Little Relief in Sight as Bitcoin Price Closes at 7.5-Week Low

View Bitcoin suffered its lowest UTC close in over seven weeks on Wednesday, reinforcing the bearish view put forward by the rejection at the 50-candle moving average (MA) on the 6-hour chart yesterday. The close at multi-week lows also dashed hopes of a falling wedge breakout. The cryptocurrency also created a bearish outside reversal candle on the daily chart yesterday, opening the doors for a drop to falling channel support at $3,230. A strong move above the 50-candle moving average on the 6-hour chart, currently at $3,434 will likely weaken…

Little-Known Resistance May Be Blocking Bitcoin Price Bounce

View Bitcoin continues to chart bearish lower highs along the 50-candle moving average on the 6-hour chart. The immediate bias remains bearish while the cryptocurrency is held below that average line, currently at $3,450. Recent history shows bull failures at the 6-hour 50-candle moving average are often followed by a drop below the recent low. BTC, therefore, risks printing fresh multi-week lows below $3,322 (Jan. 29 low), having faced rejection at the crucial moving average hurdle earlier today. A convincing 6-hour close above the moving average resistance will likely weaken…

Bitcoin’s Daily Price Range Hits Three-Month Low

View Bitcoin’s daily price range has dropped to levels last seen in the weeks leading up to the sell-off witnessed mid-November. The latest bout of consolidation, however, looks more likely to end with a move to the higher side, as the cryptocurrency has created a falling wedge on the daily chart. Further, signs of bearish exhaustion have emerged on the 4-hour chart. A strong move above $3,430 would confirm a falling wedge breakout and open the doors to $3,658 (the high of the bearish gravestone doji created on Jan. 26).…

Bitcoin Price Charts Offer Glimmer of Hope to Struggling Bulls

View Bitcoin has charted a falling wedge pattern on the daily chart. A break above $3,450 would confirm a wedge breakout and expose key resistance lined up at $3,658 (the high of the gravestone doji candle created on Jan. 26). A violation there would expose the psychological resistance of $4,000. The prospects of a falling wedge breakout would weaken if the cryptocurrency suffers a channel breakdown on the 4-hour chart. The slow drip bitcoin (BTC) price sell-off seen over the last six weeks has produced a bullish pattern on the…

Bitcoin Price Hits Record Sixth Consecutive Month of Losses

View Bitcoin registered losses for a record sixth straight month in January, reinforcing the bearish view put forward by the moving average studies on the monthly chart. As a result, a re-test of December lows near $3,100 could be on the cards. The odds of a sustained rise to $4,000 would improve if the 200-week moving average at $3,298 serves as strong support and ends up pushing prices above $3,658 (high of last Saturday’s gravestone doji candle). Bitcoin’s price fell for a record sixth time in January, after an early…

February Is Often Good for Bitcoin Prices, Will History Repeat in 2019?

View The probability of bitcoin ending its four-year February winning streak in 2019 is high, as the primary trend is bearish for the first time in the last three years. Further, BTC’s failure to capitalize on a bullish pattern on the 3-day chart indicates bearish sentiment is still quite strong. BTC risks falling to December lows near $3,100 in the next few days. The odds of BTC ending February in the green would rise sharply if prices see a strong bounce from the crucial 200-week moving average at $3,298. Bitcoin…

Bitcoin Eyes Minor Price Bounce But Bear Trend Intact

View Bitcoin’s minor recovery rally from six-week lows could be extended further to levels above $3,500 as back-to-back long-tailed daily candles are indicating a lack of conviction among sellers, despite Monday’s high-volume range breakdown. A break above the downward sloping 10-day MA of $3,511 would expose the crucial resistance of $3,658 (the high of Saturday’s gravestone doji and last week’s classic doji candle). The outlook would turn bullish if BTC secures a convincing UTC close above $3,658. Rejection at the 10-day MA would reinforce the primary bearish trend and could…

Down Again: Bitcoin Is Closing on Key Long-Term Price Support

View Bitcoin is again closing on the 200-week moving average, which served as strong support in December. The weekly RSI is more bearish this time round, though, and is reporting undersold conditions. A weekly close below that level could be followed by a slide back to September 2017 lows near $2,970. A failure to push prices below the 200-week SMA support would weaken the bears. A bullish reversal, however, would be confirmed only above $3,658 – the high of gravestone doji carved out Saturday. Bitcoin (BTC) is on the defensive…

Bitcoin Price Looks South After Drop to Six-Week Lows

Bitcoin ended a two-week period of consolidation with a drop to six-week lows earlier today. The leading cryptocurrency by market value fell below $3,470 at 04:45 UTC, confirming a downside break of a triangle pattern. That range breakdown was followed by a quick slide to $3,357 – the lowest level since Dec. 17 – according to Bitstamp data. A prolonged period of consolidation usually yields a big move in the direction of the breakout. For instance, BTC ended a multi-week-long trading range with a move below $6,000 on Nov. 14…

Stranger Things: The Upside of Down Bitcoin Prices

Edward Woodford is the co-founder and CEO of Seed CX, which, offers a licensed exchange for institutional trading and settlement of spot digital asset products and plans to offer a market for CFTC-regulated digital asset derivatives. The following is an exclusive contribution to CoinDesk’s 2018 Year in Review. While 2018’s falling bitcoin prices led many observers to write off digital assets altogether, the correction should actually help force the market as a whole to mature. That maturation is exactly what the space needs to attract more institutional investors, whose arrival en…