All posts by Alan B. Zibluk

Are Bitcoin Traders That Bought at 3-6k Starting to Sell BTC Now?

Are Bitcoin Traders That Bought at $3-6k Starting to Sell BTC Now?

On-chain metrics can offer valuable insights into Bitcoin market movements and the latest data is showing that unrealized losses are mounting up. This could lead to a larger selloff as those that bought the dip in late 2018 fear for loss of profits now.

Bitcoin Selloff Resumes

Following the weekend’s push to close in on $8k, there has been a slide of almost 8% as the king of crypto retreats for the seventh time since late June. The correction from this year’s peak is currently 48% and analysts are suggesting that it is not over yet.

Chances of a ‘Santa rally’ are dwindling as the asset looks set to dip into the $6k region again this week. There may well be no recovery until the halving approaches in six months’ time, and that may even take a while to gather momentum.

On-chain data has been used to analyze estimated cost basis and 45% of investors are currently in the red. CIO of Point-Slope Capital Chris Russi has been looking at the figures and they do not bode well.

“While it’s been quite a drawdown from the ~$13k top in June, I still expect slightly more pain to push that # closer to ≥50% until we trend up again.”

A 50% figure would have a BTC price of around $6k which is where a number of technical analysts expect it to go. Mid-$5ks could also be possible as that is where the asset held for a month before initiating its huge rally up to $13,800.

Russi speculated that the largest capitulators have been those that bought the top. This was exactly what happened after the massive boom in early 2018, day traders dumping for fear of losing too much.

“Biggest capitulators during the draw down period have been top buyers @ ~$12K, recent dip buyers at ~$7.5K-$8K, and people locking in profits from catching the earlier bottom @ $3-$6k”

A scarier thought is another big selloff initiated by those that bought Bitcoin during the depths of crypto winter when it spent five months trading below $6k.

This would negate the premise that there has been more hodling occurring this time around and that institutional players have been stock piling the asset for product liquidity.

It stands to reason that anyone lucky enough to time the exact market bottom (which was just below $3,200 on December 15, 2018) would have been selling on the way up and would not have waited until now to offload.

A higher low is expected which would confirm that the long term trend is still intact and BTC is still heading upwards despite these massive peaks and toughs. If Bitcoin drops back into the $3k zone then the bear market that started almost two years ago is still not over.

 

Martin Young

Crypto Market Cap And Bitcoin Facing Hurdles – BCH BNB EOS TRX Analysis

Crypto Market Cap And Bitcoin Facing Hurdles – BCH, BNB, EOS, TRX Analysis

  • The total crypto market cap is struggling to surpass the $200.0B resistance area.

  • Bitcoin price is also facing a lot of hurdles near the $7,400 and $7,440 levels.

  • EOS price is holding the $2.500 support, but it is struggling to clear the $2.850 resistance.

  • Binance Coin (BNB) is currently consolidating above the main $15.00 support.

  • BCH price is currently above the $205 support and attempting a break above the $215 resistance.

  • Tron (TRX) price seems to be trading in a range above the $0.0150 support area.

The crypto market cap and bitcoin (BTC) are struggling to gain bullish momentums. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are facing hurdles.

 

Bitcoin Cash Price Analysis

After a short term downside reaction, bitcoin cash price found support near the $205 level against the US Dollar. The BCH/USD pair is currently trading in a range above the $205 support area and it is facing a strong resistance near the $215 level.

The next key resistance is near the $225 level, above which there are chances of a decent rise towards the $240 level. On the downside, a close below $200 might start a fresh decrease.

 

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price managed to settle above the $2.500 and $2.600 support levels. However, the price is finding it hard to clear the main $2.850 resistance area. If it succeeds, the next stop for the bulls could be $3.000. On the downside, only a close below $2.500 might put the bulls under pressure.

Tron price is currently consolidating above the key $0.0150 support area. On the upside, TRX price is facing resistance near the $0.0158 and $0.0160 levels. A successful close above the $0.0160 resistance is likely to lead the price towards the $0.0165 and $0.0167 levels.

