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Bitcoin Is Plunging And Indicators Point To A New Monthly Low Below $9,000

Bitcoin is currently declining and trading well below $9,500 against the US Dollar. BTC is likely to continue lower and it seems like the bears are aiming a break below $9,100 and $9,000. Bitcoin is facing an increase in selling pressure below the $9,500 pivot level. The price failed to clear the $9,540 resistance zone […]

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Bitcoin is currently declining and trading well below $9,500 against the US Dollar. BTC is likely to continue lower and it seems like the bears are aiming a break below $9,100 and $9,000.

  • Bitcoin is facing an increase in selling pressure below the $9,500 pivot level.
  • The price failed to clear the $9,540 resistance zone and it is currently declining.
  • There is a key bearish trend line forming with resistance near $9,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down and it is likely to break the $9,100 support.

Bitcoin Price Could Extend Losses

After a sharp decline, bitcoin price started an upside correction from the $9,100 support against the US Dollar. BTC managed to stay above the $9,000 handle and recovered above the $9,300 resistance level.

There was a break above the 23.6% Fib retracement level of the downward move from the $10,000 swing high to $9,090 low. It even moved above the $9,500 level, but failed to surpass the $9,540 resistance level.

It seems like the price failed to clear the 50% Fib retracement level of the downward move from the $10,000 swing high to $9,090 low. Bitcoin is currently declining and trading well below the $9,500 and $9,400 levels.

There is also a key bearish trend line forming with resistance near $9,400 on the hourly chart of the BTC/USD pair. The current price action suggests that the pair could continue to move down towards the $9,100 support zone in the near term.

Bitcoin Price
Bitcoin Price

If the bears remain in action in the coming sessions, there are chances of more losses below the $9,090 swing low. The next major support is near the $9,000 level, below which the price could revisit the $8,800 support level.

Chances of a Fresh Recovery in BTC

On the upside, bitcoin price is facing a lot of hurdles near $9,300 and $9,400. Besides, the 100 hourly simple moving average is also near the $9,500 level.

Therefore, the price must move above the $9,500 resistance zone and settle above the 100 hourly simple moving average to start a fresh upward move. The next major resistance above $9,500 might be $9,800.

Technical indicators:

Hourly MACD – The MACD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 30 level.

Major Support Levels – $9,100 followed by $9,000.

Major Resistance Levels – $9,300, $9,400 and $9,500.

Source: https://www.newsbtc.com/2020/06/15/bitcoin-btc-could-dive-new-monthly-low-below-9000/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-btc-could-dive-new-monthly-low-below-9000

Blockchain

Market Watch: Will The New Week Finally Move Bitcoin Price?

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Bitcoin has continued to overcome the recent adverse news and jumped to an intraday high of $11,550 a few hours ago. Ethereum has also increased in value to about $375, while most other large-cap altcoins remain relatively still.

Bitcoin Sees A $11,550 High

As reported yesterday, the weekend was fairly bullish for the cryptocurrency market. Despite reports indicating that the popular digital asset exchange OKEx has suspended withdrawals as its founder was purportedly taken away by the policy, Bitcoin stood firm at $11,350.

In the past 24 hours, the primary cryptocurrency has continued its way upwards. After gradually increasing to about $11,400, BTC spiked to a 3-day high of $11,550 (on Binance). This was the highest level since before the OKEx news broke out on Friday.

However, the bulls couldn’t keep the run going, and BTC dipped to $11,410 in the following hours. Nevertheless, the asset has reclaimed some ground and currently hovers around $11,440.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

The latest price increase could be related to the developments with US stock futures. The futures contracts of the Dow Jones Industrial Average and the S&P 500 jumped by 0.5%, while the Nasdaq 100 futures rose by 0.7%.

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Stability Among Large-cap Altcoins

After breaking above $370 yesterday, Ethereum has kept its momentum. Another $1.5% increase for ETH has pushed the second-largest cryptocurrency to about $375.

In contrast, Binance Coin has dropped by 2% despite the recent massive burn. As a result, BNB has dipped below $30.

The remaining top 10 representatives have displayed an untypical lack of volatility. Ripple (-0.5%), Bitcoin Cash (0.2%), Polkadot (0.4%), Chainlink (0.1%), and Litecoin (-0.2%) have essentially kept their value at the same levels as yesterday.

Cryptocurrency Market Overview. Source: quantifycrypto
Cryptocurrency Market Overview. Source: quantifycrypto

Filecoin is the most substantial loser for a few consecutive days now. FIL’s recent 22% dump has taken the asset to $31. As CryptoPotato wrote yesterday, FIL miners have it the worst.

Crypto.com’s native cryptocurrency has also lost a significant chunk of value. CRO’s 11% price slump means that it trades below $0.12.

