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Bitcoin Price (BTC) Showing Signs of Continued Weakness

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  • Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar.
  • The price is likely to extend its decline below the $10,000 support level in the coming sessions.
  • There is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more downside as long as the price is below $10,250 and $10,400.

Bitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. BTC could accelerate losses if there is a daily close below the $10,000 support.

Bitcoin Price Analysis

This week, we discussed downtrend for bitcoin price below the $10,500 pivot level against the US Dollar. The price settled below $10,400 and the 100 hourly simple moving average. Moreover, the price declined below the $10,250 support area to move into a negative zone. The recent decline was such that the price spiked below the $10,000 level. Besides, there were spikes below $9,900 and a new weekly swing low at $9,893.

Recently, there was an upside correction above $10,040 plus the 23.6% Fib retracement level of the downward move from the $10,58 high to $9,893 low. However, the price is facing hurdles near the $10,200 level. It seems like the 50% Fib retracement level of the downward move from the $10,58 high to $9,893 low is capping the upward move.

Additionally, there is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $10,250 level. Therefore, the price needs to climb above the $10,200 and $10,250 resistance levels to start a decent recovery. The 61.8% Fib retracement level of the downward move from the $10,58 high to $9,893 low is also near $10,280.

If there is no upside break, the price could continue to move down towards $10,000 and $9,900. A downside break below the $9,893 swing low could push the price towards the $9,800 support area. Any further losses could open the doors for a push towards the $9,500 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is showing bearish signs below the $10,200 and $10,250 levels. Therefore, there are high chances of a bearish break below the $10,000 and $9,800 level in the near term. The main target for the bears this week could be $9,650 or $9,500.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is about to break the 50 level.

Major Support Levels – $10,000 followed by $9,900.

Major Resistance Levels – $10,200, $10,250 and $10,350.

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Crypto News

Bitcoin & Litecoin Improve Sports Fan Experience and Expose New Audiences to Crypto

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The Miami Dolphins are accepting crypto asset payments in partnership with Aliant Payments and the Litecoin Foundation.

An increasing number of professional sports teams are using the coins as well as associated betting platforms to offer fans an enhanced experience. This exposure of crypto asset to a larger audience looks to help spread awareness, increase adoption, and educate fans on the benefits of blockchain-based payments.

Litecoin Foundation Partners with Dolphins

The deal with Litecoin, the fifth-largest crypto asset, makes it the Miami Dolphin’s official coin and provides it with in-game branding and advertising at Hard Rock Stadium and online.

The experience lets fans use Litecoin to purchase 50/50 raffle tickets – of which half of the proceeds go to the Miami Dolphins Foundation – both online and at 14 kiosks and raffle stations.

As of October, Aliant reported 46 Litecoin transactions at the then-most recent home game. When the partnership initiated the 50/50 raffle, the proceeds jumped from an average of $72,000 per game to $86,000.

Aliant CEO Eric Brown hinted at talks with several additional professional sports teams speaking at October’s Litecoin Summit. Brown suggested several baseball, football and basketball teams were potentially in line to start accepting crypto asset, including the heavy-handed hint of “America’s Team,” aka the Dallas Cowboys.

As for others in the US, the NBA’s Sacramento Kings were way ahead of the pack, accepting Bitcoin back in 2014 and MLB’s Los Angeles Dodgers hosted a crypto giveaway last fall. Despite these forays, in general, it appears US sports teams have been slower to adopt than sports organizations overseas. 

Crypto in Sports Across the Pond

Litecoin, cryptocurrency

The Bitcoin logo (₿) appears on the shirt sleeve of Watford FC this season as part of a wider campaign to improve awareness around Bitcoin and educate the public on the benefits of using cryptocurrencies.

As for the English Premier League, global multi-asset investment platform eToro signed an ad partnership with six teams this August for the 2019/2020 season, putting them on-par with Adidas, who are the most used team kit supplier in the league.

In connection, this September it was revealed that he Bitcoin logo () would appear on the sleeve of Watford FC as part of an educational drive led by the innovative sports betting brand Sportsbet.io.

As for the European continent, Ubisoft-backed, fantasy soccer game Sorare has signed several European clubs to create a blockchain trading card game featuring the world’s top footballers. Among the clubs that have signed on to participate include several from major German and Spanish soccer leagues, such as Atletico Madrid, Schalke 04, and Valencia CF.

The large majority of these sponsorships are not inked explicitly to make money, but more for education and brand recognition. Although doing a partnership with a team isn’t driving major revenue for the crypto assets themselves, it has become a crucial pathway to get these payment methods in front of a wider audience that may have never otherwise heard of them.

“This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible,” Charlie Lee, Litecoin creator and managing director of Litecoin Foundation said.

“We see this as a powerful way to raise awareness and educate people about Litecoin and crypto on a tremendous scale,” he added.

Featured Image from Shutterstock

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