Binance coin (BNB) remained confined in a range above the $14.50 and $15.00 support levels. On the upside, there is a solid resistance forming near the $16.00 area. Once BNB price settles above the $16.00 resistance, it could gain bullish momentum in the near term.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a bearish reaction from the $208.0B resistance area. The crypto market cap declined below the $200.0B support and tested the $188.0B zone. It is currently correcting higher, but facing resistance near the $200.0B area.

To start a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX, the market cap must surpass the $200.0B and $208.0B resistance levels. If not, it could decline further towards $182.0B and $175.0B.

 

Aayush Jindal

The Crypto Daily Movers and Shakers -021219

The Crypto Daily – Movers and Shakers -02/12/19

Bitcoin fell by 1.96% on Sunday. Following on from a 2.52% slide from Saturday, Bitcoin ended the week up 6.96% to $7,450.1.

A particularly bearish start to the day saw Bitcoin slide from an early morning intraday high $7,600.1 to an intraday low $7,288.6.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $7,440.73.

Finding support at the second major support level at $7,281.57, Bitcoin recovered to an afternoon high $7,523.2.

The return to $7,500 levels was brief, however, with Bitcoin sliding back through the first major support level.

Late support led to a move back through to $7,400 levels to limit the downside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside in the week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

 

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors on Sunday.

Bitcoin Cash SV led the way down, sliding by 2.94%.

Binance Coin (-1.72%), Ethereum (-0.42), and Ripple’s XRP (-0.18%) also joined Bitcoin in the red.

It was a bullish day for the rest of the pack, however, with Litecoin and EOS rising by 1.29% and 1.23% respectively to lead the way.

Stellar’s Lumen and Bitcoin Cash ABC saw more modest gains of 0.84% and 0.71% respectively.

For the week, it was green across the board, however, with EOS surging by 15.15% to lead the way.

Bitcoin Cash ABC (7.22%), Ethereum (7.76%), and Litecoin (8.90%) also found strong support.

Binance Coin (3.06%), Bitcoin Cash SV (5.18%), Ripple’s XRP (1.97%), and Stellar’s Lumen (3.41%) trailed the front runners.

Through the week, the crypto total market cap slid to a Monday week low $180.76bn before rebounding to a Saturday week high $211.90bn. At the time of writing, the total market cap stood at $201.29bn.

Bitcoin’s dominance held on to 66% levels. 24-hour trading volumes fell back to sub-$60bn levels on Saturday before recovering to $62bn levels. Earlier in the week, volumes had peaked at $133bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $7,424.6. A bearish start to the day saw Bitcoin fall from an early morning high $7,462.8 to a low $7,411.3.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was red across the crypto board, with Stellar’s Lumen falling by 1.18% to lead the way down.

Losses elsewhere were modest within the 1st hour, with Ripple’s XRP down by just 0.05%.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,450 levels to support a run at the first major resistance level at $7,603.93.

Support from the broader market would be needed, however, for Bitcoin to break through to $7,600 levels.

Barring a broad-based crypto rally on the day, Sunday’s high $7,600.1 and the first major resistance level should cap any upside.

Failure to move through to $7,450 levels could see Bitcoin fall for 3rd consecutive day.

A slide back through to sub-$7,400 levels would bring the first major support level at $7,292.43 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,134.77.

 

Bob Mason

FX EmpireDecember 2, 2019

Bitcoin Weekly Forecast: BTC Eyeing Last Line Of Defense

Bitcoin Weekly Forecast: BTC Eyeing Last Line Of Defense

  • After a decent recovery, bitcoin price faced resistance near the $7,880 level against the US Dollar.

  • The price is currently correcting gains and it is trading near the $7,300 support area.

  • There is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

  • The price might test $7,200 or $7,000 before a fresh wave towards the $7,700 resistance.

