, the bulls were active above the $41,500 level. The recent swing low was formed near $42,157. It seems like the price is forming a short-term double bottom pattern with support near $42,150. It recently started a steady increase above the $44,000 resistance levels. There was a break above the 23.6% Fib retracement level of the downward move from the $49,827 high to $42,157 low. Moreover, there was a break above a connecting bearish trend line with resistance near $44,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The pair is now consolidating above the trend line and $44,000. An immediate resistance is near the $45,000 level. The first key resistance is near the $46,000 level. It is close to the 50% Fib retracement level of the downward move from the $49,827 high to $42,157 low. Any more gains could lead the price towards the $47,000 resistance zone. The 100 hourly simple moving average is also sitting near $47,000 to act as a hurdle in the near term. Fresh Drop in BTC? If bitcoin fails to clear the $45,000 and $46,000 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the broken trend line and $44,000. The main support is now forming near the $42,150 level (the double bottom zone). A downside break below the $42,150 and $42,000 support levels could spark another strong decline in the near term. 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 now above the 50 level. Major Support Levels – $44,000, followed by $42,000. Major Resistance Levels – $45,000, $46,000 and $47,000.