Posted on

Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300

Key Points

  • Bitcoin price started a downside correction after climbing as high as $6,554 against the US Dollar.
  • There was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently at a risk of more losses below the $6,300 support area in the near term.

Bitcoin price is under pressure below $6,400 against the US Dollar. BTC/USD could decline towards $6,280 or $6,250 if sellers remain in control.

Bitcoin Price Analysis

This past week, we saw a decent upward move above the $6,400 and $6,500 levels in bitcoin price against the US Dollar. The BTC/USD pair traded towards the $6,550 level and settled above the 100 simple moving average (4-hours). A fresh monthly high was formed at $6,554 and later the price corrected lower sharply. It broke the $6,500 and $6,440 support levels to move back in a bearish zone.

The price also breached the 50% Fib retracement level of the last wave from the $6,202 low to $6,554 high. More importantly, there was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair. The pair traded below the $6,360 support and the 100 simple moving average (4-hours). At the moment, the price is consolidating above $6,300. If sellers remain in action, the price could slide towards the $6,280 level and the 76.4% Fib retracement level of the last wave from the $6,202 low to $6,554 high.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, BTC price is currently struggling to break the $6,360-70 resistance zone and the 100 SMA. A successful close above $6,400 is needed for buyers to regain momentum. If not, there is a risk of a downside break below the $6,280 support in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $6,250

Major Resistance Level – $6,400

Posted on

XRP/USD, BTC/USD Price Analysis: Ripple Bullish as Bitcoin Steady above $6,000

Latest Bitcoin News

As the industry grow, regulation is important even if Bitcoin and other blockchain projects agitate for complete decentralization and decoupling from government influence. But when reality sets in and advocates realize that the industry can’t get away with fiat if liquidity and volatility is to reign then the importance of Business Growth and Transformation bill (PACTE) which President Macron is working hard for will even be clearer. If everything goes as plan and the legislators approve an amendment bill seeking to reduce capital gains tax from 36 percent to 30 percent traders would enjoy tax reliefs encouraging adoption.

Also Read: Another Warning from China’s Central Bank on Cryptocurrency Risks

While regulation loosens, Mike Novogratz is now retracting his over ambitious BTC target blaming thin volumes and low volatility. Mike, a Bitcoin shill and investor, had famously predicted Bitcoin to test $40,000 by the end of the year banking on institutions to accelerate gains in a FOMO moment. But, that isn’t going according to plan. Instead he expects BTC/USD to close near the $9,000 mark once bulls break above $6,800.

BTC/USD Price Analysis

BTC/USD Price Analysis

Back to price and BTC/USD is all over the place. Even if we retain a positive outlook on price, the mere fact that buyers are failing to build momentum and close above $7,200 is deflating for bulls.

Though prices are trading above $6,000 main support line, this week’s close above the main resistance trend line is positive. It can even be the much needed impetus for bulls to edge past $7,200 igniting bulls aiming for $8,500 in line with our last BTC/USD trade plans.

Latest Ripple News

The uncertainty around SEC XRP interpretation is a major concern for investors. But, this should change now that the SEC plans to publish a reference guide for ICOs. Of course this is positive and is timely for investors cautious on channeling their funds at projects which the US regulator could end up classifying as security complicating matters.

More about Institutional involvement: Dogecoin Creator: Bakkt, Fidelity, and Bitcoin ETF Are Bad for Cryptocurrency

While this is what the sphere needs, XRP is cementing itself as a force in the space. With Cred securing a $300 facility enabling BTC, ETH and XRP coin owners to store their assets at the platform in exchange of USD loans, we expect to see liquidity increase. In a cascading effect volatility should theoretically drop encouraging institutional participation.

After all, in their Q3 XRP Market Report Ripple said direct institutional sales rose from $16.87 million in Q2 to $98.07 million meaning institutions are accumulating XRP.

XRP/USD Price Analysis

XRP/USD Price Analysis

Thing is as long as XRP/USD is above the 40 cents then our last XRP/USD trade plan is valid. In that case we expect traders to add on to their longs in lower time frames. However, this should be done strategically with Fibonacci retracement tool anchored on Sep high low marking potential reaction points.