Bitcoin price is struggling to continue higher above $7,500 and $7,800 against the US Dollar. BTC is approaching the $7,000 support and it could bounce back.
 

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin started a decent recovery wave from the $6,521 low against the US Dollar. BTC price gained pace above the $7,000 resistance area. Moreover, there was a break above the key $7,400 resistance area.

Finally, the price rallied above the $7,600 level, but it struggled to test the $8,000 resistance area. It seems like the price formed a short term top near the $7,880 area and the 100 simple moving average (4-hours).

More importantly, there is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC/USD pair. Bitcoin price is currently correcting lower below the $7,500 level.

Besides, the price is now trading below the 23.6% Fib retracement level of the recent wave from the $6,521 low to $7,873 high. On the downside, an immediate support is near the $7,200 level.

Additionally, the 50% Fib retracement level of the recent wave from the $6,521 low to $7,873 high is near the $7,197 level to provide support. If there are more downsides, the price could test the main $7,000 support area in the near term.

Therefore, a daily close below the main $7,000 support could start a fresh bearish wave. In the mentioned case, the price is likely to break the $6,500 support in the near term.

On the upside, the price is facing a lot of hurdles near the $7,700 and $7,800 levels. However, the price must settle above the $8,000 resistance area, the trend line, and the 100 simple moving average (4-hours) to start a strong rise in the coming weeks.

Bitcoin Price

 

Looking at the chart, bitcoin price is facing a fresh round of selling below $7,500. Though, the price is approaching a couple of important supports near $7,200 and $7,000, where the bulls are likely to take a stand.

 

Technical indicators

4 hours MACD – The MACD for BTC/USD is currently gaining bearish momentum.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now declining and it is well below the 50 level.

Major Support Level – $7,000

Major Resistance Level – $7,700

 

Aayush Jindal

Bitcoin Cash ABC Litecoin and Ripple Daily Analysis 301119

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 30/11/19

It’s a mixed start to the day, with Bitcoin Cash ABC bucking the trend. Failure to move through to key levels could see the majors hit reverse, however.

Bitcoin Cash – ABC – Bucks the Trend Early

Bitcoin Cash ABC rose by 1.49% on Friday. Partially reversing a 2.28% decline from Thursday, Bitcoin Cash ABC ended the day at $223.43.

A bullish start to the day saw Bitcoin Cash ABC rise from an early morning intraday low $220.16 to a mid-morning high $225.60.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $220.79.

Coming up against the second major resistance level at $225.17, Bitcoin Cash ABC fell back to $221 levels before an afternoon recovery.

In the recovery, Bitcoin Cash ABC rallied to a mid-afternoon intraday high $226.44.

Bitcoin Cash ABC broke back through the second major resistance level at$225.17 before easing back to $223 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.34% to $224.19. Bitcoin Cash ABC rose from an end of Sunday $223.43 to an early morning high $224.19.

The major support and resistance levels were left untested early on.

For the day ahead, Bitcoin Cash ABC would need to steer clear of sub-$224 levels to support a run at the first major resistance level at $226.53.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $225 levels.

Barring a broad-based crypto rally, Friday’s high $226.44 and first major resistance level would likely limit any upside.

Failure to steer clear of sub-$224 levels could see Bitcoin Cash ABC see red for a 2nd time this week.

A fall through to $223.30 levels would bring the first major support level at $220.25 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$220 levels on the day.

Litecoin Struggles at $48

Litecoin rallied by 3.88% on Friday. Reversing a 1.86% fall from Thursday, Litecoin ended the day at $48.68.

A bullish start to the day saw Litecoin rally from an early morning intraday low $46.84 to an early afternoon intraday high $49.36.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $47.93 and second major resistance level at $48.96.

Through the late afternoon, Litecoin slipped back to $48 levels before an early evening return to $49.3 levels.

Resistance at $49 weighed, however, with Litecoin sliding back through the second major resistance level at $48.96.

