Bitcoin – Crucial weekly close for the bulls

• BTC at a crucial spot in its journey to the North.

• Weekly close above key resistance would be final nail in the bears' coffin.

Bitcoin, the poster boy of the cryptocurrency world has given yet another breakout on the daily and weekly charts, which would only be long term positive in its journey to the North after a tumultuous past that saw prices crash like nine pins.

BTC/USD is up more than three percent on day at $6,546 in about four percent range for the day. Saturday's rally is supported by a breakout of a horizontal resistance line drawn from February 2018 low that broke down in November which resulted in prices nearly halving within a month.

Now that the price of the largest crypto coin is back above this key resistance line, all that the bulls need is a close above this key resistance line, which would now act as a support – placed at $6,137 currently while it faces resistance in the form of 100 weeks SMA exactly where the price is – $6,539.

BTC/USD daily chart:

 

Manoj B Rawal

FXStreet

David

Bitcoin May Face Significant Retrace as It Nears Key Resistance Level at $6,400

The crypto community was pleased to find that Bitcoin was able to surge past $6,000 for the first time since the cryptocurrency plunged to its 2018 lows of $3,200 in December.

Analysts are now closely watching the $6,400 level to see how the crypto responds to this price, as many analysts believe that there is a significant level of resistance at this price which may lead to a pull back that could offer a good entry point for fresh long positions.

Investors Celebrate as Bitcoin (BTC) Breaks Above $6,000

At the time of writing, Bitcoin is trading up 2.6% at its current price of $6,080, up slightly from its daily lows of $5,900 which were set yesterday.

Over a one-week period, BTC has been able to surge significantly, climbing from lows of $5,500 to highs around its current price levels, marking a major extension of the upwards momentum that the cryptocurrency incurred in early-April when Bitcoin swiftly surged from the low-$4,000 region and into the $5,000 region.

Although the recent series of price surges have been undoubtedly bullish, analysts are still warning traders to express caution before “fomo-ing” into the crypto, as a retrace may be inevitable.

Lucid TA, a popular crypto analyst on Twitter, expressed this sentiment in a recent tweet, noting that traders should closely watch for the next retrace, as it may mark a great entry opportunity for fresh long-positions.

“A reminder to those feeling fear and FOMO – $BTC always retraces. Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction,” he said, referencing the below chart.

A Pullback May Ensue After BTC Hits $6,400

As for what price level may spark the next retrace, there is a general consensus amongst analysts that $6,400 will be the next level of strong resistance that BTC faces, which could lead to a drop that elucidates whether or not $6,000 has become a level of support.

“$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018,” Alex Krüger, a popular economist who focuses on cryptocurrencies, explained in a recent tweet.

Josh Rager, another popular crypto analyst on Twitter, echoed Krüger’s thoughts, explaining that he believes $6,450 is an “epic” resistance level that, if flipped into a support level, would be “insanely bullish” for the cryptocurrency.

“The most epic $BTC resistance awaits. Don’t think BTC blasts through this area easily, this resistance is bearishly strong. A flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won’t be closing back under. For now, it is a primetime pullback zone,” he noted.

As the week drags on, analysts and traders alike will be closely watching to see whether or not Bitcoin is able to find stability above $6,000, which may allow it to surge higher before it hits any region of significant resistance.

 

COLE PETERSEN | MAY 10, 2019 | 12:00 AM

David

Bitcoin [BTC] Breaches $6000 – Time for a Pullback or Locking New Targets?

Bitcoin finally breached $6000 on 9th May 2019. The momentum toward Bitcoin [BTC] was high this week as it held above the $5700 mark. Moreover, it was barely affected by the Binance hack, which affected one of the largest cryptocurrency Exchanges in the world.

The price of Bitcoin [BTC] at 3: 40 Hours UTC on 9th May 2019 is $6060. It is trading 3.34% higher on a daily scale. The ‘bull run’ as expected might have begun as Bitcoin is closing near two times the bottom (near $3150) price. The dominance of Bitcoin over the cryptocurrency market is 56.8% and the total market capitalization is above $107 billion.

BTC/USD 1-Day chart on Coinbase (TradingView)

Should We Expect a Pullback?

