Bitcoin indicator flashes a sell signal as slump accelerates

As euphoria over cryptocurrencies deflates in the wake of Bitcoin’s biggest monthly surge in almost two years, technical indicators are showing there could be more pain ahead.

The GTI Vera Convergence-Divergence indicator, which detects positive and negative trends, flashed a sell signal for the first time since April, suggesting there could be further downside as Bitcoin halts its recent monster rally.

“The market is in an identity crisis, trying to find a place to stabilize,” said Jake Stolarski, senior trader at Greenwich, Connecticut-based Cipher Technologies. “The key technical levels have been creating market volatility, for sure, due to sudden shifts in sentiment.”

Bitcoin fell as much as 12 per cent to $7,544.42 in New York trading. The slump follows the coin’s 62 per cent surge in May, the biggest monthly gain since the height of the crypto bubble in August 2017.

It’s been a swift retreat for Bitcoin, which is down more than 12 per cent since last Tuesday to trade below the $8,000 level for the first time in more than a week. The recent stumble is among its first downtrends of the year, which had so far seen a huge rally in digital assets on the back of expectations of greater mainstream acceptance and new developments in the blockchain space.

Though Bitcoin briefly topped $9,000 last week, it has not retested that level since. That’s a key trend-line for the coin, said Stolarski.

“People are seeing where the resistance is, where the stops are both up and down,” Stolarski said. “People are trying to find a stabilizing point where they can layer into a core position.”

By Vildana Hajric

Alan Zibluk Markethive Founding Member

Crypto-Market Cap Losses $20 Billion – Bitcoin [BTC] Test $7700 as Alts ETH, XRP, LTC Follow Suit

Bitcoin [BTC] had a fairly eventful week as the price tested yearly highs but then fell back to fill the gap till $8000. However, on a weekly scale, the closing price near the opening indicating indecision in the market. Jacob Canfield expressed the market sentiments back his TA,

NEW #Bitcoin Analysis – Indecision In The Air At $9,000. – Bearish Weekly Closing – Low Volume On Rally – Trend lines Need To Hold…

With over 55% gain in the last month, the uncertainty has led to a further correction as the price is forming support near $8000. BTC tested a low near $7800 on Tuesday, 4th June 2019. The price of Bitcoin [BTC] at 2: 30 Hours UTC on 4th May 2019 is $7980$. It is trading 6.65% lower on a daily scale.

Nivesh Rustgi 1 min ago

Alan Zibluk Markethive Founding Member

WILL BITCOIN PRICE FINALLY REACH $10,000 THIS WEEK?

The Rundown

•  Bitcoin Price Must Overcome This Key Hurdle for $10K

• Looking Forward

Bitcoin price saw a 3% move to $8,833 is bringing the digital asset closer to a retest of the weekly high. Will it happen before this new week starts?

BITCOIN PRICE MUST OVERCOME THIS KEY HURDLE FOR $10K

Sentiment wise, bitcoin’s path to $10,000 remains strong and each week a number of positive media reports appear to be re-enforcing the bullish consensus for the top digital asset.

The growing premium on Grayscale Bitcoin Investment Trust (GBTC) and impressive data from CME Bitcoin futures show that there is a continuous rise in institutional demand for Bitcoin. In an email to clients, CME Group explained that:

“May is shaping up to be the strongest month ever for CME Bitcoin Futures.” And the exchange commented that “The number of unique accounts continues to grow, showing that the marketplace is increasingly using BTC futures to hedge Bitcoin risk and/or access exposure.”

Over the weekend Bitcoin consolidated in the $8,450 – $8,600 range for the majority of Saturday, then on Sunday the digital asset popped above the $8,530 support for a 3% move toward the $8,840 resistance before pulling back to $8,650.

The short profit taking was nothing like the 12% rejection at $9,081 that occurred last week and traders can take comfort in knowing that BTC remains in an uptrend. But it should be noted that the daily chart shows the digital asset trading within a rising wedge, which can be interpreted as a bearish signal.

Popular crypto-analyst Josh Rager tweeted that Bitcoin’s move above $8,530 and $8,731 shows the uptrend remains intact and Rager forecast that if BTC moves above $8,846 then a move to the “mid $9k’s” is on the cards.

A number of analysts are now suggesting that $8,200 represents a crucial support level and a dip below this point could see bitcoin revisit $7,000.

Recently Alex Kruger also shared his analysis of key support and resistance levels for BTC/USD $8590.73 -0.13% and similar to other forecasts, bitcoin has few immediate resistance points above $10,000.

LOOKING FORWARD

Over the short-term, Bitcoin appears to have shifted to a new range of $8,600 – $8,800 and it could spend the remainder of Sunday consolidating within this zone.

The 4-hour MACD remains bullish and the RSI has turned down from 60 and currently at 53. Traders should keep an eye on the hourly RSI is oversold bounces near 42.5 have proven to be quite reliable

EUSTACE CRYPTUS | JUN 03, 2019 | 00:00

Alan Zibluk Markethive Founding Member

Bitcoin could see 60% gains within the next two months, says analyst

With Bitcoin having just closed the month of May on a high note with gains of 63%. Many traders are becoming more and more optimistic about Bitcoin’s potential. The latest analyst to share their theory on Bitcoin’s future price is Robert Quantrillo with some rather bullish predictions.