At the time of writing, Litecoin was down by 0.82% to $48.28. A mixed start to the day saw Litecoin rise to an early morning high $48.83 before falling to a low $47.93.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move through to $49 levels would bring the first major resistance level at $49.75 into play.

Litecoin would need the support of the broader market, however, to break out from Friday’s high $49.36.

Barring a broad-based crypto rally on the day, resistance at $49 would likely limit any upside on the day.

In the event of a market rebound, Litecoin could visit $50 levels for the 1st time since 22nd November…

Failure to move through to $49 levels could see Litecoin slide deeper into the red.

A fall through the morning low $47.93 would bring the first major support level at $47.23 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$47 support levels on the day.

Ripple’s XRP Holds onto $23

Ripple’s XRP rallied by 3.23% on Friday. Reversing a 0.43% fall from Thursday, Ripple’s XRP ended the day at $0.23150.

A bullish start to the day saw Ripple’s XRP rally from an early intraday low $0.22365 to a mid-afternoon intraday high $0.23400.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2286. Coming up against the second major resistance level at $0.2332, Ripple’s XRP fell back to sub-$0.23 levels in the late afternoon.

Late in the day, Ripple’s XRP found support to close out the day at $0.23 levels.

At the time of writing, Ripple’s XRP was down by 0.54% to $0.23026. A bullish start to the day saw Ripple’s XRP rise to an early morning high $0.23349 before sliding to a low $0.23022.

Ripple’s XRP left the major support and resistance levels untested early on

For the day ahead, a hold onto $0.23 levels would support a run at the first major resistance level at $0.2358.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.23349.

Barring a broad-based crypto rally, Friday’s high $0.2340 and first major resistance level at $0.2358 would likely limit any upside.

Failure to hold onto $0.23 levels would bring the first major support level at $0.2254 into play before any recovery.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.2194.

 

Bob Mason

Nov 30, 2019 05:14 AM GMT

 

Bitcoin Prices Rebounded so What’s Next?

Bitcoin Prices Rebounded, so What’s Next?

Cautiousstill in the air as market prepares for the year-end

Overview

The prices of bitcoin initially stabilized near the 7500 levels after dipping into the 6500 area earlier this week. As we wrap up November, where will bitcoin prices go from here? While altcoins also have shown signs of recovery, what does that mean to the “Alt Season” believers?

Bitcoin: Short Term Cautiously Optimistic; Medium TermStill Cloudy

The prices of bitcoin have initially recovered from the November low of 6513, but the short-term and medium-term outlooks of the leading cryptocurrency could be two different pictures. On the short term front, preliminary data shows that market sentiment has turned slightly positive alongside the prices rebound. The Crypto Fear & Greed Index has jumped from 17 to 32 on September 28, suggesting market participants have eased certain of their worries as the price stabilized, although the reading is still considered at a “Fear” level.

Figure 1: Crypto Dear & Greed Index (Source: Alternative.me)

Technical-wise, we’ve also seen preliminary recovery signals, but the rebound could soon be tested again, and the coming days could be key to determine if that’s a true reversal or just a short-lived rally.

Figure 2a shows BTCUSDT has initially formed an uptrend on a 3-hour chart (red channel), the rebound hit the upper end of the channel, which is also near the major resistance line since late October (yellow line).

While both the ultimate oscillator and RSI have produced some higher highs, suggesting upside momentum has been building up. From here, two scenarios could happen. 1) The 3-hour chart could first find the bottom support of the latest uptrend before retest the October resistance, given that the pair must produce a higher low. 2) The pair consolidate at current levels until the momentum fades, if seen, the breaking of the lower end of the uptrend could be the first warning sign of further corrections. If we are going to begin to see a 3-hour upturn as is our bias, it would further support the likelihood of the first scenario.

Figure 2a: BTCUSDT 3-Hour Chart (Source: OKEx; Tradingview)

Figure 2b: BTCUSDT Daily Chart (Source: OKEx; Tradingview)

However, things would be less optimistic if we see it from the daily chart perspective. Figure 2b shows an initial daily reversal of BTCUSDT and the rebound has sent the price back above the June resistance levels (red line). We’ve seen the October rally have sent the price above the resistance levels; however, the pair has failed to turn it into support as the rally ran out of steam.

