Bitcoin (BTC) Price Watch – Ascending Channel Below Major Support
 

Bitcoin Price Key Highlights
 

• Bitcoin price has formed higher lows and found resistance at the $6,785 level to create an ascending triangle.

• Price is testing the pattern’s resistance, which lines up with the broken long-term support visible on the 4-hour chart.

• Technical indicators are suggesting that the ceiling could hold for now.

Bitcoin price is testing the top of its ascending triangle pattern, but technical indicators suggest resistance might hold.
 

Technical Indicators Signals

 

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse or that resistance is more likely to hold than to break. With that, bitcoin price might need to revisit the triangle support before attempting another break.

 

Then again, it’s worth noting that bitcoin price is already trading above the moving averages, which reflects a pickup in bullish pressure. The gap between the moving averages is narrowing so selling pressure is slowing. A break past the triangle top could lead to a move of around $1,000 or the same height as the chart pattern.
 

RSI is turning lower to indicate a return in selling pressure, possibly enough to take bitcoin back down for a test of the short-term floor, which is also near the 100 SMA dynamic inflection point. Stochastic is also pointing back down without even hitting overbought conditions, which could also mean that bears are eager to return.

Market Factors

 

Bitcoin price has had quite a good run in the earlier week, which reflects a pickup in industry optimism. However, it could all hinge on whether or not the mood is sustained this week, likely by a set of positive updates or no negative headlines.

 

Meanwhile, the dollar could take its cue from the US CPI report and the usual set of trade war updates. A positive performance in stock markets, however, could also draw traders back to traditional markets and away from bitcoin.

 

 

SARAH JENN | JULY 9, 2018 | 5:00 AM

David

Bitcoin (BTC) Price Analysis – Next Potential Ceilings

Bitcoin previously broke below a symmetrical triangle and might be due for a retest.

 

 

BITCOIN PRICE ANALYSIS

 

Bitcoin was moving south since breaking below the bottom of a long-term symmetrical triangle. Price has been climbing recently and might be due for a pullback to the former support area.

 

Applying the Fibonacci retracement tool on the latest swing low and high shows that the 50% level lines up with the broken triangle support. This is also close to the 100 SMA dynamic inflection point.

 

On the subject of moving averages, the 100 SMA is safely below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse.

 

RSI is still heading north so bitcoin could follow suit until the oscillator reaches overbought conditions and turns lower. Stochastic is closer to the overbought region and might reflect bullish exhaustion soon. In that case, the 38.2% Fib might already be enough to keep gains in check and push bitcoin back to the swing low.

 

A larger correction, on the other hand, could find its way up to the 61.8% Fib at $8,400. A move past that area and the 200 SMA could be enough to confirm that bulls have the upper hand.

 

 

Bitcoin is holding on to its positive start this quarter, although many still have doubts that the rallies could be sustained. For one, this could be a much-needed relief rally from the earlier decline and investors are simply holding out for the next set of catalysts.

 

In the meantime, the spotlight could shift to the US dollar as the FOMC will release the minutes of its latest meeting ahead of the NFP report. Hawkish expectations could drive the dollar higher across the board while downbeat data could leave bitcoin poised to take advantage.

 

Apart from that, any headlines pertaining to stricter regulation or another security incident on an exchange could revive the declines in bitcoin.

 

 

By Rachel Lee On Jul 5, 2018

David

Bitcoin and a new Quarter – More of the Same?

Following a solid couple of days to limit the losses for the 2nd quarter, it’s back in the red for Bitcoin at the start of the 3rd, with uncertainty continuing to pin back any meaningful rally.

Bitcoin gained 2.95% on Saturday, following Friday’s 6.12% rally, to end the day at $6,391.6, taking Bitcoin to a 3.96% gain for the current week.

 

Friday’s late in the day rally spilled over to the early hours of Saturday morning, leading Bitcoin through the day’s first major resistance level at $6,413.4 to a morning high $6,545.5 before easing back to hover at around $6,400 levels.

 

Following Bitcoin’s start of the day bounce from an intraday low $6,195.2 that left the first major support level at $5,891.4 untested, it was a relatively range bound day, with a second half of the day pullback seeing Bitcoin fall to an afternoon low $6,313.8 before recovering to the morning ranges.
 

For the Bitcoin bulls, the moves through the day, in response to the start of the day rally, will have given some confidence, with Bitcoin proving to be far more resilient than its peers during the sell-offs, supporting the stronger gains through the week.
 

There was no particularly positive news to support Saturday’s consolidative gains, with investors eyeing sub-$6,000 levels as a good entry price, in spite of calls of sub-$5,000 levels before any meaningful recovery can begin, all of which is ultimately hinged on the regulatory frameworks that are due to be rolled out in key jurisdictions over the summer.

For the Bitcoin bulls, while the resilience in the 2nd half of the week will have been a positive, the reality is that the extended bearish trend, formed at 5th May’s swing hi $9,999, remains firmly intact, with Bitcoin needing to break through the 23.6% FIB Retracement Level at $6,757 to begin forming a near-term bullish trend.

 

The last time Bitcoin broke through the 23.6% FIB Retracement Level was on 11th June, with the bearish trend having seen Bitcoin strike a number of swing lo prices since.
 

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At the time of writing, Bitcoin was down 0.69% to $6,347.2 in what’s been another range bound start to the day, relative to the broader market.

 

A start of the day $6,439.9 high fell short of the first major resistance level at $6,559.67, with an early morning $6,322.9 low holding well above the first major support level at $6,209.37, as Saturday’s consolidation saw Bitcoin steer clear of sub-$6,000 levels for the first time in 4-days.

 

For the day ahead, a move back through the morning’s $6,439.9 high would support a run at $6,500 levels and the day’s first major resistance level at $6,559.67, though Bitcoin will need to break back through $6,400 levels that may provide stern resistance should a rally not kick in later in the morning.
 

Failure to take a run at $6,500 levels to bring the day’s first major resistance level into play could see Bitcoin catch up with the broader market to bring the day’s first major support level at $6,209.37 into play before any recovery, the day’s second major support level at $6,027.13 and sub-$6,000 support levels likely to be left untested through the day.
 

With Bitcoin ending the month of June down 14.6%, things could have been much worse considering the length of the extended bearish trend, which may provide some degree of comfort to the cryptomarket, though until the regs are rolled out, the uncertainty of what lies ahead will remain a factor that will likely pin Bitcoin back from any meaningful rally near-term.

 

Bob Mason 32 minutes ago

David