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Alexeifedorenko

Bitcoin facing tough resistance Bitcoin price failed to continue the recovery on Tuesday, with the $6,800 area represents a rather tough local resistance. During the early hours on Wednesday, BTCUSD has once again bumped into the barrier and turned lower, while keeping above the $6,500 level for the time being. The recent pressure on the digital currency came from stronger USD demand amid the general risk aversion. Meanwhile, the negative industry developments added to the bearishness. In particular, Bithumb, one of the largest cryptocurrency exchanges in Asia, said that 35 billion won of tokens were snatched. It is around $31 million. The exchange has temporarily frozen deposits and trading. This is already the second such incident in Korea, with just one week ago, Coinrail lost $40 million through a hack. Apart from these factors, the technical picture points to the downside risks as well. The coin remains within the bearish trend and could nurse additional losses in the near term, should the mentioned $6,800 resistance hold. The cryptocurrency needs to get back above $7,000 at least to target the $7,800 key local barrier.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin recovery won’t be easy Bitcoin managed to stage a recovery on Monday, with the price reached June 12 highs marginally below the $6,800 area. However, despite the immediate downside pressure has partially eased, the coin could resume the drop as the overall picture still looks unconvincing. During the early hours on Tuesday, BTCUSD has been trading with a bearish bias but keeps above $6,500. The digital currency got an upside boost from the reports that New York's Department of Financial Services granted Square a license, allowing users of the Cash app in the state to trade bitcoin. According to the app’s first quarter earnings call, it has 7 million active users. Nevertheless, this is not a meaningful driver for the BTCUSD pair which remains within the downtrend since late 2017. From the technical point of view, bitcoin has been trading above the key moving averages in the hourly charts, where the current picture looks neutral. Meanwhile, in the longer term timeframes, the background still looks bearish as long as the price is below the key $7,800 threshold. The cryptocurrency now needs to get back above the $7,000 figure to show a more sustainable rebound. On the downside, the immediate support lies around $6,400.
BITFINEX:BTCUSD
by fedorenkoalexei
1
Bitcoin: downside risks still persist Bitcoin trading was quite calm during the weekend, with the price has been consolidating above the $6,300 area after a drop to fresh 2018 lows earlier last week. The digital currency makes shallow recovery attempts on Monday and so far fails to attract buyers, which confirms that the bearish risks still persist. The recent hacks in South Korea did have a great impact on the cryptocurrency market, despite the events in fact haven’t affected any large coins. It’s a matter of trust in the industry which so far remains rather low due to the unresolved security issues, while the lack of regulation adds to uncertainty among investors. That’s why bitcoin fails to regain its attractiveness after last year’s rally. In the short term, BTCUSD needs to get back above the $6,600-6,700 area to get a chance for a more pronounced recovery. However, on the whole, the demand will likely remain too timid so far, and the bearish risks are still here. On the downside, the $6,000 threshold remains the key support area.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin needs to hold $6,000 or things will get even worse BTCUSD has recovered decently on Thursday as the coin managed to attract buyers at early-February lows marginally above the $6,000 threshold. Moreover, the cryptocurrency market breathed a sigh of relief after the influential SEC official said bitcoin and Ether are not securities. These two factors drove bitcoin north, to $6,700. Despite the local rebound, the market continues to look vulnerable to new losses. By the way, the recent dip below the $6,400 area in BTCUSD was in fact a confirmation of a deeper downtrend and has opened the way to the key psychological support at $6,000. At this stage, it’s very important for the digital currency to confirm the recovery above the $6,400 zone as it could help to prevent another sell-off. In a wider picture, there are still a lot of risks in the industry, including the regulatory ones. The ongoing bearish trend will come to an end at some point, but it’s hard to predict the exact levels that will stop the bears as the market itself is quite sporadic, volatile, emotional and unpredictable by its nature. If the coin derails the $6,000 figure, new lower lows will be formed.