While the reversal, for now, is still too early to call a real trend reversal, we would like to see those momentum indicators to produce some higher highs, and so far, that has not happened. If the rally momentum fails to sustain, a retest of the blue support line could not be ruled out.

Figure 3: Sentix Bitcoin Strategic Bias (Source: Sentix)

From a longer-term perspective, data from Sentix suggests that some investors still believe that bitcoin remains overvalued. The Sentix Bitcoin Strategic Bias, which measures investors’ six-month perception value of bitcoin. It reflects the strategic view of market participants as well as their underlying convictions and perceptions of value for the cryptocurrency market. The Bias has been moving in a down channel since August. The negative perception could hinder investors to get into the market at this point, especially for long-term HODLers.

Alt-Season: Long Way to Go

While major altcoins have already off their recent lows, we are still very far away from a true start of an “Alt-Season”.

The broader altcoins have made its third attempt to breakout from the market cap downward channel in early November, at the same time, it tried to break above the 365-day moving average (orange line). As the rally momentum fades, altcoin has retreated into the channel in late November.

Figure 4: Crypto Total Market Cap Ex-BTC in Log Scale (Source: Tradingview)

The lower end of the channel (blue line) seems like decent support at this point. However, as the overall conservative sentiment lingers, in our view, we believe that more consolidation is needed for the altcoin market cap before the next breakout attempt happens. This chart could be a quick way to measure the broader altcoin market perceptions.

 

Cyrus Ip

Bitcoin going berserk in November makes holidays awkward

Bitcoin going berserk in November makes holidays awkward

Since 2011 the cryptocurrency’s biggest monthly change up or down has occurred in the month before Christmas.

This month, Bitcoin saw longest streak of down days on record. Image: Bloomberg NewsThis month, Bitcoin saw longest streak of down days on record. Image: Bloomberg News

For better or worse, the month of November has always been one to remember in the world of Bitcoin.

Reasons cited for its volatile moves during the 11th month of the year run the gamut from tax-loss harvesting, to its round-the-clock trading nature, to Mercury being in retrograde. It could also just be coincidence. Whatever the cause, Bitcoin tends to go berserk in November.

Take this month, when the world’s largest cryptocurrency fell for 10 consecutive days through Tuesday of this week, notching its longest streak of down days on record. Even with Wednesday’s 6% rebound, the retreat pushed its price down about 17% and put it on pace for its worst month since November of last year. That was when Bitcoin posted it second-worst run in its history — a streak of nine down days that saw it lose 38% of its value through the end of the month, according to data compiled by Bloomberg.

November has also been substantially more volatile for Bitcoin compared with other months, according to Bespoke Investment Group. Since 2011, its biggest monthly change up or down has occurred in November, with the average move coming in about 20 percentage points higher than the next largest.

“It just moves in ways that are not cyclical like other businesses and other markets,” Bobby Cho, a partner at CMS Holdings, said in a phone interview. “Toward the end of the year, other asset classes may start to quiet down just because it’s the holidays and things like that. But in crypto, because of the global nature and it never closing effectively, things are always happening.”

For years now, Bitcoin’s explosive November moves have made it a hot topic at Thanksgiving dinners around the country. This time in 2017, for instance, Bitcoin evangelists had a lot to be thankful for, with investors and speculators alike hopping on the crypto gravy train while it soared at an unprecedented rate. Through Thanksgiving day that year, Bitcoin had already posted a monstrous 760% gain for the year.

Fast forward to last year and those even remotely tied to the industry had a lot more explaining to do. The day before Thanksgiving, Bitcoin was trading around $4 400, having dropped about 69% for the year.