While a strong buying momentum is built up, making traders apprehensive of the next bull run, some bears maintained their stance. Tone Vays, a leading trade analyst on Bitcoin is expecting a “pullback.” He said,

“We’ve not had any significant pull back in bitcoin for a long time.”

The bear case from here according to Tone Vays’ analysis was based on sequential on a daily chart which reached a high at $5974. He also asserted that the ‘probability of a pullback has increased’ now. Nevertheless, he also predicted that a sequential 1 and 2 above the 9 would set up for another leg up with targets near $6150.

 

Nivesh Rustgi 1 min ago

David

As Bitcoin Moves Towards $6,000, The Case for an Imminent Bull Market Grows Stronger

The crypto markets have been incurring significant upwards momentum over the past month which was extended yesterday when Bitcoin (BTC) rapidly surged to highs of nearly $6,000 before it settled slightly lower.

This rapid upwards surge has further strengthened the case for an imminent bull run, as many technical indicators are now flashing bullish signals that have historically preceded long multi-year upwards trends that have previously laid the groundwork for BTC to surge parabolically.

Bitcoin (BTC) Drops to $5,900 After Failing to Break Above $6,000

At the time of writing, Bitcoin is trading up 3% at its current price of just below $5,900. Over a 24-hour period, BTC is up from lows in the $5,700 region, but is down slightly from highs that were set just below $6,000.

It does appear that $6,000 is in fact a level of resistance for the cryptocurrency, as Bitcoin has not yet been able to advance past this price level.

The recent upwards momentum has led to a massive shift in market sentiment that has led many traders to flip bullish, which has historically been a warning sign that a drop is imminent. Despite this, Mr. Anderson, a popular crypto trader on Twitter, recently spoke about this, noting that the market sentiment actually remains quite balanced at the moment.

“$BTC Fear & Greed (& Shorts). “Ppl are way too BULLISH!” They have been screaming that since $4100. Eventually, they will be right, but the data not shown this. Fear/Greed chart shows balance & SHORTS [continue] to be EXTREME. Avoid holding the last bag playing LTF’s w/ tight stops,” he explained.

Could the Next BTC Bull Market Already Be in its Early Phase?

The recent series of price surges in the crypto markets have put a significant amount of distance between most cryptocurrencies 2018 lows and their current prices.

Now, many technical indicators are signaling that Bitcoin could currently be in the early stages of the next bull market.

Josh Rager, a popular cryptocurrency trader on Twitter, spoke about one technical indicator that is currently flashing a bullish signal, noting that Bitcoin’s 3-day price just flipped over its 200-day EMA, which has historically been a bullish sign followed by multi-year uptrends.

“$BTC 3-Day Chart Bullish. Last bear market when the 3-Day Bitcoin price crossed above 200 EMA, it held as support & Guppy flipped green followed by a two-year uptrend. $BTC price just crossed above 200 EMA again. Waiting to see if Guppy flips green w/ possible retest of support,” Rager explained.

 

COLE PETERSEN | MAY 7, 2019 | 10:00 PM

David

Bitcoin bulls rejoice, BTC/USD catapults to $6,000

• Bitcoin resumes strong growth during early Asian hours.

• BTC/USD is vulnerable to a short-term correction.

Bitcoin is moving fast towards $6,000 handle. The largest digital coin extended the recovery during Asian hours on Tuesday, gaining over 3% in just one hour. BTC/USD hit a new 2019 high at $5,963 before retracing towards $5,897 by the time of writing.

 

Looking technically, BTC/USD continues moving within an upside channel with the major barrier is now seen at psychological $6,000 strengthened by the channel resistance. Once it is cleared, the recovery may gain traction with the next focus on $6,500.

 

Meanwhile, considering an overbought state of the Relative Strength Index on the intraday charts, BTC/USD is vulnerable ot the short-term correction with the initial support seen at $5,700 (a confluence of SMA50 1-hour and the middle line of 1-hour Bollinger Band).

 

BTC/USD, 1-hour chart

Tanya Abrosimova

FXStreet

 

David

Bitcoin Passes $5,500 – Facebook Plans Crypto Payment Service

Investing.com – Top cryptocurrencies gained momentum on Friday morning in Asia, with Bitcoin spiking above the key level $5,500. Social media giant Facebook (NASDAQ:FB) is reportedly seeking partners for its planned crypto payment service.

