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Bitcoin Price $10K Deadlock May Be ‘Shakeout’ Before New Highs: Analyst

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Bitcoin (BTC) price traded back below $10,000 on Sept. 11 as five-figure support for the largest cryptocurrency finally crumbled. 

Market visualization

Market visualization. Source: Coin360

Bitcoin pre-halving “shakeout” theory emerges

Data from Coin360 showed BTC/USD suddenly drop from $10,200 late on Tuesday, subsequently putting in a local low of $9,900 before a slight rebound. 

At press time on Wednesday, $10,000 was acting as a guide rail, Bitcoin fluctuating immediately above and below the barrier. 

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

The fresh downside was broadly anticipated by forecasters, who generally agreed that support at higher levels was not strong enough to guarantee bullish short-term behavior. 

A consensus had formed around a return to four figures first before any kind of market renaissance got underway. 

In line with that theory, regular commentator and Cointelegraph contributor Crypto Michaël said there was no cause for concern among Bitcoin investors. 

“Overall marketcap still looking fresh to me as well,” he commented in a fresh update.

Uploading a chart of BTC/USD’s long-term performance, he added: “Quite boring coming towards the end of the pattern, but all in all fine.”

Fellow contributor Nick Cote suggested selling pressure could last until Bitcoin’s block reward halving in May 2020 — reducing market supply — having likewise advised caution to short-term traders, particularly as the highly-anticipated Bakkt platform launches later this month. 

“Unpopular opinion: pre having shakeout before ATH’s,” he wrote on Twitter today. 

A possible source of contention in the short-term was cryptocurrency exchange Binance’s blocking of United States users from its service, scheduled for Thursday. In line with regulatory demands, Binance is opening a segregated trading environment for the U.S. market.

Altcoins put in sideways moves

Altcoins meanwhile copied Bitcoin in shedding 1-2% in USD terms over the past 24 hours. 

Ether (ETH), the largest altcoin by market cap, fell 1.8% to $178, with similar behavior across major alt tokens. Bitcoin SV (BSV) fared slightly worse, trading down 4.2%. 

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

Alts had previously staged a modest rally in Bitcoin terms, progress which nonetheless faltered as overall sentiment turned to sideways trading. 

The overall cryptocurrency market cap stood at $259 billion on Wednesday, with Bitcoin’s share at 69.6%.

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Crypto News

Ethereum (ETH) Price Could Retest $200 Before Fresh Increase

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  • ETH price is currently correcting lower and it recently broke the $212 support against the US Dollar.
  • The price is facing a lot of hurdles on the upside near the $212 and $215 levels.
  • There is a key bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline towards the $200-$202 support area before starting a fresh increase.

Ethereum price is currently declining below $212 versus the US Dollar, similar to bitcoin. ETH price is likely to retest the $200 support area before the bulls might take a stand.

Ethereum Price Analysis

After testing the $225 level, ETH price started a downside correction against the US Dollar. The price broke the $215 and $212 support levels to move into a short term bearish zone. Moreover, there was a close below the $212 level and the 100 hourly simple moving average. The recent decline gained pace below the $210 level and the price traded as low as $206.

At the moment, Ethereum price is correcting higher above the $210 level. It broke the 23.6% Fib retracement level of the recent decline from the $218 high to $206 low. However, the bears are protecting the $212 resistance area and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the recent decline from the $218 high to $206 low is sitting tight near the $212 level.

There is also a key bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $218 high to $206 low. Therefore, the price is likely to face a lot of hurdles near the $212 and $215 levels. To start a solid upward move, the price must climb above the $215 level and settle above the 100 hourly SMA.

On the downside, an immediate support is near the $206 low. However, the main support is near the $202 and $200 levels. It seems like the price could extend its decline towards the $200 support area before it might start a decent upward move.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading in a short term bearish zone below the $212 and $215 levels. If there is an upside break above $215, the price will most likely climb towards the $225 monthly high. If not, the price could revisit $200.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently below the 50 level, with a few bearish signs.

Major Support Level – $202

Major Resistance Level – $215

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