“Price and emotions tend to work together so when prices are at all-time highs, everyone is euphoric and probably way over their skis with regard to how fast this industry is going to grow,” Jeff Dorman, chief investment officer at Los Angeles-based investment firm Arca, said by phone. “And when things are in contraction, prices are down, everyone is depressed and acting like the world is ending.”

And this year? Despite its recent drop, Bitcoin’s still up about 95% in 2019, though it’s far off its all-time high of near $20,000 reached in December 2017. A swirl of negative headlines pushed crypto prices lower this month, chief among them China’s sudden and swift crackdown on the trading of digital assets.

Still, the decline has left many undaunted. If anything, they say, it’s a sign cryptocurrencies are maturing — the price swings are similar to those in other asset classes. After all, the argument goes, it’s still a relatively nascent market.

For Nigel Green of deVere Group, the fluctuations are no different than volatility that’s prevalent elsewhere.

“There are peaks and troughs in all financial markets; the cryptocurrency market is not — and should not be — any different,” said the firm’s chief executive officer. “Each time there is a dip in the market or a bout of volatility in cryptocurrencies, the crypto haters declare that digital currencies are finished — only for them to subsequently experience a rally. The same people do not make such extreme and unfounded statements with most other financial markets.”

 

Vildana Hajric, Bloomberg / 28 November 2019 06:36

Bitcoin BTC Hesitates But Further Recovery Above 72K Seem Likely

Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely

  • Bitcoin is currentl trimming gains after struggling to clear the $7,400 barrier against the US Dollar.

  • The price is likely to stay above the $7,000 and $6,950 support levels in the near term.

  • There is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • There are chances of a nice upward move if the price surges above $7,200 and $7,400.

Bitcoin price is trading below a few key resistance such as $7,400 against the US Dollar. Having said that, BTC seems to be forming a bullish continuation pattern as long as $6,950 holds.
 

Bitcoin Price Analysis

Yesterday, there was a decent start of an upside correction from the $6,535 low against the US Dollar. BTC climbed nicely above the $6,800 and $7,000 resistance levels.

Besides, it spiked above the $7,200 resistance area and the 100 hourly simple moving average. However, the price struggled to continue above the $7,375 and $7,400 resistance levels.

A high was formed near $7,372 and the price is currently trimming gains. Bitcoin traded below the $7,200 level and the 100 hourly simple moving average. Moreover, there was a break below the 23.6% Fib retracement level of the recent rise from the $6,535 low to $7,372 high.

On the downside, there are a few key supports near the $7,025, $7,000 and $6,950 levels. The main support for the current wave is near $6,950 since it is near the 50% Fib retracement level of the recent rise from the $6,535 low to $7,372 high.

If there is downside break and close below $6,950, the price is likely to resume its decline. The next supports are near the $6,660 and $6,540 levels. On the upside, an initial resistance is near the $7,150 level and the 100 hourly SMA.

More importantly, there is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC/USD pair. Therefore, an upside break above $7,200 might set the pace for more upsides and recovery.

The main resistance area is near the $7,375 and $7,400 levels. A successful close and follow through above $7,400 will most likely set the pace for a strong recovery.

Bitcoin Price

Looking at the chart, bitcoin price is holding a couple of important supports near $6,950. As long as there is no close below $6,950, there are chances of upside continuation above $7,200 and $7,400.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $7,000 followed by $6,950.

Major Resistance Levels – $7,200, $7,375 and $7,400.

 

Aayush Jindal

Bitcoin And Crypto Market Recovery Facing Floor Test – BCH Litecoin EOS XLM Analysis

Bitcoin And Crypto Market Recovery Facing Floor Test – BCH, Litecoin, EOS, XLM Analysis

  • The total crypto market cap started an upside correction after tagging $171.8B.

  • Bitcoin price is up close to 10% and it is now trading above the $7,000 resistance.

  • Litecoin (LTC) price is gaining momentum and it could test the $48.50 resistance area.

  • Bitcoin cash price is climbing higher towards the main $220 and $225 resistance levels.

