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BTC/USD - Weekly OverviewThe overall market conditions are falling into the bear trap towards the end of August. The past monthly performance of BTC suggests that the upcoming month of September is said to be bearish and the build-up is witnessed during the end of August. Pretty much similar happening in the current market scenario. Moreover, after a negative breakout from the rising channel pattern during the past week, the price level has faced a steep decline and potentially formed a falling channel. Technical indicators suggest that more downfall can be expected in the upcoming days. RSI level has reached the oversold region and needs a positive bounceback. MACD levels have gone below the histogram again and faced multiple bearish crossovers. Overall, incase of further downfall, support levels can be placed at $18K and $17K. However, if the world’s largest cryptoasset showcases some positive momentum, resistance levels can be placed at $21K and $23K.
COINBASE:BTCUSDShort
by TradeDog-Research
BTC/USD - Weekly OverviewThe past weekly price performance of Bitcoin was witnessed within the rising channel pattern. The world’s largest cryptocurrency is moving within the bullish pattern since the previous month suggesting a strong build-up by the bulls However, during the past week, the price level regularly tested the lower base of the pattern suggesting profit booking momentum alongside. On the moving averages. MA-20 is providing strong support while residing at around $23.9K. Any breakdown below it can result in bears coming back into the scenario The RSI level is also maintaining strong sustainability above 50 but is being regularly tested. For further emphasis, we have used DMI which reflects upon the prevailing sentiment. A positive crossover of ADX against +DI is witnessed on the chart which suggests -DI has some room to increase the negative sentiment. Overall, BTC is currently being traded at a critical level wherein it needs to find sustainability and positive sentiment to carry forward the bullish momentum built over the past month. The resistance levels can be placed at $25K and $27K. Whereas, support levels can be placed around $23K and $21K.
COINBASE:BTCUSDShort
by TradeDog-Research
BTC/USD - Weekly OverviewAs previously suggested by our team of analysts, Bitcoin is moving within the rising channel pattern marking higher highs and higher lows. The pattern also represents positive sentiment present in the overall market conditions. Considering moving averages, MA-50 is showcasing a positive trend on that chart and had provided support to the price level on multiple occasions during the past couple of weeks The MACD level is also looking at the potential to have bullish crossover which can further result in more positive momentum for the world’s largest cryptocurrency. The RSI level is also backing the hypothesis of a positive trend as a sharp positive bounceback is reflected on the chart. The current level is residing at around 62.10. Overall, BTC has developed strong sustainability around $22.5K and $21K. If the positive momentum continues to sustain, it can face resistance at $24K and $25K respectively.
COINBASE:BTCUSDLong
by TradeDog-Research
BTC/USD - Weekly OverviewDuring the past week, BTC had developed a strong support base of around $19K besides being traded below the crucial psychological mark of $20K on multiple occasions. The weekly high was registered at around $22.5K testing the resistance present at 0.236FIB level. With the recorded CMP at $20,560, MA-10 is looking at the potential to have a positive crossover against MA-5 which can result in more positive momentum if happened. The MACD level are supporting the hypothesis as the level had crossed above the histogram for the first time since the last month. Overall, BTC had developed support levels at $20K and $18K. The hurdles currently faced by the bulls are around $23K and $25K respectively.
COINBASE:BTCUSDLong
by TradeDog-Research
BTC/USD - Weekly OverviewFor the past week, Bitcoin is attempting to create sustainability above the psychological crucial mark of $20K. Additionally, after a positive crossover of MA-7 against MA-20, we haven’t witnessed any sharp downfall on the chart. However, the price level still remains below MA-50 which suggests that there is still a bearish sentiment in the overall market conditions. On the other hand, the RSI level is showcasing strong bounceback from the oversold region and has formed a rising channel pattern. The current level lies at 44.81. Last time, when the level was above 50, BTC was trading above $30K. With the ongoing positive trend on a shorter timeframe, BTC is expected to face resistance at $22K and $24K respectively. On the contrary, support levels could be placed at $20K and $18K respectively.
COINBASE:BTCUSDLong
by TradeDog-Research
BTC/USD - Weekly OverviewThe world’s largest cryptocurrency has again fallen in the hands of bears as BTC has slipped below the crucial support levels of $28K, $26K, and $24K respectively. The magnitude of downfall is around -15% on the 24H-timeframe. The primary reason behind the sharp downfall is said to be a global selloff fueled by the fear of inflation, the prospect of recessions in major economies, and imminent interest rate hikes On the charts, the price level has broken below the lowest level of the Fibonacci retracement table followed by a negative crossover of MA-10 against MA-25. All these are certainly indications of stringent bearish momentum in the overall market conditions. The MACD level has also formed a bearish crossover on the daily timeframe along with red bars formation on the histogram The tension is developing around the crucial support of $20K because in 2017 when Bitcoin hit the mark for the very first time, it fell 80% down for the next 12 months that were followed. An 80% downfall from its current ATH resulted in a price level reaching $13,470. This would be calamitous for entities including MicroStrategy, which recently confirmed that they will start facing margin calls if BTC falls below $21K. Overall, the new support levels can be formed at $22K and $20K respectively, while, if the much-needed positive momentum kicks back, resistance can be placed at $28K and $30K.
