Short of Target: Bitcoin’s $1K Rally Still Leaves Bear Bias Intact

View Bitcoin’s short-term outlook will remain bearish as long as prices remain below $11,080 resistance. A break above that level would invalidate bearish lower-highs setup. The bulls may have a tough time forcing a break above $11,080 amid news of BitMEX exchange facing a regulatory probe and talks of harsher crypto regulation. Prices could drop below $10,000 in the next 24 hours with daily chart indicators continuing to report bearish bias. A weekly close (Sunday, UTC) above $12,000 is needed to revive the bullish view. Bitcoin (BTC) has rallied sharply…

Bitcoin Price Jumps $1K In 30 Minutes to Top $10,000 Again

Bitcoin surged $1,000 in just 30 minutes during U.S. trading hours Thursday, a move that found the leading cryptocurrency rising from $9,335 to a high of $10,400, based on Bitstamp data. The sudden rally could be associated with the massive unwinding of short BTC/USD positions (profit taking) seen in 30 minutes to 15:00 UTC, as reported by bot powered twitter handle @WhaleCalls. Prices had dropped to a low of $9,280 at 14:00 UTC, having repeatedly failed to beat the psychological resistance of $10,000 in the Asian session and during early European trading…

The Case $7.5K Could Become Bitcoin’s New Price Support

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts. Bitcoin has faced selling pressure over the last few days, despite an impending golden crossover on the three-day chart – a bullish crossover of the 50- and 200-candle moving averages, as discussed last week. As of writing, the 50-candle moving average (MA) is on an upward trajectory and looks set to cross above the 200-candle MA in the next few days.…

Key Bitcoin Price Indicator Turns Bearish in First Since December

View Bitcoin could fall to the July 2 low of $9,614 and may break lower in the short-term, as the widely tracked MACD (moving average convergence divergence) histogram on the three-day chart has turned bearish for the first time since December. Buyer exhaustion above $12,000, as seen on the weekly chart, also supports the case for a stronger correction. Dips below $9,000 could be short-lived, courtesy of an impending golden crossover on the three-day chart. A weekly close above $12,000 would indicate a resumption of the rally from April lows…

Bitcoin’s Price Charts Point to an Impending ‘Golden Cross’

A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market. The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days. That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April. Seasoned traders often refer to that long-term bull market signal as…

Bitcoin Price Drops $2K in 24 Hours But Bull View Still Intact

View Bitcoin suffered a significant drop in the last 24 hours, but the higher-lows pattern on the daily chart is still intact and the outlook remains bullish. A daily close below the July 2 low of $9,615 would invalidate the bullish higher-lows pattern and confirm a bearish reversal. The case for a drop to $9,615 would strengthen if BTC prints a UTC close below $11,550 today, validating Wednesday’s bearish outside day candle. A high-volume wedge breakout on the hourly chart, if confirmed, would imply an end of the pullback and…

Bitcoin Price Recovers 85% of Recent Losses With Move Above $13K

View BTC continues to chart bullish higher lows and higher highs on short duration charts, favoring a retest of the recent high of $13,880. A move to $13,880 may take time if prices drop below key support at $12,538. That would allow a deeper pullback to $12,000. A high-volume UTC close below $12,000 would invalidate the short-term bullish setup, although that looks unlikely. Bitcoin (BTC) bolstered its already bullish technical setup with a move above $13,000 earlier today. The top cryptocurrency by market capitalization rose to $13,154 in the Asian…

Bitcoin Price Eyes Move Above $13K as Dominance Rate Hits 2-Year High

View Bitcoin’s violation of recent bearish lower highs with a move above $12,061 has opened the doors for a retest of $13,880. Prices reinforced the bull breakout with a successful defense of the former resistance-turned-support of $12,061 soon before press time. Bitcoin’s dominance rate has spiked to 27-month highs, backing the uptrend in prices. A high-volume UTC close below $12,000 would abort the bullish view. Bitcoin’s break above a key price hurdle looks to have set the tone for a retest of recent highs above $13,800. The top cryptocurrency bu…

Bitcoin Price Nears $12K After Rising $500 in Minutes

View BTC could rise to key resistance at $12,061 in the next few hours, as the hourly chart is reporting a symmetrical triangle breakout. A  high-volume break above $12,061 would invalidate the bearish lower-highs pattern and open the doors to the recent high of $13,880. However, a break with low volumes could turn out to be a bull trap, especially as the weekly chart indicators continue to report overbought conditions. On the downside, a move below $10,769 (July 5 low) would expose last week’s low of $9,615. Bitcoin leaped into…

Bitcoin Price Drops 5% But Rebound Likely, Charts Suggest

View BTC has fallen more than $1,000 in the last 24 hours, establishing a bearish lower high at $12,061. A high-volume break above $12,061 is thus needed to revive the bullish view put forward by a bearish channel breakout seen in the 4-hour chart earlier this week. That would open the doors to $13,880. A move below Wednesday’s low of $10,830 would shift risk in favor of a drop to Tuesday’s low of $9,614. Bitcoin’s (BTC) price needs to break above $12,061 to mitigate bearish pressure. The top cryptocurrency by…