  • EOS price rallied 10% and it even broke the $2.500 resistance area.

  • Stellar (XLM) price is slowly rising towards the $0.0600 resistance area.

Bitcoin (BTC) and the crypto market cap closing towards key resistances. Ethereum (ETH), LTC, ripple, bitcoin cash, EOS, TRX, and stellar are showing short-term positive signs.

Bitcoin Cash Price Analysis

Recently, there was a sharp decline in bitcoin cash price below the $220 and $200 support levels against the US Dollar. BCH price even tagged the $185 support area and it is currently correcting higher. There was nice recovery above the $200 resistance level.

The price is now trading above $210, but there is a strong resistance waiting on the upside near the $220 and $225 levels. On the downside, the $200 level might provide support.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price declined heavily after it broke the $50.00 support area. LTC price even traded below the $45.00 level and tested the $42.00 level. It is currently correcting higher and trading above $45.00. It seems like the price is aiming the main $48.50 and $50.00 resistance levels, where the bulls are likely to struggle.

EOS price tested the $2.320 support area and recently started a sharp recovery. The price is up more than 10% and it broke the $2.500 resistance area. An initial resistance is near $2.650, above which there are chances of a run towards the $3.000 resistance area.

Stellar price found support near the $0.0530 level and it is currently correcting higher. XLM price is trading above the $0.0570 level and it could soon test the $0.0585 resistance. The main hurdle for a nice rally is near the $0.0600 and $0.0605 resistance levels.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there is a strong decline below the $200.0B support area. The crypto market cap tested the $172.0B area and recently started an upside correction. It climbed more than $15.0B and tested the $195.0B resistance area.

However, there are many resistances near the $195.0B and $200.0B levels. Therefore, only a close above the $200.0B floor resistance could trigger more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the near term.

 

Aayush Jindal

Bitcoin falls to six-month low trades below 7000

Bitcoin falls to six-month low, trades below $7,000

Bitcoin sank nearly 10 percent to the lowest level in six months, extending last week’s slide past the weekend on concerns about a crackdown on cryptocurrency operations by China.

The digital currency plunged as much as 9.8 percent from Friday’s close and was trading just above $6,700 as of 11 a.m. in Hong Kong, according to Bloomberg composite pricing. It’s the first time since May that Bitcoin traded below the key $7,000 psychological level.

The world’s largest cryptocurrency is also on track for eight straight days of declines, tying a record losing streak from 2014, according to Bitstamp pricing going back to August 2011 and including weekend trading.

“Investors can find more joy in traditional markets without the aggressive volatility and opaque markets,” said Jeffrey Halley, senior market strategist for Asia Pacific at Oanda Asia Pacific Pte. “A sustained rally in Bitcoin would require a complete breakdown in the trade negotiations to happen as financial authorities across the world continue to circle the wagons against digital currencies.”

On Friday, the People’s Bank of China told businesses involved with cryptocurrencies to correct any improper actions and asked investors to be wary of virtual currencies. Earlier this month, watchdogs in Shanghai issued notices calling for a cleanup of companies involved in crypto trading, while one in Beijing warned against illegal exchange operations.

There are plenty of other possible explanations for the drop. Traders are blaming low volumes and citing attractive returns from traditional assets, eToro UK market analyst Adam Vettese wrote in a note Friday. Smaller miners are also getting squeezed out by the falling price, causing further selling toward the break-even level of around $5,600 to $6,400, Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno, said Monday.

“We’re seeing what is called miner capitulation and that has indicated previous large drops in the price of Bitcoin,” he said. “At this time, the cost of production could be indicated to be in the $6,000 range and hence we’ve seen the price dip to that range last week.”

Bitcoin is still up substantially in 2019 — it ended last year at $3,674. After a meteoric rise from April to June, when it soared above $13,000, it lost momentum and has been gradually dropping since.

 

Joanna Ossinger and Eric Lam

Bloomberg

Singapore / Mon, November 25, 2019 / 11:28 am