Key Points
Bitcoin price declined below $7,260 and moved into a bearish zone against the US Dollar.
There is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $7,260 and $7,320 resistances to move back in a positive zone.
Bitcoin price tuned bearish with a close below $7,260 against the US Dollar. BTC/USD’s upsides remain capped near the $7,260 and $7,320 levels in the near term.
Bitcoin Price Upside Hurdles
This past week, there was a sharp downside move from well above $7,600 in bitcoin price against the US Dollar. The BTC/USD pair declined and broke the $7,500 and $7,260 support levels to move into a bearish zone. It even traded below the $7,000 level and is currently well below the 100 simple moving average (4-hours). A new monthly low was formed at $6,881 and the price is currently consolidating.
An initial resistance on the upside is near the 23.6% Fib retracement level of the last dip from the $8,297 high to $6,881 low. More importantly, there is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair. Below the trend line resistance, the previous support at $7,260 is a crucial resistance. Therefore, the $7,260 and $7,320 resistances are major barriers for more gains in BTC in the near term. Should there be a break above $7,320, the price could recover. The next resistance awaits near $7,600 and the 50% Fib retracement level of the last dip from the $8,297 high to $6,881 low.
Bitcoin price declined below $7,260 and moved into a bearish zone against the US Dollar.
There is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $7,260 and $7,320 resistances to move back in a positive zone.
Bitcoin price tuned bearish with a close below $7,260 against the US Dollar. BTC/USD’s upsides remain capped near the $7,260 and $7,320 levels in the near term.
Bitcoin Price Upside Hurdles
This past week, there was a sharp downside move from well above $7,600 in bitcoin price against the US Dollar. The BTC/USD pair declined and broke the $7,500 and $7,260 support levels to move into a bearish zone. It even traded below the $7,000 level and is currently well below the 100 simple moving average (4-hours). A new monthly low was formed at $6,881 and the price is currently consolidating.
An initial resistance on the upside is near the 23.6% Fib retracement level of the last dip from the $8,297 high to $6,881 low. More importantly, there is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair. Below the trend line resistance, the previous support at $7,260 is a crucial resistance. Therefore, the $7,260 and $7,320 resistances are major barriers for more gains in BTC in the near term. Should there be a break above $7,320, the price could recover. The next resistance awaits near $7,600 and the 50% Fib retracement level of the last dip from the $8,297 high to $6,881 low.
Looking at the chart, BTC price is clearly trading in a bearish zone below $7,260. If it fails to recover and slides below $6,880, the next stop for sellers could be $6,500-6,600.
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is mostly placed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently well below the 30 level.
Major Support Level – $6,880
Major Resistance Level – $7,320
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is mostly placed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently well below the 30 level.
Major Support Level – $6,880
Major Resistance Level – $7,320
Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low
Bitcoin's (BTC) price is trading in an indecisive manner after hitting 19-day lows below $6,900 on Sunday, but could pick up a bid on acceptance above $7,100, technical studies indicate.
The leading cryptocurrency fell to $6,890 on Bitfinex yesterday – its lowest level since July 17 – before ending the day (as per UTC) on a flat note at $7,025.
The price action indicates BTC lacks clear bias, but could also be considered a sign of bearish exhaustion, as the prices have already made a 21 percent slide from the recent high of $8,507.
If the bulls are able to push prices above Sunday's high of $7,090, then a minor corrective rally could be in the offing. On the other hand, a slide below the previous day's low of $6,890 would revive the bearish view.
At press time, BTC is trading at $6,975 – down 0.80 percent on a 24-hour basis.
Daily chart
Bitcoin's (BTC) price is trading in an indecisive manner after hitting 19-day lows below $6,900 on Sunday, but could pick up a bid on acceptance above $7,100, technical studies indicate.
The leading cryptocurrency fell to $6,890 on Bitfinex yesterday – its lowest level since July 17 – before ending the day (as per UTC) on a flat note at $7,025.
The price action indicates BTC lacks clear bias, but could also be considered a sign of bearish exhaustion, as the prices have already made a 21 percent slide from the recent high of $8,507.
If the bulls are able to push prices above Sunday's high of $7,090, then a minor corrective rally could be in the offing. On the other hand, a slide below the previous day's low of $6,890 would revive the bearish view.
At press time, BTC is trading at $6,975 – down 0.80 percent on a 24-hour basis.
Daily chart
The above chart shows, BTC created a doji candle (marking indecision) on Sunday at the 50-day moving average (MA) support, making today's close (as per UTC) pivotal.
A bull doji reversal would be confirmed if BTC closes today (as per UTC) above $7,090 (Sunday's doji candle high). In this case, a corrective rally to the 100-day MA, currently located at $7,474, could be seen.
Meanwhile, a close (as per UTC) below $6,890 (Sunday's doji candle low) would signal a continuation of the sell-off from the July high of $8,507.
If the bulls fail to force a rally soon, the focus would quickly shift back to the bearish factors: downward sloping 5-day and 10-day MAs, the breach of the key support of 100-day MA last week and a bearish relative strength index (RSI).
