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TA: Bitcoin Prints Bullish Pattern, Why Dips Turn Attractive For BTC

TA: Bitcoin Prints Bullish Pattern, Why Dips Turn Attractive For BTC

Bitcoin price formed a base above $35,000 and started a fresh increase against the US Dollar. BTC broke the $38,000 resistance and it even traded close to $40,000.

  • Bitcoin started a fresh increase above the $38,000 and $38,500 resistance levels.
  • The price is currently well above $38,000 and the 100 hourly simple moving average.
  • There was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $38,000.

Bitcoin Price Gains Bullish Momentum

Bitcoin declined slowly, but the bulls were active near the $35,000 support zone. BTC formed a base above the $35,000 level and it recently started a strong increase.

There was a clear break above the $36,500 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair.

The pair gained pace and it broke the key $38,000 resistance level. The upward move was such that the price traded close to the $40,000 level.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

A high was formed near $39,849 and the price is now correcting lower. It broke the $39,000 support level to start the current correction. An immediate support is near the $38,650 level. It is close to the 23.6% Fib retracement level of the upward wave from the $34,916 swing low to $39,849 high.

On the upside, an initial resistance is near the $39,200 level. The first major resistance is near the $39,800 and $40,000 levels, above which the price likely to gain bullish momentum. The next resistance is near the $42,000 level.

Dips Supported in BTC?

If bitcoin fails to clear the $39,800 resistance, it could start a downside correction. An initial support on the downside is near the $38,600 level.

The first major support is near the $38,000 level. The main support is now forming near the $37,500 level. It is close to the 50% Fib retracement level of the upward wave from the $34,916 swing low to $39,849 high. A downside break below the $37,500 support zone could push the price towards the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower from the 75 level.

Major Support Levels – $38,000, followed by $37,500.

Major Resistance Levels – $39,500, $39,800 and $40,000.

Source

Bitcoin Price Prediction: BTC/USD Trades Above $37,400

Bitcoin Price Prediction: BTC/USD Trades Above $37,400

Bitcoin Price Prediction – June 13

The Bitcoin price touches the major resistance level at $37,490 instead of just battling with supports.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $43,000, $45,000, $47,000

Support Levels: $30,000, $28,000, $26,000

Bitcoin Price Prediction
BTCUSD – Daily chart

BTC/USD is currently pushing the price above the nearest resistance level. The coin is moving above $37,000 to trade at $37,390 at the time of writing. More so, the Bitcoin price has gained over 5% since the European session as it is using $34,780 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

Bitcoin Price Prediction: What Could Be the Next Move?

The return above $37,000 could set the framework for gains towards $40,000. Meanwhile, the technical indicator shows that the bulls are ready for action especially when the up-trending Relative Strength Index (14) is considered. Any further bullish movement above the 9-day and 21-day moving averages could pave the way for gains above $38,500. Other resistance levels are located at $43,000, $45,000, and $47,000.

Looking at the downside, if the Bitcoin price falls back below the $35,000 level and move to cross below the moving averages, the bears may wrestle out the control over the situation very quickly and the next important support may come at $33,000, which could be followed by $30,000, $28,000, and $26,000 support levels.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, the Bitcoin price is currently trading around $38,796 above the 9-day and 21-day moving averages after a reversal from $34,840. Meanwhile, the 4-hour chart shows that the bullish supply is coming up in the market while the bears are also trying to bring the price down.

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BTCUSD – 4 Hour Chart

Furthermore, if the buyers could strengthen and energize the market more, they can further push the price to a $40,000 resistance level. Therefore, breaking the mentioned resistance may likely allow the bulls to test the $41,000 and above. In other words, the Relative Strength Index (14) is currently moving towards the overbought region, but when it turns down; the bears could step back into the market and bring the price to the support level of $36,000 and below.

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Bitcoin Price Prediction: BTC/USD Price Plummets Below $36,000

Bitcoin Price Prediction: BTC/USD Price Plummets Below $36,000

Bitcoin Price Prediction – June 12

The Bitcoin price is spreading the bearish move to areas just below $35,000 after numerous attempts to hold gains above $37,500.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $42,000, $44,000, $46,000

Support Levels: $30,000, $28,000, $26,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD falls below $37,448 as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $37,000 following a significant breakout in the last few days. Therefore, the bearish control is seen across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Can BTC Price Go Lower?