According to Quantrillo, considering the month of May closed with Bitcoin trading above $8,300, he sees no reason why it eventually wouldn’t go “straight to $14,000 or $15,000 or more in the next one to two months.” Quantrillo has attached Bitcoin’s price history to support his theory.

f Quantrillo’s theory turned out to be correct, it would see Bitcoin surge 60%. The last time such a price movement occurred during a bear market recovery, the king of crypto spiked hundreds of percent in the weeks that followed.

Quantrillo isn’t the only one with a bullish sentiment. Popular trader, Josh Rager recently commented on Bitcoin’s May performance. He states that if Bitcoin can hold above $8,731 it becomes increasingly likely that we’ll see bitcoin push through the $9,000 level. Bitcoin is currently trading at $8,524.25, up 1.23%.

If Bitcoin can reclaim $8,700, a push past $9,000 is likely, say analysts

02/06/2019

Alan Zibluk Markethive Founding Member

Bitcoin (BTC) Price Recovers Sharply – Can Bulls Overcome Hurdles?

• Bitcoin price declined heavily and tested the $8,000 support area against the US Dollar.

• The price recovered nicely and traded above the $8,300 and $8,450 resistance levels.

• There is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair is facing a solid resistance near the $8,600 area and the 100 hourly simple moving average.

• Bitcoin price is currently recovering above $8,450 against the US Dollar. BTC needs to surpass the $8,600 barrier to move back in a positive zone and climb further higher.

Bitcoin Price Analysis

Recently, bitcoin price declined sharply after pumping to a new 2019 high at $9,091 against the US Dollar. The BTC/USD pair collapsed below the $8,800 and $8,600 support levels. The decline was strong and gained pace below the $8,450 support plus the 100 hourly simple moving average. Moreover, there was a clear break below the $8,300 support and the $8,220 pivot level. The price traded close to the $8,000 level, where the bulls protected further losses.

A swing low was formed near $7,999 before the price started a strong recovery. There was a pump above the $8,300 level and the 23.6% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. More importantly, the price traded above the $8,450 resistance. At the moment, the price is trading above the 50% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. Besides, there is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair.

On the downside, there is a strong support forming near the $8,450 level. If there is a downside break below $8,450, the price might restart its decline towards the $8,300 level. The next key supports are near the $8,220 and $8,150 levels. On the upside, the main resistance is near the $8,600 level and the 100 hourly SMA. The 61.8% Fib retracement level of the recent decline from the $9,091 high to $7,999 low is also near the $8,670 level. Therefore, a successful break above the $8,600 and $8,670 levels is needed for more gains in the near term.

Looking at the chart, bitcoin price recovered nicely above $8,450 and it is currently showing positive zone. If the bulls remain in action and push the price above $8,600, there are chances of bullish continuation.

Technical indicators:

Hourly MACD – The MACD is back in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed back above the 50 level, with a positive angle.

Major Support Levels – $8,450 followed by $8,300.

Major Resistance Levels – $8,600, $8,670 and $8,800.

Aayush Jindal

1 min ago

Alan Zibluk Markethive Founding Member

Bitcoin [BTC] Falls Below $8300 – FOMO Comes to End as Analysts Extend Bearish Target

Bitcoin [BTC] nearly touched $9100 on 31st May 2019 before after which it went through a swift fall to a low near $8000. Hence, while Bitcoin [BTC] did break-out of the ascending triangle it has fallen back to test the breakout level.

BTC/USD 4-Hour Chart on Bitstamp (TradingView)

The price of Bitcoin [BTC] at 3: 15 hours UTC on 31st May 2019 is $8264. It is trading 4.37% lower on a daily scale. The total market capitalization of Bitcoin fell below $150 billion.

There was evident FOMO in the market above $8700, with the price breaking new highs almost every week in the past month. Peter L. Brandt expressed the sentiments in a tweet.

“Was today’s correction enough to shake the monkeys (FOMO buyers) from the trees?”

He also suggested that there might be more downside to it, with targets given at $7881 and $7467. Earlier, he had almost correctly predicted the swing trade buy on Bitcoin, which could turn extremely bearish.

A pullback in Bitcoin [BTC] prices was due for a long time. Nevertheless, if the increased demand remains intact, the orders will be filled by people looking to buy the dip. B.Biddles who is bullish in Bitcoin [BTC] tweeted in a small hint,

“So the gap fill crowd is bullish now right?”

While the parabolic rise looks like has come to an end, a correction in price only natural of any asset. However, there are traders like Tone Vays who were expecting about 30% pullback from $8700; a fall to around $6090. Moreover, according to Vinny Lingham, a drop below $6200 would revive the bearish movement experienced during the beginning of the year.

On a further bearish note, a rising wedge pattern has been recognized in the daily chart on Bitcoin [BTC] might break down soon. Furthermore, the MACD is bullish on a weekly chart, but bearish in on a daily and 4-hour chart.

Nivesh Rustgi 4 mins ago

Alan Zibluk Markethive Founding Member