Already, our buy zone between 55 cents and 40 cents is clear. As such, with every breakout above 55 cents, traders are free to buy at spot. Safe stops would be at 50 cents. So far the conditions of our trade plan has been met. Therefore, we suggest buying at spot in the direction of week ending Sep 23 bull breakout. Like in our previous XRP/USD price analysis, first target is 80 cents and later $1.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Posted on

Bitcoin Price Watch: BTC/USD Trading Near Major Inflection Point

Key Points

  • Bitcoin price declined further and traded below the $6,440 support against the US Dollar.
  • Yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price tested the next important support at $6,375 and later started consolidating losses.

Bitcoin price failed to stay above the $6,440 support against the US Dollar. BTC/USD is currently consolidating above the $6,375 support with bearish moves.

Bitcoin Price Analysis

Recently, bitcoin price started a downside correction and traded below the $6,500 support against the US Dollar. The BTC/USD pair declined and broke the $6,475 and $6,440 support levels. Moreover, there was a close below the $6,440 support and the 100 hourly simple moving average. The decline was such that the price surpassed the 76.4% Fib retracement level of the last leg from the $6,370 swing low to $6,553 high.

More importantly, yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the hourly chart of the BTC/USD pair. The pair traded close to the $6,370 swing low and found support near $6,375. It corrected a few points and tested the 23.6% Fib retracement level of the recent decline from the $6,552 high to $6,382 low. At the moment, the price is consolidating above the $6,375 support. If buyers reappear, the price may test the previous support at $6,440 and the 100 hourly SMA. Above $6,440, the next resistance is $6,475 and the 50% Fib retracement level of the recent decline from the $6,552 high to $6,382 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price may trade in a range above the $6,375 support for a couple of sessions before the next move. The price could either surpass the $6,440 resistance or decline towards $6,300 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just below the 40 level.

Major Support Level – $6,375

Major Resistance Level – $6,440

Posted on

Bitcoin Cash Price Analysis: BCH/USD Consolidating Near Key Support

Key Points

  • Bitcoin cash price traded as high as $637 and later corrected lower against the US Dollar.
  • There was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near a major support at $575 and the 100 hourly simple moving average.

Bitcoin cash price started a downside correction from the $640 swing high against the US Dollar. BCH/USD is currently consolidating near $575 and it could bounce back.

Bitcoin Cash Price Analysis

Yesterday, there were extended gains above the $600 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $620 resistance and settled above the 100 hourly simple moving average. The price traded as high as $637 before sellers appeared. As a result, there was a downside correction and the price moved below the $600 level.

During the decline, the price broke the 50% Fib retracement level of the last leg from the $534 low to $637 high. Moreover, there was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair. The pair extended losses and it is currently trading near a major support at $575 and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the last leg from the $534 low to $637 high is also near $575. Therefore, the price is likely to bounce back towards $600 and $620.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price showing positive signs above the $575 support. There could be a fresh bearish move, but the price is likely to stay above the $540-550 zone. On the upside, a break above the $620 resistance may push the price above $650.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.

Major Support Level – $575

Major Resistance Level – $600

Posted on

Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700

Key Points

  • Bitcoin price traded further higher and broke the $6,515 resistance area against the US Dollar.
  • There was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate gains above the $6,550 and $6,600 levels in the near term.

Bitcoin price is placed nicely above the $6,480 support against the US Dollar. BTC/USD is likely to grind higher towards the $6,700 level in the near term.

Bitcoin Price Analysis

Yesterday, there was a minor downside correction in bitcoin price from the $6,480 swing high against the US Dollar. The BTC/USD pair corrected lower and tested the $6,375 support, which acted as a major buy zone. As a result, there was a fresh upward move and the price traded above the $6,440 and $6,475 resistance levels. Moreover, the price even broke the $6,500 resistance and settled above the 100 hourly simple moving average.

More importantly, there was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair. The price spiked above the $6,500 level and traded as high as $6,553. Later, there was a downside correction below the $6,540 level. Sellers pushed the price below the 23.6% Fib retracement level of the recent wave from the $6,403 swing low to $6,553 high. However, there are many buy zones on the downside near the $6,475 level. Besides, the 50% Fib retracement level of the recent wave from the $6,403 swing low to $6,553 high is also at $6,478.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is placed nicely above the $6,475 and $6,440 support levels. It will most likely continue to accelerate gains above the $6,550 and $6,600 levels in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $6,475

Major Resistance Level – $6,550