The Bitcoin price is trading at $38,825 with an intraday loss of 4.05%. The prevailing trend is bearish with expanding volatility. However, the first digital asset is currently consolidating in a bearish flag pattern. Meanwhile, a breakout in this pattern in the direction of the previous trend is expected to continue. In this case, BTC/USD is expected to drop and stay below 9-day and 21-day moving averages and could move towards the critical support levels at $30,000, $28,000, and $26,000.

However, if the Bitcoin price stays above the moving averages; the price could rise to $38,000 vital resistance. Therefore, a further bullish drive could push the price to $42,000, $44,000, and $46,000 resistance levels. The technical indicator Relative Strength Index (14) is moving below 45-level, which shows a possible more bearish momentum may continue to play out.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

At the opening of the market today, the Bitcoin price first went up but dropped slightly within 24 hours, bringing its price from $37,448 to reach around $35,790. Should the price continue to drop below the 9-day and 21-day moving averages, it could reach the nearest support level at $33,000 and below.

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BTCUSD – 4 Hour Chart

However, should in case the bulls push the coin above the upper boundary of the channel, the Bitcoin price could reach the potential resistance level of $38,000 and above. Presently, the market may continue to move sideways or experience an uptrend as the Relative Strength Index (14) indicator moves above 45-level.

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Why Bitcoin Could Slingshot Back To Lows Before Gaining Momentum

Why Bitcoin Could Slingshot Back To Lows Before Gaining Momentum

Bitcoin price is making its best attempt yet to climb back above $40,000 since the big crash in May. Thus far, the phrase “sell in May and go away” has worked like a charm, and it could take longer before buying coins back again is a profitable strategy.

That’s because the top cryptocurrency is struggling to hold above the middle-Bollinger Band, and if it can’t hold, it could result in another retest of the bottom of the band. Another retest could finally push the price per <a class="wpg-linkify wpg-tooltip" title="

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” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin below support, making a clean sweep before a reversal.

Deja Vu: Why A Historic Move Could Be On The Horizon

For anyone who was around the crypto market during 2019, it feels like deja vu. At above $10,000, it wasn’t uncommon to see traders claiming the next stop was $100,000 or more. They were wrong, and Bitcoin crashed.

When it did, and sentiment shifted bearish, the cryptocurrency reversed with the third most profitable day on record. Anyone familiar with the October 2019 “China pump” knows that things can turn around fast, even when they seem at their worst.

Related Reading | Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally

Indicators are primed in the same way and so is sentiment, and the latest rally following a morning star reversal and dragonfly doji serve up plenty of bullish signals.

Why then, are the Bollinger Bands warning of one more potential collapse – matching the China pump a lot more closely than the current price action.

bitcoin bollinger bands

bitcoin bollinger bands

Could Bitcoin sweep lows one more time? | Source: BTCUSD on TradingView.com

Bitcoin Price Could Slingshot Lower Before A Bounce Back To Highs

The Bollinger Bands created by John Bollinger are a versatile technical analysis tool that measures volatility, highlights support and resistance, and much more. When the bands tighten or squeeze, it is a sign a massive move is coming ahead, and so far the tool is signaling something shocking should soon happen. But when?

Related Reading | Bitcoin Daily Dragonfly Doji Gives Bulls Hope Of Sharp Reversal

Not quite yet, if the middle-Bollinger Band – a simple moving average – is lost as support. During the prelude to the historic China pump, the middle-BB was lost not once but twice.

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bitcoin repeat wiWw1sIs

Indicators also match the last time Bitcoin got so confusing | Source: BTCUSD on TradingView.com

Bollinger Band Width is at similar lows, but should hang there a while long. BB% could sweep the current low like it did in 2019 before slingshotting back upward.

Finally, the LMACD is also exhibiting a very similar pattern and if another bearish crossover happens, it could be a massive trap like the last time around. But for now, beware of one more sweep of lows before a reversal.

Featured image from Deposit Photos, Charts from TradingView.com

Source

TA: Bitcoin Signals Fresh Decline, Why Dips Could Be Limited In BTC

TA: Bitcoin Signals Fresh Decline, Why Dips Could Be Limited In BTC

Bitcoin price extended its upward move above the $37,500 resistance against the US Dollar. BTC failed to clear $38,500 and it is now correcting lower.

  • Bitcoin traded above $38,000, but it failed to continue higher above $38,500.
  • The price is currently well above $35,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline, but the bulls are likely to remain active near $35,000.

Bitcoin Price Correcting Gains

Bitcoin settled well above the $35,000 and extended its upward move. BTC even broke the $37,500 resistance, but the bulls failed to gain strength for a break of the $38,500 hurdle.

