Long-Term Bitcoin Price Indicator Rises for First Time in a Year

View Bitcoin has risen back to $8,000 with the widely tracked 200-day moving average beginning to curl upwards in favor of the bulls for the first time since May 2018.  A bull flag breakout seen in the hourly chart indicates scope for a rise to $8,400. The breakout is backed by bullish readings on both the hourly and 4-hour charts.  A rally to $8,400 may not be sustainable, unless the move is backed by a rise in trading volumes. The daily chart is reporting a bearish divergence of trading volumes.…

Price Dip Leaves Bitcoin Exposed to $7.2K Support

View Bitcoin suffered a contracting triangle breakdown on Wednesday, as expected. The range breakdown is backed by bearish developments on the daily and 4-hour chart indicators. BTC, therefore, risks falling to $7,206 (May 18 low) in the next day or two. A UTC close below $7,206 would confirm a double-top breakdown and open doors for a drop to $6,070 (target as per the measured move method). The outlook would turn bullish if the price finds acceptance above $8,050 in the next 24 hours. Bitcoin (BTC) dived out of a narrowing…

Bitcoin Price Stuck Around $8K But Still Up Nearly 50% This Month

View BTC has traded in a narrowing price range over the last 48 hours, aborting the immediate bullish view put forward by Sunday’s double-digit gains. A range breakdown, if confirmed, would allow a price drop toward $7,200. That looks likely with multiple signs of bullish exhaustion on the daily chart. The outlook, however, would again turn bullish if the contracting triangle ends with a bullish breakout. In that case, the price could rise to $8,500. Bitcoin is teasing a downside break of its recent trading range, having again faced rejection…

Bitcoin’s Repeated Failures to Pass $8.3K Raise Risk of Price Pullback

View Bitcoin risks a price pullback in the short-term, given the signs of bullish exhaustion around $8,300. A UTC close below $7,581 would validate a bearish “hammer candle” created on Monday and open the doors for a drop to the 30-day moving average, currently at $6,333. The case for a pullback would weaken if BTC settles above $$8,200 today, invalidating the hammer candle. Both the daily and 4-hour charts also indicate scope for a price pullback. Bitcoin (BTC) has failed three times in seven days to find acceptance above $8,300,…

First Since 2017: Bitcoin Price Logs Double-Digit Gains for Third Week

View Bitcoin has recorded double-digit gains for three consecutive weeks, a feat last seen during the height of the bull market in 2017. BTC’s quick recovery from Friday’s low of $6,178 indicates “buy the dip” mentality is quite strong. Further, the daily and weekly charts are biased bullish. Prices, therefore, could rise to $8,500 (July 2018) this week. Before such a rise, however, we may see a correction to $7,500–$7,200, according to the hourly chart. The short-term outlook would turn bearish only if prices find acceptance below the 30-day moving…

About That Orange B… The History of Bitcoin’s Logos

Can a logo symbolize the ethos of a project? An industry? An entire movement? This is perhaps too much meaning to attribute to any one design, but if any logo has come close to the task, it’s that of bitcoin. Belonging to no corporation, no in-house graphic design team at a shiny Silicon Valley startup, bitcoin’s logo has given the faceless project’s many adherents an image to hold on to. And not only to hold on to – but to emblazon on shirts, stick to laptops and stamp on physical…

Bitcoin Suffers Biggest Intraday Price Drop for Over a Year

View Bitcoin tanked by $1,702 early on Friday, the biggest intraday drop since January 2018. On the way back up, the hourly chart shows scope for re-test of former support-turned-resistance at $7,619. A bounce to $7,619, if any, could be short-lived with prices falling back to $6,178 (daily low) over the weekend, as both the 4-hour and daily charts are biased bearish. A bounce from the historically strong support of the 30-day moving average (MA) at at $5,986 would imply an end to the price pullback. Amid extremely overbought conditions,…

Bitcoin Faces Price Correction Toward $7.6K, Technical Charts Suggest

View Bitcoin printed a 10-month high of $8,390 earlier today only to fall back quickly below $8,000, strengthening the bearish divergence of the 4-hour chart relative strength index (RSI). The daily RSI is also teasing bearish divergence. BTC risks falling to a potential double-top neckline at $7,619. A break lower would open the doors to sub-$7,000 levels (target as per the measured height method). The case for correction in the next day or two would weaken if the price rises back above $8,300. Bitcoin (BTC) could be in for a…

Bitcoin Price Rally Stalls As Ether, XRP Shine

View Alternative cryptocurrencies are flying high while bitcoin is having a breather above $8,000. Notably, ether (ETH) has hit a seven-month high of $235 and looks set to extend gains further toward $256 (Sept. 22 high) in the near-term. XRP, meanwhile, has confirmed a bull breakout. With hourly chart indicators diverging in favor of the bears and the daily relative strength index (RSI) reporting overbought conditions, bitcoin is looking increasingly vulnerable to a price pullback to the key rising trendline, currently placed above $7,200. Bitcoin could challenge Tuesday’s high of…

Bitcoin’s Monthly Price Gains Already Highest Since November 2017

View Bitcoin hit a fresh 10-month high of $8,335 on Bitstamp earlier today and is currently reporting its largest monthly gain since November 2017. A bearish divergence of the hourly chart relative strength index and overbought conditions signaled by longer-duration RSIs indicate scope for a pullback to $7,400. A rally to $8,500 could be seen in the U.S. trading hours if BTC invalidates the above bearish chart pattern with a move over $8,335. Bitcoin (BTC) clocked fresh 10-month highs earlier today and currently appears on track to post its largest…