The most impressive gains are evident from Aave and Uma. LEND has jumped by 20% to $0.49, while UMA (17%) trades at $8.75.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-will-the-new-week-finally-move-bitcoin-price/

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Blockchain

Users Unimpressed by China’s Digital Yuan Following a $1.5 Million Giveaway

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After a week of utilizing the $1.5 million worth of digital yuan sent to 50,000 Shenzhen citizens, those who used the funds to make regular everyday purchases weren’t impressed. However, analysts claimed that the trials are a significant step towards a real-life practical usage for China’s digital currency.

Digital Yuan Doesn’t Impress Shoppers

Numerous world central banks are reportedly working on launching their own central bank digital currency (CBDC). Although multiple reports in the past year suggested that China leads this race, the end-results were mostly theoretical.

However, it seemed that the landscape changed last week when news broke that the Shenzhen government gave away 10 million yuan (about $1.5 million) worth of the digital currency in a lottery to 50,000 people.

After downloading a designated app, users were able to receive and spend the funds at over 3,000 merchants in the region. This was the first notable practical usage for a digital currency.

Following a week of trials, the results surfaced earlier today, as reported by Reuters. Most users’ general conclusions indicated that the app and the digital currency operated similarly to already existing online payment applications such as Alipay and WeChat Pay.

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Having this in mind, senior economist at PwC China, G. Bin Zhao, said that the central bank and the government have to “invest heavily” in education, marketing, and applications for the digital yuan to become popularly accepted. He added that “it’s especially important to offer convenience and other benefits” to differentiate the digital yuan from the other applications.

A Global Game-Changer?

Despite the pessimistic conclusions from users, the real-life applications of China’s digital currency have put on edge other global superpowers such as the United States.

The digital yuan operates outside existing financial infrastructures like Swift. As such, the report highlighted the growing fears from the West that if the digital yuan reaches mass international usage, it could undermine the US dollar dominance as the most utilized global payment currency.

Chief China economist at ANZ, Raymond Yeung, asserted that the government would prioritize the digital yuan usage as it would allow authorities to monitor currency circulation more closely. He also broached other merits, such as preventing money laundering schemes and “levying negative interest rates on cash.”

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Source: https://cryptopotato.com/users-unimpressed-by-chinas-digital-yuan-following-a-1-5-million-giveaway/

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ETH Price Analysis: Ethereum’s Sideways Action To End At $400 Or $360 First?

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ETH/USD – Bulls Defend Support at 2019 Highs

Key Support Levels: $364, $355, $346.
Key Resistance Levels: $380, $396, $400.

Last week, Etheruem had surged as high as $396 as it hit the resistance provided by a bearish .5 Fib Retracement level. Over the week, Ethereum started to head lower from here as it broke beneath $376 to reach the support at the 2019 High at $364 on Friday.

ETH bounced higher over the weekend as it reached as high as $380. However, the coin is now facing short term resistance at a falling trend line and must overcome this level to continue higher toward $400.

It’s worth noting that the cryptocurrency is trapped in a range and it’s unable to break from it for the time being.

ethusd-oct19
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers manage to break the trend line and head above $380, the first level of resistance lies at $396 (bearish .5 Fib). This is closely followed by resistance at $400. Beyond $400, additional resistance lies at $410 and $416 (bearish .618 Fib).

On the other side, if the sellers push beneath $375, the first level of support lies at $364 (2019 Highs). Beneath this, support lies at $355, $346 (100-days EMA), and $336.

ETH/BTC – ETH Trading Inside Consolidation Pattern.

Key Support Levels: 0.032 BTC, 0.0315 BTC, 0.0311 BTC.
Key Resistance Levels: 0.0337 BTC, 0.034 BTC, 0.0347 BTC.

Against Bitcoin, Ethereum is currently trading within a symmetrical triangle pattern that started in the first week of September. Each time the bulls attempt to push above the triangle, they are rejected by the upper boundary and head lower.

Last week, they tried to push above 0.0337 BTC (March 2019 Support – now resistance) but failed to follow through. As a result, they headed into the lower boundary, where the market rebounded over the weekend to reach the current 0.0327 BTC level.

ethbtc-oct19
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the buyers can break the upper boundary, the first level of resistance lies at 0.0337 BTC. Above this, resistance is expected at 0.034 BTC, 0.0347 BTC, and 0.0352 BTC.

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at 0.032 BTC (100-days EMA), 0.0315 BTC, and 0.0311 BTC (.618 Fib Retracement).

The RSI is at the mid-line, which shows the market is in a state of indecision. For a break above the triangle, the RSI must break the mid-line to show bullish momentum within the market.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-price-analysis-ethereums-sideways-action-to-end-at-400-or-360-first/

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