Further, BTC's close proximity to the all-important inverse head-and-shoulders neckline support (former resistance) of $6,820 is another big reason why the bulls need to make a quick comeback.
A move below $6,820 would invalidate the bearish-to-bullish trend change confirmed by the inverse head-and-shoulders breakout on July 17 and would shift risk in favor of a drop below the rising trendline (yellow dotted line).
Weekly chart
A bull doji reversal would be confirmed if BTC closes today (as per UTC) above $7,090 (Sunday's doji candle high). In this case, a corrective rally to the 100-day MA, currently located at $7,474, could be seen.
Meanwhile, a close (as per UTC) below $6,890 (Sunday's doji candle low) would signal a continuation of the sell-off from the July high of $8,507.
If the bulls fail to force a rally soon, the focus would quickly shift back to the bearish factors: downward sloping 5-day and 10-day MAs, the breach of the key support of 100-day MA last week and a bearish relative strength index (RSI).
Further, BTC's close proximity to the all-important inverse head-and-shoulders neckline support (former resistance) of $6,820 is another big reason why the bulls need to make a quick comeback.
A move below $6,820 would invalidate the bearish-to-bullish trend change confirmed by the inverse head-and-shoulders breakout on July 17 and would shift risk in favor of a drop below the rising trendline (yellow dotted line).
Weekly chart
As seen on the above chart, the long-term bullish view has been invalidated by BTC's close at $7,025 yesterday.
BTC closed above the falling channel resistance in the previous week, *seeming to confirm* a long-run bearish-to-bullish trend change. However, the breakout ended up being a bull trap [comma] as the cryptocurrency fell back inside the channel last week, invalidating the long-term bullish outlook
View
BTC could rise back to 100-day MA of $7,474 if prices close today above $7,090. That said, the short-term bias would remain bearish as long as the 5-day and 10-day MAs are trending south.
A close today below $6,890 would increase the risk of a drop below the key rising trendline support, currently seen at $6,700.
BTC closed above the falling channel resistance in the previous week, *seeming to confirm* a long-run bearish-to-bullish trend change. However, the breakout ended up being a bull trap [comma] as the cryptocurrency fell back inside the channel last week, invalidating the long-term bullish outlook
View
BTC could rise back to 100-day MA of $7,474 if prices close today above $7,090. That said, the short-term bias would remain bearish as long as the 5-day and 10-day MAs are trending south.
A close today below $6,890 would increase the risk of a drop below the key rising trendline support, currently seen at $6,700.
Bitcoin Price Analysis August 11
The Bitcoin ETF was postponed, and the market triggered a massive drop of 1K USD during past two days. Is it a buying opportunity? or else, are we going to see a new 2018 yearly low (below $5750)? The upcoming days will be critical for Bitcoin’s support at the range between $5800 – $6000. The last time BTC was around there was at the end of June, and support held well (up to around $8600 during July). Will it hold again?
The sell volume is huge. No signs of new fresh money yet.
Breaking down the strong support area will likely to send Bitcoin to re-test $5000 – $5300 area.
From the bull side – the resistance to look at is $6400 and $6600.
Bitcoin Prices: BTC/USD BitFinex 4 Hours chart
The Bitcoin ETF was postponed, and the market triggered a massive drop of 1K USD during past two days. Is it a buying opportunity? or else, are we going to see a new 2018 yearly low (below $5750)? The upcoming days will be critical for Bitcoin’s support at the range between $5800 – $6000. The last time BTC was around there was at the end of June, and support held well (up to around $8600 during July). Will it hold again?
The sell volume is huge. No signs of new fresh money yet.
Breaking down the strong support area will likely to send Bitcoin to re-test $5000 – $5300 area.
From the bull side – the resistance to look at is $6400 and $6600.
Bitcoin Prices: BTC/USD BitFinex 4 Hours chart
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Crypto Market Crumbles To New Year-To-Date Lows, Where Does it go Next?
On Thursday, investors awoke to a promising sight — a $300 candle that brought Bitcoin’s price off a $6,150 low — so some thought that the worse for over for the market. But, as some investors were lured into a false sense of security, the market fell even further to establish new year-to-date lows.There’s Blood In The Streets!As some like to describe the current state of the cryptocurrency market, “there’s blood on the streets!” Taking a glance at cryptocurrency prices as it stands, it becomes quickly evident that blood of may as well be on the streets of this nascent industry.On Friday afternoon, Bitcoin unexpectedly fell by over $350 dollars, from $6,425 to a low of $6,025 on the back of an influx of selling volume. This bearish movement quickly cascaded throughout the whole market, with altcoins experiencing a similar decline. With this move, the valuation of all cryptocurrencies has established a new year-to-date low at $209 billion.