BITFINEX:BTCUSD
by fedorenkoalexei
1
Bitcoin: unstoppable bears Bears still remain in control of the cryptocurrency market as after a period of consolidation, digital coins switched to a free fall which continues since Sunday. Bitcoin has accelerated its downtrend yesterday, with the price plunged below the $6,400 level, to early-February lows marginally above the $6,100 area. During the early hours on Thursday, the coin has staged a technical rebound and attempts to get back above the $6,500 area. Apart from the recent hack on a cryptocurrency exchange, the sell-off has intensified amid the new research that highlighted that last year’s bitcoin rally was just a fraud and the artificially inflated price action. This adds to the arguments for skeptics and further damages the reputation of the digital coin, which theoretically opens the way to further decline before it finds a bottom. The immediate goal for unstoppable bears now comes at $6,000. Should BTCUSD fail to hold above this threshold, the pair will likely visit mid-November lows below $5,800. But the coin will hardly go significantly lower from the current levels as the asset looks technically attractive for buying already. So there is a chance the pressure will ease somehow during the potential probing of the $6,000 figure. It is also possible that the price will regain the $6,500 level in the short term, but the current rebound looks rather unsustainable so far.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin: $6,000 on the radar After failed recovery attempts, bitcoin has resumed the decline and suffered another leg lower on Tuesday, which was the worst day since February. The digital currency has accelerated its decline and plunged below the key support around $6,500, down to early-April lows marginally above the $6,400 threshold. The persisting bearish factors including criticism from major participants of the financial industry, regulatory issues, various vulnerabilities and thefts in the cryptocurrency space prevent the coin from resuming the bullish trend, while the recent hack of the South Korean crypto exchange Coinrail has fuelled the sell-off. The current sentiment in the market shows there is a risk of further decline in the BTCUSD pair at least in the short term. The bears may take the coin even lower before buyers join the game at attractive levels. The cryptocurrency could target the $6,000 threshold next, should the price fail to stage a corrective rebound above the $6,800 area in the short term. BTCUSD needs to get back above $7,000 in order to partially offset the downside pressure.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin: timid signs of recovery Bitcoin is making recovery attempts on Tuesday but the momentum looks too slow and unconvincing to call a bottom and bet on a more significant rebound for the time being. The price has met support close to the $6,600 area yesterday, and now the coin is trying to get back above $7,000. The market is overwhelmed with the industry security issues again, after the recent hack on a small South Korean cryptocurrency exchange. This has fuelled the recent decline in the BTCUSD pair and also added to skepticism in the market. Against this backdrop, BTCUSD’s bullish potential is rather limited at the moment, and the downside risks still persist. From the technical point of view, the coin needs to stage a corrective rebound above the $7,000 level in order to avoid further losses in the short term. Otherwise, the digital currency could drop to fresh two-month lows below $6,600 and deepen its bearish trend. In the medium term, the coin’s upside target still comes at $7,800.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin: time to buy? The world's largest cryptocurrency by market capitalization has dropped over 10% on Sunday, taking its year-to-date losses to 50% amid the reports that a relatively small South Korean cryptocurrency exchange Coinrail was hacked. Despite Coinrail's public statements did not mention bitcoin, BTCUSD suffered dramatically along with other digital currencies and broke below $6,700, to two-month lows. Another significant bearish driver was the report from The Wall Street Journal that US regulators are investigating potential price manipulation at four major cryptocurrency exchanges: Bitstamp, Coinbase, itBit and Kraken. As these are big names in the industry, this caused the negative and cautious background in the market. Following a major one-day dip, bitcoin is attempting to stabilize and refrain from further losses. The BTCUSD pair seems to find a bottom at $6,650 and could recover from here in the short term, though the impetus looks limited. Bitcoin looks rather attractive for buying now, but it still may go a bit lower should some more news from the US regulators come in the nearest future. So it’s early to call a bottom, but some players may decide to buy some coins at the current two-month lows.
BITFINEX:BTCUSD
by fedorenkoalexei
2
Bitcoin: wait-and-see mode persists BTCUSD still struggles to get back above the $7,800 area which is a barrier on the way to the $8,000 threshold. The coin has been trading within the established short-term channel which needs to be broken for a more clear direction. Traders continue to refrain from more aggressive buying amid a lack of positive catalysts in the industry. On the other hand, a more clear regulatory status of bitcoin compared to other digital currencies could at some stage attract more institutional and long-term investors in the market. And hopes for such a scenario keep the coin No.1 afloat at this stage. As a result, the price remains in a wait-and-see mode. The coin has been trading with a downside bias on Friday, after a marginal recovery yesterday. In the short-term, the cryptocurrency needs to keep above the $7,500 figure in order to avoid a more aggressive sell-off from the current levels.The key medium-term support comes at $7,000.
BITFINEX:BTCUSD
by fedorenkoalexei
BTCUSD still lacks direction Bitcoin drifted lower Wednesday, along with other cryptocurrencies. BTCUSD however managed to keep above $7,400 and has resumed the recovery attempts today, with $7,800 remains the key hurdle for bulls in the short-term. Some negative impact on digital currencies came from SEC chief statement saying that the agency won’t ease securities rule for cryptocurrencies. Meanwhile, the research firm Trefis has lowered its year-end price target for bitcoin by about 17%, to $12,500 from the earlier estimate of $15,000, citing the lack of activity and inability to recover losses early in 2018. Overall, the No.1 digital currency still lacks direction and continues its consolidation below $7,800 for the last two weeks. There are no any catalysts in the market that could change the picture in either direction. Technically, the coin struggles to overcome the major resistance but manages to keep close to it, which suggests the bulls don’t want to give up and are ready to take any opportunity to push the price higher. The question is whether such an opportunity emerges any time soon.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin needs reversal confirmation Bitcoin has formed a reversal pattern which signals the uptrend may be coming, but some technicals highlight the bearish momentum is probably not exhausted yet. BTCUSD finished above the $7,500 area yesterday, with the price struggles to keep the upside impetus on Wednesday as bulls continue to refrain from challenging the key $7,800 threshold. There are no obvious industry catalysts or developments behind the latest moves. The local recovery could be partly attributed to a muted dollar dynamics as the US currency feels some pressure from Trump’s protectionist rhetoric. Overall, technical indicators continue to remain the major driving force for the coin which is trading mostly in a recovery mode since late May. At this stage, the digital currency needs reversal confirmation in order to avoid a sell-off in the short term. The immediate support lies at $7,350. As long as the price keeps above this area, the downside risks are limited. On the upside, the key level still comes at $7,800.
