Category: Bitcoin Analysis

“Ichimoku Cloud” Hints Bitcoin is Finally Recovering From a Crucial Area

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The Ichimoku Cloud is a momentum indicator often used in technical analysis to gauge an asset’s trend. It is currently indicating that Bitcoin (BTC) is healthily recovering from an important support area. The daily chart of Bitcoin with the Ichimoku Cloud. | Source: BTCUSD on TradingView.com, Josh Olszwicz The cloud in the Ichimoku indicator is best described as a support line. If an asset goes too far high up the cloud, it could mean that it is overbought. But if Bitcoin is steadily recovering within the cloud, then it suggests…

Bitcoin (BTC) Blasts Through $11,000 Following Bullish Triangle Breakout

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Bitcoin price just smashed back above $11,000 and bulls are now attempting to flip the key level as resistance turned support. The move comes following the breakout of a triangle pattern, and a sudden reappearance of weakness in the dollar’s now short-lived recovery. But the question is, how far will this rally go? Bitcoin Price Reclaims $11,000, But Can Bulls Hold It This Time? The leading cryptocurrency by market cap has now spent three days in the green. Yesterday, Bitcoin broke upward from a triangle pattern forming on daily timeframes.…

3 Key Reasons Traders Pinpoint $13k as Level to Propel Bitcoin to ATH

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In the medium term, technical analysts and traders believe Bitcoin (BTC) is headed for an extended uptrend. For BTC to reach for a new all-time high, traders pinpoint $13,000 as the main resistance level. In the past two years and a half, Bitcoin surpassed $13,000 only once in July 2019. The price of BTC briefly wicked to $13,970, but eventually dropped below $10,000 within a month that followed. Traders say that BTC reaching $13,000 and staying above it is critical for a major bull run for thee reasons. The three…

TA: Bitcoin Overcame Hurdles, But $11K Still Presents A Significant Challenge

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Bitcoin price managed to stay above the $10,550 support and climbed above $10,800 against the US Dollar. BTC is now facing the main hurdle near the $10,950 and $11,000 levels. Bitcoin is up over 2% and it found a strong buying interest near the $10,550 support level. The price is trading above the 100 hourly simple moving average, but facing hurdles near $10,950. There was a break above a major bearish trend line with resistance near $10,635 on the hourly chart of the BTC/USD pair (data feed from Kraken). The…

Asset Manager Who Predicted Ethereum Outperforming Bitcoin: The Trend Is “Done”

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Bitcoin has done well for itself in 2020, making it the top mainstream investment of the year so far. But deeper in the crypto market, Bitcoin’s gains look meager next to even its next closest asset in line, Ethereum. Ethereum and DeFi tokens outperformed Bitcoin easily this year so far, but that trend is “done” according to an asset manager. The same asset manager also nailed calling the initial rise against BTC, and they very well could be correct again about what’s to come next. Ethereum Is “Done” Outperforming Bitcoin,…

Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap

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Bitcoin price is currently trading at just above $10,900, but it may not be doing so for much longer. As the cryptocurrency continues to build a bullish fundamental base, one crypto analyst claims there’s enough capital sidelined in crypto to push Bitcoin to a market cap of over $1 trillion. If and when this happens, they claim, the leading crypto asset will finally be considered a “major asset bucket” for wealth to pour into. It’ll also take the price per BTC to incredible heights. Willy Woo: $1 Trillion Bitcoin Market…

Bitcoin Stability Could Help Launch Altcoins Higher in Q4

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Bitcoin’s price action has been creating significant fear amongst investors, with analysts and traders widely expecting it to see downside once its ongoing consolidation phase ends. This fear is clearly seen while looking towards BTC’s funding rates, which are extremely negative at the moment as demand for short positions rockets higher. Much of this sentiment is rooted in the news-based weakness that has come about as of late, with developments surrounding the CFTC’s pursuit of the BitMEX co-founders, coupled with macro instability in the traditional markets, leading investors to grow…

Despite Short-Term Weakness, Bitcoin Macro Trend Still Positive

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Since peaking in late August, the price of Bitcoin has undergone a strong decline that has brought the cryptocurrency as low as $9,800. At its worst, BTC was trading more than 21% below its local year-to-date high. Despite this short-term weakness, analysts remain convinced that the long-term trend of the cryptocurrency remains intact. One Bitcoin analyst, who works for Ikigai Asset Management, recently reported that Bitcoin is still poised to become “the future.” He referenced a series of macroeconomic trends that show that while the cryptocurrency may be weak in…

TA: Bitcoin Rejected $10,800, And It’s Vulnerable to a Drop Below $10,500

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Bitcoin price failed to clear the $10,800 resistance and started a fresh decline against the US Dollar. BTC could continue to move down below $10,500 as long as it is below the 100 hourly SMA. Bitcoin failed to hold gains and started a fresh decline from the $10,800 resistance level. The price broke the $10,650 support and settled below the 100 hourly simple moving average. This week’s important ascending channel was breached with support near $10,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

Bitcoin Is Facing Down a Critical $30m Sell Wall at $11,000

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Bitcoin has been inching higher over the past 24 hours as the cryptocurrency market has become correlated with the S&P 500 once again. Both markets are up over the past day, pushing higher on the news that President Donald Trump is seemingly healthy despite contracting the illness spreading around the globe. If the cryptocurrency moves to $11,000 as many analysts predict it will, though, there is notable order book resistance that could mark an end to the ongoing bull trend. Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After…