As is a common theme in any market, investors did their best to draw connections to announcements and this price drop. Some speculated that this was a direct result of the SEC’s recent verdict to delay a final decision on the fate of the VanEck and SolidX ETF. Many saw this ETF as a long time coming, as cryptocurrency industry leaders have been trying their hand at creating this form of an investment vehicle for years now.Stepping back, one could note that this move is likely courtesy of an extended downtrend off Bitcoin’s most recent peak at $8,500. As NewsBTC editor and crypto analyst Joseph Young noted in a recent tweet, why should an announcement expected by many lead the market to tank on such a drastic scale?Why would the delay of a Bitcoin ETF, which was expected by the vast majority, lead the market to tank suddenly by a massive margin? When in fact news hasn’t been affecting crypto exchange market as seen in the case of NYSE/ICE?OTC sell-off or just strong downtrend more likely.— Joseph Young (@iamjosephyoung) August 8, 2018Joseph noted that this pullback can be largely attributed to stronger downtrend or a substantial over-the-counter sell-off, which may push crypto prices lower for the time being. But as is the multi-faceted nature of this market, this drop off could also be a result of any combination of technical and fundamental factors.Many technicians see $5,800 as the next vital stop for Bitcoin, as this specific level has proven to have been a strong line of support in prior bouts of downward price action.‘The Flip Has Occurred” It has become apparent that traders have been doing their best to take advantage of this downtrend, with Nick Cote pointing out that the value of open short positions has eclipsed the value of long positions. While the difference may be of a small margin, this event goes to show that investor sentiment is quickly turning bearish.The flip has occurred.
Shorts surpass longs once again.#bitcoin $btcusd pic.twitter.com/4wSIqCguHi— Nick Cote – Pizpie (@mBTCPizpie) August 10, 2018But, while investors have been making bank off short positions, CryptOrca noted that “(a) trap is about to be set and all profits (will get) smoked.”$BTCUSD #bitcoinShorts making serious $ … confidence growing … positions getting bigger … trap about to be set and all profits smoked.— CryptOrca (@CryptOrca) August 9, 2018For now, it remains to be seen whether CryptOrca’s call for a bear trap is in motion. But, while the Rothschild family name may make decentralized activists quiver in range, as Baron Rothschild once said, “the time to buy is when there’s blood in the streets.”
Crypto Market Crumbles To New Year-To-Date Lows, Where Does it go Next?
On Thursday, investors awoke to a promising sight — a $300 candle that brought Bitcoin’s price off a $6,150 low — so some thought that the worse for over for the market. But, as some investors were lured into a false sense of security, the market fell even further to establish new year-to-date lows.There’s Blood In The Streets!As some like to describe the current state of the cryptocurrency market, “there’s blood on the streets!” Taking a glance at cryptocurrency prices as it stands, it becomes quickly evident that blood of may as well be on the streets of this nascent industry.On Friday afternoon, Bitcoin unexpectedly fell by over $350 dollars, from $6,425 to a low of $6,025 on the back of an influx of selling volume. This bearish movement quickly cascaded throughout the whole market, with altcoins experiencing a similar decline. With this move, the valuation of all cryptocurrencies has established a new year-to-date low at $209 billion.
As is a common theme in any market, investors did their best to draw connections to announcements and this price drop. Some speculated that this was a direct result of the SEC’s recent verdict to delay a final decision on the fate of the VanEck and SolidX ETF. Many saw this ETF as a long time coming, as cryptocurrency industry leaders have been trying their hand at creating this form of an investment vehicle for years now.Stepping back, one could note that this move is likely courtesy of an extended downtrend off Bitcoin’s most recent peak at $8,500. As NewsBTC editor and crypto analyst Joseph Young noted in a recent tweet, why should an announcement expected by many lead the market to tank on such a drastic scale?Why would the delay of a Bitcoin ETF, which was expected by the vast majority, lead the market to tank suddenly by a massive margin? When in fact news hasn’t been affecting crypto exchange market as seen in the case of NYSE/ICE?OTC sell-off or just strong downtrend more likely.— Joseph Young (@iamjosephyoung) August 8, 2018Joseph noted that this pullback can be largely attributed to stronger downtrend or a substantial over-the-counter sell-off, which may push crypto prices lower for the time being. But as is the multi-faceted nature of this market, this drop off could also be a result of any combination of technical and fundamental factors.Many technicians see $5,800 as the next vital stop for Bitcoin, as this specific level has proven to have been a strong line of support in prior bouts of downward price action.‘The Flip Has Occurred” It has become apparent that traders have been doing their best to take advantage of this downtrend, with Nick Cote pointing out that the value of open short positions has eclipsed the value of long positions. While the difference may be of a small margin, this event goes to show that investor sentiment is quickly turning bearish.The flip has occurred.
Shorts surpass longs once again.#bitcoin $btcusd pic.twitter.com/4wSIqCguHi— Nick Cote – Pizpie (@mBTCPizpie) August 10, 2018But, while investors have been making bank off short positions, CryptOrca noted that “(a) trap is about to be set and all profits (will get) smoked.”$BTCUSD #bitcoinShorts making serious $ … confidence growing … positions getting bigger … trap about to be set and all profits smoked.— CryptOrca (@CryptOrca) August 9, 2018For now, it remains to be seen whether CryptOrca’s call for a bear trap is in motion. But, while the Rothschild family name may make decentralized activists quiver in range, as Baron Rothschild once said, “the time to buy is when there’s blood in the streets.”
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