Bitcoin gained 6.08% to $5,581.5 by 11:46 PM ET (03:46 GMT), reaching a one-week high. The digital token climbed back to the $5,500 level after losing its grip on it on April 24.

Ethereum added 3.32% to $160.38, XRP edged up 0.18% to $0.30446, and Litecoin rose 7.23% to $74.698.

The total market cap rose further to $179.6 billion from $175 million the day before.

The biggest news in the crypto community today concerned Facebook and its crypto payment service that is under development.

The Wall Street Journal reported that the social media giant is discussing with financial firms and e-commerce companies such as Visa (NYSE:V) and MasterCard to support the payment service known internally as Project Libra.

The project involves launching a digital token that would be underpinned by blockchain technology and pegged to the U.S. dollar. A possible way to promote its adoption is that Facebook users can gain fractions of the token by looking at advertisements. Users of Facebook’s messaging app WhatsApp can also use this digital token to send money to one another.

“Payments and commerce are Facebook’s only way out from its freemium, advertisement business model,” said Henry Liu, a former Facebook employee.

Separately, independent nonprofit institute The Information Technology & Innovation Foundation (ITIF) gave suggestions on how to regulate blockchain technology, which drew some attention among the crypto investors.

ITIF urged the policymakers to uphold principles such as technology neutrality and public-sector adoption. It also encouraged the regulators to support legitimate blockchain innovation and adoption without setting rules that could limit blockchain-based applications.

 

David

Bitcoin gains 22% in April, what comes next?

• BTC/USD is rangebound above $5,300.

• The coin has demonstrated strong growth in April.

• Experts are cautiously optimistic about the perspectives of the market.

BItcoin (BTC) has been moving inside a narrow range since May 1. The first digital coin is dancing around $5,300 handle amid a thick fog of uncertainty created by Tether scandal. At the time of writing, BTC/USD is changing hands at $5,320, mostly unchanged both since the beginning of the day and since this time on Wednesday.

From the longer term perspective, Bitcoin enjoyed a 22% gains in April and finished the third positive month in a row for the first time since December 2017. This notable development has made cryptocurrency experts wonder about what to expect from the digital asset in the upcoming months.

While the overall perspectives look optimistic, some experts remain cautious, claiming that the green shoots are still young and vulnerable to headwinds.

“The market is still somewhat indecisive as to the direction it should go. Even though Bitcoin has been rising in price steadily, we have not entered a bull run yet,“ Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital noted, cited by Forbes.

This view is shared by Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet. He says that the market has not created clear signals of a sustainable bull market as yet.

Meanwhile, Tom Lee, the head and the managing partner of Fundstrat Global Advisors, believes that the crypto winter is over. He singled out 11 positive signals that proved the point.

 

BTC/USD, daily chart

 

 

Tanya Abrosimova

FXStreet

David

Bitcoin price analysis: BTC/USD stays marginally above $5,300, RSI implies that the recovery may be limited

• BTC/USD bulls try to hold the ground above critical support.

• The critical resistance lies with $5,500.

BTC/USD is changing hands at $5.330, nearly 3% higher from this time on Tuesday. The first digital coin managed to break above several strong resistance levels and return the range of the previous week. While the coin is nearly 4% lower on a week-on-week basis, a sustainable move above $5,300 has improved the technical picture and mitigated an immediate bearish pressure.

Bitcoin’s short-term technical picture

On the intraday charts, BTC/USD has settled above the previously broken channel support and SMA200 (1-hour) clustered under $5,300 handle. While the further upside is capped by $5,344 (the upper boundary of 1-hour Bollinger Band, the short-term trend remains bullish as long as $5,250 remains intact.

On the upside, t we will need to see BTC above $5,500 to say that the downside correction is over that the coin is ready to resume the upside movement. However, the Relative Strength Index on intraday charts has started to reverse from an overbought territory, which means that the coin may extend the downside towards the above-said support of $5,250 before the growth is resumed.

BTC/USD, 1-hour chart

 

Tanya Abrosimova

FXStreet

 

David