Bitcoin Trades Flat While Altcoins Tease Bull Breakout

View Bitcoin is lacking clear directional bias for a ninth straight day, neutralizing the bullish view put forward by a long-tailed doji candle created on Feb. 27. As a result, a return to levels below $3,700 cannot be ruled out. A UTC close above the March 9 high of $3,950 would revive the short-term bullish outlook and possibly yield a rally toward the recent high of $4,190. While a few alternative cryptocurrencies (altcoins) have recently witnessed a longer-term bull reversal, the altcoin market as a whole is yet to exit…

Bitcoin Price Trapped in Key Make-or-Break Trading Range

View Bitcoin is trapped in a trading range defined by the 200-week simple moving average and the 200- week exponential moving average, currently at $3,404 and $4,106, respectively. Therefore, the outlook as per the weekly chart is neutral. A weekly close (Sunday, UTC) above $4,106 would confirm a longer-term bearish-to-bullish trend change and could fuel a rally toward $5,000. A weekly close (Sunday, UTC) below $3,404 could revive the sell-off from November highs above $6,500 and allow a drop to levels below $3,000. The odds of a drop to the…

4 Crypto Assets Break Above Key Moving Average, Leaving Bitcoin Behind

Several well-known cryptocurrencies are trading above their 200-day moving averages, a development typically considered a sign of a healthy market. A moving average (MA) is simply an ongoing calculation of the closing prices of an asset over a specified period of time, but is also a tool traders use to gauge the asset’s trend direction as well as support and resistance levels. While a moving average of any length can be used, the 200-day moving average is a standard in financial analysis. Put simply, if an asset trading above the 200-day…

Bitcoin Will Soon See ‘Bull Cross’ in First Since August 2018

View Bitcoin’s 50-day moving price average could soon move above the 100-day moving average, confirming its first bullish crossover in seven months. While the bullish crossover is a lagging indicator, the current slope of the MAs is signaling bearish exhaustion. So, bitcoin could rise toward $4,236 (Dec. 24 high) in the near future, as suggested by other longer duration indicators and the bullish candle created on Feb. 27. The bullish case would weaken if prices find acceptance below $3,658 (Feb. 27 low). A widely-followed bitcoin (BTC) price indicator is about…

A Bitcoin Bull Market Is Still $350 Away

View Bitcoin has established a higher low near $3,300 in the last two months, signaling bearish exhaustion. However, a break above the Christmas Day lower high of $4,236 is needed to confirm a bearish to bullish trend change. Bitcoin (BTC) needs to climb at least anther $350 to confirm a long-term bullish reversal, technical charts suggest. The leading cryptocurrency by market value is currently trading at $3,903 – having rallied 24.8 percent from this year’s low of $3,122 seen in December. This positive trend has spurred hopes that the sell-off from…

Bitcoin Struggles to Pass Price Hurdle But Bull Outlook Intact

View Bitcoin’s short-term outlook remains bullish while prices are held above $3,658 (the low of the long-tailed doji created on Feb. 27). A break above $4,000, however, could be preceded by a pullback to $3,750 if another rejection at a newfound resistance of $3,900 ends up breaching the bullish higher low of $3,826 on the hourly chart. A UTC close below $3,658 would confirm a short-term bearish reversal, although that looks unlikely. Bitcoin’s repeated failure to beat resistance at $3,900 is a slight cause of concern for the bulls. Having…

Three Price Resistance Levels to Beat for Bitcoin’s Bulls

View Bitcoin’s bull revival, as signaled by the weekly chart indicators, is still in the nascent stage and will likely become more entrenched if and when prices clear the resistance levels at $4,190, $4,236 and $4,388. A high volume break above the three resistance levels could be followed by a rally to highs above $5,000. Bitcoin could challenge resistance at $4,190 in the next few days, as a strong bounce from the ascending 5-week moving average (MA) seen earlier this week has restored the short-term bullish view signaled by a…

Bitcoin Eyes $4K After Erasing Monday’s Price Losses

View Bitcoin has erased losses seen on Monday with a strong bounce from the bullish 5-week moving average (MA) support of $3,703. That has raised the odds of a rally to the psychological hurdle of $4,000. The bull flag breakout on the hourly chart also shows scope for a rise to $4,040 (target as per the measured move method). The bullish case would weaken if the flag breakout ends up trapping the bulls on the wrong side of the market. A UTC close below $3,658 (Feb. 27 low) would put the…

Bitcoin Seeking Gains After Retaking Key Price Support

View Bitcoin’s immediate outlook will remain neutral while prices are trapped in the range of $3,658-$3,900. If the bulls can keep prices above the 5-week MA support at $3,703, we could see a rally above $4,000. The average is reporting bullish conditions for the first time since August. On the downside, a UTC close below $3,658 (Feb. 27 low) would revive the bearish view put forward by the high-volume sell-off on Feb. 24 and open the doors for a drop to levels below $3,400. Bitcoin (BTC) has returned above crucial…

Bitcoin’s MACD Prints Strongest Bull Signal In Over a Year

The moving average convergence divergence (MACD) has become the latest charting indicator to signal bitcoin may soon see a trend reversal that could put an end to its months-long price decline. As reported, the money flow index (MFI), an indicator used to identify buy and sell pressure, created a divergence Sunday widely considered to be an early sign of a bearish-to-bullish trend change, while last week, bitcoin saw a bearish crossover of its 50- and 100-week moving averages, a first since 2015. As such, the MACD became the latest in…