A high was formed near $38,425 and the price is now moving lower. It broke the $37,000 support level to start the current correction. There was a break below the 23.6% Fib retracement level of the upward wave from the $31,052 swing low to $38,423 high.

Besides, there was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD pair. However, the pair is still well above $35,000 and the 100 hourly simple moving average.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $37,000 level. The first major resistance is near the $37,500 level, above which the price likely to revisit the $38,500 resistance zone in the near term. The main resistance is still near the $40,000 level.

Dips Supported in BTC?

If bitcoin fails to clear the $37,500 resistance, it could extend its decline. An initial support on the downside is near the $36,000 level.

The first major support is near the $35,500 level. The main support is now forming near the $35,000 level and the 100 hourly SMA. It is close to the 50% Fib retracement level of the upward wave from the $31,052 swing low to $38,423 high. A downside break below the $35,000 support zone could push the price back into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $36,000, followed by $35,000.

Major Resistance Levels – $37,500, $38,500 and $40,000.

Source

Can Bears Force Michael Saylor To Sell His Bitcoin? Analyst Shared Bullish Theory

Can Bears Force Michael Saylor To Sell His Bitcoin? Analyst Shared Bullish Theory

In May, an alleged “insider” claimed that a group of Bitcoin Whales were trying to get a series of positions liquidated from a big player. Justin Sun, founder of blockchain TRON, and Michael Saylor, CEO of software company MicroStrategy, were the top 2 suspect targets.

The rumor has extended as Saylor announced new BTC purchases and issued more debt for the company to expand its BTC holdings. As it was reported recently, the company will use $1.6 billion obtained via a debt instrument to buy more Bitcoin.

With the cryptocurrency losing over 50% of its value in over a month, many wonder what will happen if the downtrends continue, will MicroStrategy’s position be compromised?

Anonymous analyst “degentrading” tackled this “Saylor Fud” and claims that the executive’s and his company’s situation is “not as dire”. The analyst said:

The latest bond issuance will only be senior secured on the BTC that he plans to accumulate on the proceeds from this issuance. I.E – Even if this 400M bid fails to support the market and there is liquidation – the 92,079 of BTC held will NOT be at risk.

The analyst went more in-depth on MicroStrategy’s capital structure. The company has 2 outstanding bonds to be mature by 2025 and 2027. The former has a 0.75% interest and the other has none, as seen below.

Bitcoin BTC BTCUSDBitcoin BTC BTCUSD
Source: Degentrading (@hodlKRYPTONITE)

Will MicroStrategy Sell Their Bitcoin (BTC)?

The software company must pay around $5 million annually in interest for their debts. As the analyst concluded, MicroStrategy generates around $50 million in net profit per year. In theory, the company can pay for its financial commitments.

This means that from now till 2025 at least, Saylor CANNOT be liquidated as long as he pays the interest on the 0.75% 2025 bond.

Other users claim that Michael Saylor could be forced out of his position as CEO. The company would then be free to sell their Bitcoin, in case of a major drop in the crypto market. With over 90,000 BTC in their treasury, this would create enough selling pressure to push BTC’s price further down.

However, Saylor owns 25% of the business and holds 72% of the shares with 10x voting power, as the analyst discovered: “Saylor CANNOT be forced by anybody to sell”.

“Degentrading” reached three important conclusions. First, the most recent debt acquired by MicroStrategy will not have an effect on their overall Bitcoin holding; the company cannot be liquidated out of its position. Second, the interest rate is too low to put the company at risk.

Finally, Saylor has enough control over the board, due to his high voting power, to keep his post as CEO and hold their BTC.

As the chart below shows, MicroStrategy (MSTR) shares were once valuated at $3,000 during the year 2000. By the end of that year, the company went on to lose 99.6% of its value until their BTC purchase announcement in 2020.

Bitcoin BTC BTCUSDBitcoin BTC BTCUSD
Source: Degentrading (@hodlKRYPTONITE)

For over two decades, as the analyst said, Saylor has held his position. The recent crash in Bitcoin’s price is but “a blip” in the executive’s history with the market.

At the time of writing, BTC trades at $36,553 with gains in the lower timeframes, but heavy losses in the 2 week and 30-day charts.

Bitcoin BTC BTCUSDBitcoin BTC BTCUSD
BTC with bullish momentum in the 24-hour chart Source: BTCUSD Tradingview

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