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venerdì 24 gennaio 2020

A Bitcoin Plunge To $8,000 On The Horizon, As Bulls Show Weak Hands

Bitcoin price failed to stay above the key $8,500 support area and extended its decline against the US Dollar. BTC price is likely to continue lower towards $8,000 or $7,880.
  • Bitcoin started a strong corrective decrease from the $9,200 resistance area.
  • The price broke the key $8,500 and $8,470 support levels to move further into a bearish zone.
  • Yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to extend its decline towards the $8,000 support level in the near term.

Bitcoin Price Is Facing Hurdles

Yesterday, we discussed the importance of the $8,500 and $8,470 support levels for bitcoin against the US Dollar. BTC price failed to stay in the bullish zone and recently declined below $8,470.
Moreover, there was a close below $8,500 and the 100 hourly simple moving average. As a result, there was a downside extension and the price traded below $8,300.
A new weekly low is formed near $8,263 and the price is currently consolidating losses. An initial resistance for the bulls is near the $8,380 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.
The first major resistance on the upside is near the $8,470 level (the recent breakdown level). Additionally, yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair.
Bitcoin Price
Bitcoin Price
The next key resistance is near $8,500 and $8,520. It coincides with the 50% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.
Therefore, bitcoin price must settle above $8,470 and $8,520 to move back into a positive zone. In the mentioned case, it could revisit the $8,800 resistance area.

BTC Could Revisit $8,000

If BTC price continues to slide, it could struggle to stay above the $8,200 support area. In the mentioned case, there are high chances of it hitting the $8,000 support level in the near term.
Overall, bitcoin is showing a few bearish signs and it seems an interim top is formed near $9,200. The next set of bearish targets could be $8,000 or $7,800, below which the bears might even aim $7,200.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.
Major Support Levels – $8,200 followed by $8,000.
Major Resistance Levels – $8,470, $8,500 and $8,520.

Five Years of Bitcoin Trendlines All Lead to This One Point; “Fireworks” Inbound

Since Bitcoin’s genesis block was first mined, the cryptocurrency has been caught within a whirlwind that has allowed BTC to post gains that defy historical precedent.
Although the past couple of years have tempered the excitement surrounding the cryptocurrency, it is important to note that multiple bullish factors are fast approaching on the horizon, and the combination of these factors suggest that BTC could be en route to setting fresh all-time highs.
One interesting factor that should be noted is that the convergence of two key trendlines formed over the past five years coincides strikingly close with the cryptocurrency’s upcoming mining rewards halving event – signaling that “fireworks” could be imminent.

A Tale of Two Trendlines: This Pattern Suggests Bitcoin Could Be in for an Explosive Movement 

Over the past few days, Bitcoin’s price has been oscillating between the lower and upper-$8,000 region, with this ongoing consolidation phase coming at the tail end of its recent multi-week uptrend.
Although the near-term prospects for Bitcoin remain foggy, its mid-term outlook might just be more bullish than ever, as BTC is close to reaching the apex of a massive bull flag comprised of two trendlines that have been formed over a multi-year period.
Interestingly enough, the apex of this pennant coincides precisely with the anticipated date of Bitcoin’s upcoming mining rewards halving in May, which suggests that this time period could be a historical pivoting point for the cryptocurrency.
“5 years of trendlines perfecting coinciding with the most highly anticipated event in BTC history. Fireworks in store!” Travis Kling – a partner at the Ikigai Fund – explained in a tweet while pointing to the below chart.
5 years of trendlines perfecting coinciding with the most highly anticipated event in BTC history. Fireworks in store!
View image on Twitter
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Will the Next Rally Lead BTC Into the Six Figures?

While BTC remains stuck beneath the coveted five-figure threshold at $10,000, it is difficult to realistically muse the possibility that it will soon be trading at $100,000 or more.
This may not be as farfetched as one would assume, however, as Galaxy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a break above the descending resistance formed since the 2017 rally could lead Bitcoin straight to “$100k minimum.”
“Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early.”
Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum.

Save this picture.

You are not late. You are early.
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It just so happens that this trendline is the same upper boundary as the one seen on the chart referenced by Kling, which signals that BTC could be just mere months away from an explosive movement to fresh all-time highs.

Featured image from Shutterstock.

Bitcoin Reaches ‘Logical’ Support As Volatility Wanes, Explosive Move Incoming

After Bitcoin price rocketed last month from lows around $6,400, the crypto asset touched over $9,000 before falling lower to what a well-known financial market analyst says is “logical support.”
Meanwhile, a tool designed by the analyst suggests that volatility in the Bitcoin market is reaching bear market lows, potentially signaling that an exceptionally explosive move could be incoming soon.

Bitcoin Volatility Disappears, Explosive Moving Incoming To Shake Things Up Again

Bitcoin and other cryptocurrencies are known and even infamous for their volatility relative to other financial assets.
The increase in volatility is due to the fact the technology is extremely new, hasn’t proven their use case, and is more for speculation currently than anything else.
Volatility can be measured in a variety of ways, but well-known financial market analyst John Bollinger created a technical analysis indicator that measures an asset’s price in relation to the volatility the asset has been experiencing.
The aptly named Bollinger Bands expand and contract as volatility picks up or wanes in an asset like Bitcoin.
So far Bitcoin is having the smallest (least volatile) 1W candle since march 18th 2019.

Something big is coming and my body is ready
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According to a tweaked version of the tool that measures just the width of Bollinger Bands (pictured below), the indicator suggests that Bitcoin’s volatility has dropped so low on weekly timeframes, it’s reaching levels not seen since late September or early October when Bitcoin was ranging before the late October, record-breaking “China pump.”
Before that, volatility reached this low in March ahead of the April 2019 rally breakout.
Volatility could even reach dangerous levels not seen since before Bitcoin’s deep November 2018 drop to $3,000. When volatility drops so low, it often suggests an extremely large move is ahead – one that revives the volatility for days and weeks to come.
bitcoin bollinger bands

Crypto Asset Reaches Logical Support, Says Creator of Bollinger Bands

Even the indicator’s creator, John Bollinger, says that using the tool, it appears that Bitcoin has fallen to “logical support” at the mid-BB line. The mid-BB line often acts as a support for assets that have previously passed through the mid-line.
This is a 'logical place' for to find support, a pullback to a breakout level and the middle BB.
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Holding above the mid-BB line is critical for Bitcoin’s uptrend to continue. If it falls back below, combined with the reducing volatility, the explosive move that the Bollinger Bands are foretelling could be to the downside.
While a variety of similarities have been pointed out between the current price action and the July 2018 rally in Bitcoin markets, even the Bollinger Bands are exhibiting similar patterns as the 2018 bear market.
In July 2018, Bitcoin couldn’t hold above the mid-BB line (pictured above) and fell back down, then dropping further through support at $6,000 to reach its ultimate bottom. If Bitcoin cannot hold above the mid-BB line yet again, a repeat of the disastrous drop could be next.
However, if Bitcoin can hold, this time would indeed be different and could lead to a retest of the top Bollinger Band.

Featured image from Shutterstock


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