Bitcoin Price Dips to $9.6K as Bear Cross Looms

View BTC quickly fell to $9,600 this morning, bolstering the bearish setup on the 4-hour and daily charts. A deeper drop to key support at $9,454 may now be in the offing. A UTC close below $9,450 would confirm a downside break of a three-month-long contracting triangle and expose the 200-day moving average (MA) support lined up near $8,100. A move above $10,458 is needed to negate the immediate bearish case. A UTC close above $10,958 would confirm a bullish triangle breakout. The 50- and 100-day moving averages are about…

What Bitcoin’s Valuation Says About Its Volatility

Noelle Acheson is a veteran of company analysis and CoinDesk’s Director of Research. The opinions expressed in this article are the author’s own. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here. For a primer on crypto valuation concepts, you can download our free report here. Most of us think we understand the term “volatility.” We digest headlines about tense political situations around the world; we are wary of explosive chemical compounds; some of…

History Favors the Bulls as Bitcoin Trades Sideways at $10K

View Bitcoin’s long-term bullish bias remains intact, with prices holding well above the historically strong support of the three-day chart’s 55-candle exponential moving average (EMA), currently at $8,972. The line served as a strong base in the 2016–2017 bull market. A bullish falling-wedge breakout on the 4-hour chart looks likely and could pave the way for a retest of recent highs above $10,900. The prospects of a breakout would weaken if prices find acceptance below Wednesday’s low of $9,855 on the back of a rise in selling volumes. That would…

History Favors the Bulls as Bitcoin Price Trades Sideways at $10K

View Bitcoin’s long-term bullish bias remains intact, with prices holding well above the historically strong support of the three-day chart’s 55-candle exponential moving average (EMA), currently at $8,972. The line served as a strong base in the 2016–2017 bull market. A bullish falling-wedge breakout on the 4-hour chart looks likely and could pave the way for a retest of recent highs above $10,900. The prospects of a breakout would weaken if prices find acceptance below Wednesday’s low of $9,855 on the back of a rise in selling volumes. That would…

Bear Trap? Bitcoin Price Dips Below $10K on Low Volumes

View Bitcoin’s drop from $10,949 to $9,855 (Wednesday low) may be a bear trap, as selling volumes have dropped throughout the price pullback. A widely-tracked 4-hour chart indicator is reporting a bullish divergence and the daily candlesticks are signaling seller exhaustion. BTC could rise above $10,270, confirming a falling wedge breakout on the 4-hour chart. A wedge breakout, if confirmed, would open the doors to $10,956 (Aug. 20 high). A UTC close above that level would confirm bull revival. On the lower side, a high-volume drop below $9,855 could pave…

Bitcoin Price Faces Drop to Support Levels Below $10K

View Bitcoin risks falling below $10,000 this week, having confirmed a high-volume bearish reversal on the daily chart on Friday. A break below $10,000 would expose key support levels lined up at $9,755 and $9,320. The bearish case would weaken if the cryptocurrency rises above $10,350 today, confirming a wedge breakout on the hourly chart. A UTC close above $10,956 (Aug. 20 high as per Bitstamp data) is needed to revive the bullish outlook. Bitcoin (BTC) is losing altitude and may slide further toward $9,750 this week unless prices invalidate…

Trump’s Trade War May Be Driving Chinese Investors to Bitcoin

As the Chinese yuan falls in value due to factors like the ongoing trade war with the U.S., there are signs that locals are increasingly moving funds into bitcoin. According to a Bloomberg analysis of prices over 30 days, the negative correlation between the yuan and bitcoin has fallen to a record low in the last seven days. While previously the Chinese government has sought to keep the value of its national currency above 7 CNY to the dollar, last month the yuan was allowed to slide below that level,…

Bitcoin Price May Break Longest Weekly Losing Run Since November

View Bitcoin is likely to end the current week (Sunday, UTC) on a positive note, having registered losses in the previous three weeks. Prices are currently up 10 percent on a month-to-date basis. The weekly gain could be much bigger if prices invalidate a bearish lower highs pattern with a UTC close above $10,956 (Aug. 20 high). BTC may end the week on a flat note or with losses below $9,767 (Monday’s opening price) if the recent trading range of $10,400-$10,800 is breached to the downside. A range breakdown would…

Bitcoin Market Turns Indecisive After Price Rally Stalls Around $10.6K

View Bitcoin created a “spinning-top” candle on Wednesday, pouring cold water over the optimism generated by the triangle breakout witnessed earlier this week. The spinning top has made today’s UTC close pivotal. A close above Wednesday’s high of $10,834 is needed for the continuation of the recent rally. A UTC close below the spinning top’s low of $100,378 would shift risk in favor of deeper losses below $10,000. A bearish daily close shouldn’t be ruled out, as the spinning top represents buyer exhaustion. The bitcoin (BTC) market is looking indecisive,…

Bitcoin Short of Bull Target Despite Five Days of Price Gains

View Bitcoin’s five-day winning run, the longest in a month, has neutralized the short-term bearish view. A UTC close above the lower high of $10,956 created on Aug. 20 is needed for a bullish revival. Volumes picked up on Tuesday, adding credence to Monday’s triangle breakout on the daily chart. So, a rise to $10,956 may be on the cards. The probability of a move above $10,956 would weaken if the prices drop below key the crucial support at $10,286 on the hourly chart. Acceptance below that level could yield…