BITFINEX:BTCUSD
by fedorenkoalexei
1
BTCUSD back on course for $6,000? After a positive dynamics over the weekend, BTCUSD resumed the bearish move as the coin failed to challenge the local resistance at $7,800 amid rather thin trading volumes. Moreover, the price has derailed the $7,500 area, so a further decline can be expected in the short term. Apple co-founder Steve Wozniak said blockchain will become a widespread technology in around a decade's time and highlighted that “only bitcoinis pure digital gold”. But positive comments by another tech titan failed to inspire bitcoin bulls and this confirms that technical factors are the key drivers for the digital currency for now. As for the technicals, BTCUSD, which dropped to June 1 lows in recent trading, needs to regain the $7,500 as soon as possible. Otherwise, a more aggressive retreat can be expected with the key goal at $6,000. Should the coin fail to attract buyers around the current levels, the $7,000 figure can be derailed, which will be a clear bearish signal for the pair.
BITFINEX:BTCUSD
by fedorenkoalexei
1
Bitcoin needs to overcome $7,800 Bitcoin has appreciated over the weekend and finished the week with a 5% gain. The price struggles to keep the bullish momentum on Monday, though it keeps above $7,500 so far, so another upside break is still on the cards. Interestingly, the dollar mostly shrugged off the impressive US employment data on Friday, which suggests the USD bulls are apathetic for now. It means the digital currency may take advantage from the greenback’s indecisive behavior as well as from risk aversion which could be fuelled by the renewed trade-war worries in the global financial markets. BTCUSD has formed higher lows recently, which points to increasing upside risks. On the other hand, the coin struggles to make a clear break above the important local resistance at $7,800. A recovery above this level is needed to open the way to the $8,000 threshold. However, should the price come back below the moving averages in the hourly charts, the short-term technical outlook for the BTCUSD pair will get worse.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin set for another bullish attempt Bitcoin managed to stay afloat yesterday and as a result, closed just below the $7,600 resistance level which continues to cap bullish attempts. The cryptocurrency looks set for further rise but still lacks momentum in the directionless market on Friday. In the short-term charts, BTCUSD is stuck between the $7,400 and $7,600 figures, with recent bias signals about the increasing upside risks, though the coin is yet to confirm the reversal. A break and daily close above the $7,600 area will open the way to the key $8,000 threshold. In this scenario, the short-term technicals for the BTCUSD pair will improve substantially. In the longer term, the prospects remain uncertain. Bitcoin lost almost 20% in May and remains within the downtrend since mid-December. Interestingly, the 5-SMA is now below the 10-SMA in the monthly chart, which points at some bearish risks which will likely be felt at some point in the future.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin lacks momentum Bitcoin fails to stage a meaningful recovery this week, with the price struggles to overcome the key immediate resistance at $7,500. BTCUSD needs a clear break above this threshold in order to show a more sustainable upside bias, but obviously lacks momentum so far. The coin is attempting to erode the barrier on Thursday, up 3% on the day. Some bearish pressure came from Nobel Prize-winning economist Robert Shiller who has criticized the cryptocurrency once again. This time, he claimed bitcoin could become extinct within the next 100 years. Despite the industry has already got used to similar statements, this added to the coin’s weakness and limited its local upside potential. From the technical point of view, we can now see some signs of bearish exhaustion, including the narrowing gap between the 100- and 200-SMA in the hourly charts, which may be the prelude to a more pronounced rebound, should the $7,500 area gives up in the short term. However, despite the downside risks have abated, the $7,000 support remains in focus.
BITFINEX:BTCUSD
by fedorenkoalexei
BTCUSD: too early to call a bottom Bitcoin price has recovered strongly on Tuesday, with the price jumped from fresh 1.5-month lows around $7,000 to the $7,500 area. Today, the coin is trading flat on the day and struggles for direction amid relatively low trading volumes. There were two reasons behind the recent short-term price spike. The first driver is the technical one. The $7,000 area represents a strong psychological support which attracted buyers at interesting levels. The second catalyst is probably the political crisis in Italy which fueled a sell-off in the global financial markets and thus triggered demand for the decentralized currency. Despite the local rebound, it’s too early to call a bottom as the bearish trend remains rather firm, and trading volumes are quite low lately. The price needs to confirm a break above the $7,500 figure in order to overcome the next intermediate resistance of $7,650. As long as BTCUSD remains below this region, the $7,000 level is at risk.
BITFINEX:BTCUSD
by fedorenkoalexei
1