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Bitcoin aiming for another 1-Year Low+++++ Push the like "Like" to reveal hidden content +++++ Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s. Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level. Support: $4385 $4055 Resistance: $4555 $4646 $4700 $5000
BITFINEX:BTCUSD
by CryptalDash
2
Bitcoin aiming for another 1-Year Low+++++ Push the like "Like" to reveal hidden content +++++ Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s. Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level. Support: $4385 $4055 Resistance: $4555 $4646 $4700 $5000
BITFINEX:BTCUSD
by CryptalDash
Bitcoin domination ends now?Following our previous idea on BTC/USD, it continues to trade in the green zone, which was spotted between the $5755 resistance and $4835 support. Long term The long term buying opportunity might have already presented itself, which at any time could invite large institutions to buy the mighty Bitcoin. But at the same time shorter timeframe should be observed more closely. Risk taking Today BTC/USD has tested a new lower low, hitting $5265, where it touched the downtrend tend line for the second time. The nearest resistance has been established at $5755, that is the lowest low, established back on the 24th of June. Clearly the downtrend is dominating and there are no signs of the reversal to the upside. Buying BTC is very risky at this point, nevertheless, there will be those who prefer to take the risk. Bitcoin domination The question is; what is the use case for the Bitcoin in the coming months and years. Back in the January 2018 the transaction cost for BTC was around $10 for BTC, that was nearly the same as a bank wire transfer cost. Also, sometime BTC transactions were taking more than a month for confirmation, that is simply unusable for many businesses. This could have been the starting point of the end of Bitcoin domination in the total market cap. Alternative to BTC Many altcoins provide solution to the BTC speed and transaction const issues. Some offer almost instant transactions with almost free transaction costs. These are the coins that could be adopted more widely in the future, thus taking a huge chunk of BTC market cap. Obviously, in this case, BTC capital could be migrating to other coin/s, which as a result, can bring the new cryptocurrency King dominating the market. BTC downtrend At this point we can only guess if or when this will ever happen, but considering such scenario could push the price of the Bitcoin much lower. Looking at the current state of the BTC price development, trend remains bearish. Nevertheless, there was no clean and confirmed break and close below the $5755 support. Yes, the spike has been produced below the $5755, but only daily close below the $5432 (today’s low) could confirm the downtrend continuation. The support The nearest support is seen at $5133, which his the 161.8% Fibonacci retracement applied to the corrective wave up after breaking the uptrend trendline. Next support is at $4835, which is 78.6% Fibs, as per the previous idea on BTC/USD. Seems that the key support area will be near $4835, while break below this level will rise more questions rather than give any answers, but perhaps it is a little premature to consider this scenario. BTC uptrend On the upside, the resistance is seen at $5755 (previous low), which if broken should push price further, up to $7100 area. This is the 88.6% Fibonacci level, that corresponds with the upper trend line of the descending channel. But all-in-all, price to be expected to range between the $5755 and $4835. Break above the resistance of below the support could shed more lights on further price development.
BITFINEX:BTCUSD
by CryptalDash