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BTC / USD Price Analysis: Shock TherapyBTC / USD Short-term price analysis Bitcoin retains its bullish short-term trading bias, with the BTC / USD pair still trading above its 200-period moving average on the four-hour time frame despite the recent decline. The four-hour time frame is showing that a strong technical correction is underway, with the April 12th swing-low the key area to watch if the decline continues. Technical indicators on four-hour time frame have now turned bearish and are continuing to issue strong sell signals. Pattern Watch Traders should note that a bearish head and shoulders pattern could start to form on the four-hour time frame. Relative Strength Index The Relative Strength Index indicator on the mentioned time frame is bearish and continues to point lower. MACD Indicator The MACD indicator on the four-hour time frame has turned bearish, with the MACD signal line and MACD histogram issuing a strong sell signal. Fundamental Analysis Although Bitcoin has been bullish over the past few weeks, the news that NY prosecutors have accused Bitfinex exchange of covering $850 million loss using Tether funds has generated a sell-off in the market. BTC / USD Medium-term price analysis Bitcoin retains its bullish medium-term trading bias, with the BTC / USD pair still holding above its 200-day moving average. The daily time frame is showing that major support below the $4,900 level is located at the BTC / USD pair’s 200-day moving average, at $4,500. The falling wedge on the mentioned time frame is critical technical support for the BTC / USD pair, at $3,900. Technical indicators on the daily time frame have turned bearish and show scope for further downside. BTC / USD Daily Chart by TradingView Pattern Watch Traders should note that the major bullish breakout on the daily time frame still remains valid while price trades above trendline support, at $3,900. Relative Strength Index The Relative Strength Index has turned bearish and also shows scope for further downside. [ MACD Indicator The MACD indicator on the daily time frame has turned bearish and shows scope for further downside. Fundamental Analysis The medium-term prospects for Bitcoin remain highly speculative. However, on a fundamental level its transaction count is approaching late 2017 bull-run levels, which is a clear sign of recovering adoption. If this trend continues, it will likely be only a matter of time before price follows. Conclusion Bitcoin has started to correct lower after finding strong technical resistance from the $5,600 level. The BTC / USD pair could trade even lower if short-term sellers can hold price below the $4,900. The BTC / USD pair’s medium-term outlook remains bullish above the $4,500 level, while moves below the $3,900 level could trigger major technical selling.
BITFINEX:BTCUSD
by CryptoBriefingTA
BTC / USD Price Analysis: All ClearBTC / USD Short-term price analysis Bitcoin has a bullish short-term trading bias, with buyers regaining control of the BTC / USD pair and moving the number one cryptocurrency to a new 2019 trading high. The four-hour time frame is showing that the inverted head and shoulders pattern has reached its overall target, while the bearish head and shoulders pattern on the mentioned time frame has now been invalidated. Technical indicators on four-hour time frame have now turned bullish and show that more short-term gains appear likely. Pattern Watch Traders should note that the $5,700 level is now the strongest form of near-term technical resistance. Relative Strength Index The Relative Strength Index indicator on the mentioned time frame is bullish and highlights the growing short-term bullish pressure. MACD Indicator The MACD indicator on the four-hour time frame has turned bullish, with the MACD signal line and MACD histogram issuing a strong buy signal. Bitcoin / USD Medium-term price analysis Bitcoin has a bullish medium-term trading bias, with the BTC / USD pair continuing to gather upside momentum above its 200-day moving average. The daily time frame shows that the bullish breakout from the falling wedge pattern is steadily gathering pace, with the November 8th, 2018 swing-high, at $6,500, now the strongest area of technical resistance above the $5,700 level. Technical indicators on the daily time frame remain bullish, although they are trading close to overbought levels. BTC / USD Daily Chart by TradingView Pattern Watch Traders should note that the overall upside objective of the falling wedge pattern on the daily time frame is located close to the $10,000 level. Relative Strength Index The Relative Strength Index on the daily time frame is bullish, although it is once again approaching overbought conditions. MACD Indicator The MACD indicator on the daily time frame is bullish, although the MACD signal line is trading in overbought territory. Conclusion The number one cryptocurrency has made an impressive upside move after performing a series of bullish daily price closes above the important $5,200 level. Short-term bulls now face strong technical resistance from the $5,700 level, while the daily time frame is highlighting the $6,500 level as the strongest area of medium-term resistance.
BITFINEX:BTCUSDLong
by CryptoBriefingTA
BTC, USD INDEX, INFLATION & GOLD This chart provides a correlation between BTC USD, USD Dollar Index, Inflation, & Gold Asset class. Hypothesis: BTC would be an asset class similar to gold. Questions Is BTC a digital equivalent of a decentralized gold vs USD as a currency controlled by a central gov? Will historic US gov debt influence the strength of dollar which will inturn make asset classes like gold or BTC attractive? Will the decentralization vs centralization approach influence the BTC and blockchain future growth?
COINBASE:BTCUSD
by rakeshinnovation
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