COINBASE:BTCUSDShort
by TradeDog-Research
BTC/USD - Weekly OverviewAfter facing bearish momentum for the past couple of months, BTC is finally able to sustain above the crucial mark of $30K. Although the magnitude of the upside has been negligible since the start of June, sustainability might definitely provide a breather for altcoins too. BTC price level is trading above both MA-10 & MA-25 which can be a positive signal. Meanwhile, there’s a positive breakout for MA-10 against MA-25. A bullish crossover above the major resistance level of $32K might bring back the much-needed positive momentum. The MACD is also supporting the hypothesis currently as the level is in the potential to bounce back above the histogram. Overall, a resistance level of $32K will be a significant role for this week followed by $34K. On the opposite side, support levels can be placed at $30K and $28K.
COINBASE:BTCUSD
by TradeDog-Research
BTC/USD - Weekly OverviewThe world’s largest cryptocurrency is been trading between the crucial price zone of $28K to $32K for the past week. It can be considered that BTC is forming a consolidation range on lower levels at regular intervals amid bear market sentiment. The previous consolidation range formulated from $38K to $42K which lasted for almost a month. On the Fibonacci retracement table, the price is trading at the lowest level which indicates that we might face any of the dual possibilities with a sudden momentum. A positive breakout above EMA-20 and EMA-50 is also witnessed which can be a positive signal. The RSI level has started to showcase negative nature retracing back from 60 and currently residing at 57.10. The MACD level is also struggling for a positive breakout above the histogram. Overall, the support levels can be placed at $28K and $26K respectively. Incase of a comeback of bulls, resistance can be placed at $32K and $34K.
by TradeDog-Research
BTC/USD - Weekly OverviewThe bears continued their wrath on BTC and the overall market conditions during the past week. Bitcoin fell below the crucial support levels of $37K and $34K in no time during the past week, reflecting extreme bearish sentiment. The price level has again formed a falling channel pattern after facing strong resistance at the 0.5FIB level. A negative breakout below the 0.236FIB level suggests some caution for investors as the potential for further downside is opened. The directional movement index reflects the solid selling sentiment faced by the world’s largest cryptocurrency. The ADX (average) and -DI (selling pressure) move hands together, residing at 30.78 and 29.32, respectively. On the downside, the levels to watch out for will be $32K and $28K. In the opposite case, if the bulls come back, resistance can be placed at $38K and $40K, respectively.
Short
by TradeDog-Research
BTC/USD - Weekly OverviewThe bearish sentiment has again caught up with the overall market conditions from the past week. On the weekly basis, the price level has fallen by -1.27% while the monthly loss has amounted to -7.57% at the time of recording. On the Fibonacci retracement table, BTC faced formidable resistance at the 0.382FIB level which is placed at $47413.42, and faced a significant downfall thereafter. The price level did make an attempt to achieve sustainability above the 0.236FIB level ($42580.58) but the selling pressure enforced further downfall. On the moving averages, EMA-20 (41721.80) had faced a negative crossover against EMA-50 (42152.42) which is a bearish signal. The price level is also trading below all the significant EMAs reflecting the existing selling sentiment among investors. Currently, the price level is falling towards the critical support level of $37K wherein we could expect consolidation for halting the bears’ wrath. Further downfall below the mentioned level could bring another crucial support of $34K into the play.
Short
by TradeDog-Research
BTC/USD - Weekly OverviewOn the 1D-candlestick timeframe, BTC continues to face resistance at $47.3K. On the Fibonacci retracement level, the resistance is placed at the 0.382FIB level. The price level hints for a possible consolidation range looking to form between $44K to $48K. A breakout from the upper range of $48K can be positive signal for hitting the potential target placed at 0.5FIB level. On the other side, if the price level faces a negative breakout below $44K, the support is placed at 0.236FIB level. However, the price level is still able to maintain sustainability above EMA-200 which is a positive sign In case of further upside, the potential target can be set at 0.5FIB level which is placed at around $51K EMA-20 is also looking in the potential to have a positive crossover against EMA-200 which could result in an increase in volatility for the world’s largest cryptocurrency
Long
by TradeDog-Research
BTC USD PRICE ACTION ANALYSIS. This is a weekly chart analysis of BTC. Yesterday in a sudden crash, BTC has broken the support trendline. But the confirmation for the downtrend will be the price breaking below the 41k level. Until it breaks below the 41k, BTC may be in consolidation. If the price manages to bounce off the 41k mark after reaching it for support, add quantity in a long position. If the fall continues, then go long at the demand zone. The target and stop-loss levels are mentioned on the chart. Happy trading :) This is just for educational purposes.
COINBASE:BTCUSDLong
by Sanjan91
BTC/USD: Focus on spot market volumeBitcoin's recent leg higher from $30K to $48K is accompanied by falling volumes (falling trendline on volume chart) on Coinbase, which is considered synonymous with institutions and high net worth individuals/entities. As such, it looks to be a leverage-driven rally, which makes BTC vulnerable to overheating of funding rates (cost of holding longs). Unless spot market volumes pick up, BTC now looks set for a pullback to 42K. I dont need to say that it will be a buying opportunity for long-term investors.
COINBASE:BTCUSD
by OmiFX8