Bitcoin clocked six-day highs above ,000 over the weekend, but a long-term bull market revival may not be on the cards, yet.
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Report on the prohibition of crypto currency in India turned out to be fake
Indian federal journalists, and behind them and journalists around the world, said that the Indian authorities intend to prohibit the circulation of crypto currency in the country. And so the unstable course bitcoin began to fall even more rapidly. However, it turned out that the media simply misinterpreted the report of the head of the […]
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Bitcoin Price Technical Analysis for 11/24/2017 – Resistance Turned Support Close By
Bitcoin Price Key Highlights
- Bitcoin price is sliding from its recent highs, indicating that a correction is underway.
- This follows the bearish divergence highlighted in a previous article.
- Traders appear to be booking profits at the moment, but more buyers could join in once the nearby area of interest is tested.
Bitcoin price is pulling back from its strong rally and could be due for a test of the former resistance around 00.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse.
Applying the Fibonacci retracement tools on the latest rally shows that the 38.2% level lines up with the 100 SMA dynamic support. The 200 SMA is closer to the 50% Fib, adding to its strength as a potential floor as well. The line in the sand for a correction might be the 61.8% Fib at 00.
Stochastic is on the move down to confirm that selling pressure is in play. RSI is also heading south, so the correction could go on for a while. However, both oscillators are also nearing oversold levels to reflect exhaustion among bears and a likely return in bullish pressure.
Market Factors
Traders continue to lighten up on their bitcoin holdings over the Thanksgiving holidays for fear of a news update triggering a larger than usual reaction on lower market liquidity.
However, the dollar remains on weak footing, thereby limiting bitcoin price losses. Trader are adjusting positions to reflect the more cautious Fed outlook on inflation, with policymakers worrying that it would take longer to hit the 2% target than initially anticipated.
As for bitcoin price itself, any announcement on CME bitcoin futures could be bullish, especially if the group confirms its launch date for the year. For now, it is still pending regulation and any major roadblocks could lead to larger dips.
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Bitcoin Price Technical Analysis for 11/24/2017 – Resistance Turned Support Close By
Bitcoin price is pulling back from its strong rally and could be due for a test of the former resistance around 00.
The post Bitcoin Price Technical Analysis for 11/24/2017 – Resistance Turned Support Close By appeared first on NEWSBTC.
Bitcoin Cash Price Technical Analysis – BCH/USD Turned Bearish?
Key Points
- Bitcoin cash price is declining and is currently trading below 00 against the US Dollar.
- There is a major bearish trend line forming with resistance at 00 on the hourly chart of BCH/USD (data feed from Kraken).
- The price remains in the bearish zone as long as there is no break of the 00 resistance.
Bitcoin cash price is now trading below 00 against the US Dollar. BCH/USD is under pressure and might test the 50 support in the short term.
Bitcoin Cash Price Resistance
Yesterday, we saw a reversal pattern in Bitcoin cash price as it moved below the 00 level against the US Dollar. The price traded toward the 50 support and later corrected higher. It moved above the 23.6% Fib retracement level of the last decline from the 80 high to 12 low. However, the upside move was limited by the 00 resistance. There is also a major bearish trend line forming with resistance at 00 on the hourly chart of BCH/USD.
Above the trend line resistance, the 38.2% Fib retracement level of the last decline from the 80 high to 12 low is at 14. Therefore, there are many resistances on the upside starting with the 00 level. It won’t be easy for BCH buyers to push the price above 00 and 00 in the short term. There can be a couple of swing moves or ranging moves below 00. Moreover, there is a chance of it retesting the 50-1000 support area as well in the near term.
Loses below 00 would mean a major bearish trend toward 0-600. On the upside, a close above 00 would be a positive signal for buyers.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is attempting to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently below the 50 level.
Major Support Level – 50
Major Resistance Level – 00
Charts courtesy – Trading View, Kraken
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Enemy Turned into Brother Cryprocurrencies and Banks to Integrate in Just One Year
Since their birth, cryptocurrencies have been set against banks and positioned to replace them. But when it comes to major amounts, the cryptocurrency market has nothing to offer, since its risks and inconveniences outweigh the benefits. Where will the investor with 10 million euro on hand go after the recent cryptocurrency stock exchange closures Note This is a press release. But lets get back to the issues of common mortals. When we start to talknRead MorenThe post Enemy Turned into Brother Cr
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Ethereum Price Technical Analysis – ETH/USD’s Support Turned Resistance
Key Highlights ETH price declined recently and traded towards the 6 support against the US Dollar. There is a major bearish trend line forming with resistance at 0.50 on the hourly chart of ETH/USD (data feed via SimpleFX). The price might correct towards 0.50-302.00 where it is likely to face selling pressure. Ethereum price moved … Continue reading Ethereum Price Technical Analysis – ETH/USD’s Support Turned Resistance
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