Bitcoin (BTC) Breaks Below 4,000 as Analysts Expect Continued Near-Term Weakness

 

After trading within an incredibly tight trading range in between $4,000 and $4,100 for an extended period of time, Bitcoin (BTC) has now broken downwards below its previously established support level at the important psychological level of $4,000.

Now, analysts believe that Bitcoin’s inability to stabilize above $4,000 will lead it drop further in the near-term as dip buyers fail to step in and prop the cryptocurrencies price up.

Bitcoin (BTC) Breaks Below $4,000 and is Likely to Drop Further

At the time of writing, Bitcoin is trading down just over 1% at its current price of $3,970 and is down from its weekly highs of nearly $4,100. Because bulls still do not have enough buying pressure to push the crypto above the low-$4,000 region, it is likely that this price level will persist as resistance for the foreseeable future.

Jani Ziedins of the CrackedMarket blog discussed Bitcoin’s recent drop below $4,000 while speaking to MarketWatch, explaining that he expects the cryptocurrency to see further downside in the near future.

“Bitcoin cannot escape $4k resistance even after poking its head above it the last week. If dip buyers have not come to the rescue yet, it means they are not coming. An investment that refuses to go up will eventually go down. Bitcoin owners need to be prepared for more near-term weakness,” he said.

Ledger Status, a popular cryptocurrency analyst on Twitter, also shared his thoughts recently, explaining that the crypto has multiple strong levels of resistance existing just above its current price.

“Tricky spot for $BTC. Under the bband midline again but above a congestion area. Several support areas below, heavy resistance above. Seems a good way to lose money over if leveraged,” he noted.

Although Bitcoin has found support around $3,900 so far, if its bulls are unable to push its price back above $4,000 in the near-future, significantly further losses could be in store, and a drop back to its 2018 lows in the low-$3,000 region may be inevitable.

 

Analyst: Bitcoin May Need to Drop to $3,700 Before Surging

Despite its current price action favoring BTC’s bears, the latest drop may be part of a bigger price move that will ultimately send its price into the upper-$4,000 region in the near-future.

 

Flood, another popular cryptocurrency trader on Twitter, spoke about where he sees BTC heading next, explaining that he expects it to drop towards $3,700 before finding buying support that allows the crypto to surge to the upper-$4,000 region.

How Bitcoin responds to its recent drop below $4,000 will give traders and analysts alike more insight into where the entire markets are heading next, as continued downwards pressure on BTC will likely hamper the gains that many smaller cryptocurrencies have experienced as of late.

 

COLE PETERSEN | MARCH 27, 2019 | 12:00 AM

David Ogden – Http://markethive.com/david-ogden

Bitcoin Gets Market Analysts Worried; Here’s Why?

Unlike its popular trend, the largest Cryptocurrency token, Bitcoin, has experienced close to zero price movement during the weekend. This has got the think tanks thinking about the possible reasons why the Bitcoin suddenly showed this trait when it usually is dynamic during the weekends. According to followers of the Cryptocurrency, the token had a minuscule upward move of 0.11 percent.

Till date, especially after the Crypto Winter, Bitcoin had always been bashed for its volatility. But, during the weekend, it was more stable than most of the stable coins. There, however, were great changes in the Cryptocurrency industry as such. It is worth mentioning that there was a great amount of reshuffle in the positions of Cardano (ADA) and Tron (trx), which was kicked out of the top 10 on Saturday. Cardano, meanwhile, held its place firmly on the 10th position. Stellar or XLM faced a dash down after the recent IBM hype died down. Binancecoin, however, gained the most with a 12 percent price hike.

More on Bitcoin

Bitcoin and Bitcoin cash are no longer the payment option on streaming site Twitch. In a silent but sudden move, the popular live streaming video channel removed its payment option with Bitcoin and Bitcoin Cash. This shows the company in a negative light because of the worldwide adoption of the cryptocurrency and its increasing popularity among the industries as a progressive step.

This seemed to be a trend for all the live streaming management sites. For instance, StreamLabs also removed the option to pay with virtual currencies. This was spotted by Bitcoin’s Reddit community. Analysts are trying to reason it out why the video platforms did away with the option, some reasoning the lack of knowledge and the latest developments that the industry is going through. Cryptocurrency companies, meanwhile complain that many companies add this as a mode of payment without informing the Crytpo company. And when the transaction volumes drop, the same option gets removed randomly.

This has a greater effect on the cryptocurrency industry because it suddenly loses a number of potential customers that are affiliated to the company that delisted it. For instance, when Twitch introduced the Bitcoin, Ethereum and Litecoin payments, its 2,2 million users and 15 million viewers got to know of the crypto industry. Delisting the tokens might show the cryptocurrency industry in bad light. Other notable platforms that have delisted the cryptocurrency include the travel booking site, Expedia.com and Chess.com, the online chess portal.

 

Trevor Holman

March 26, 20193 Min Read

David Ogden – Http://markethive.com/david-ogden

 

Analyst – Bitcoin (BTC) Reaching 5,500 is a Strong Likelihood, But Possibility of Drop to 3,000 Remains

Bitcoin has been experiencing a quiet weekend trading session and is currently firmly in the middle of its long-established trading range between $4,000 and $4,100. It is unclear how long this range will persist, but historically BTC has experienced fairly significant price swings after long bouts of sideways trading.

Now, analysts seem to concur that Bitcoin is posed to make a large upwards swing towards $5,500 in the near future, but it is important to note that the possibility of further downside still remains.

Bitcoin (BTC) Caught in Persisting Trading Range

At the time of writing, Bitcoin is trading down marginally at its current price of $4,020. Over the past several days, BTC’s volatility has been declining as its trading range grows tighter.

Although the upper bound of BTC’s current trading range will most certainly act as a level of resistance in the near-future, the key level that analysts and traders alike are closely watching to see how Bitcoin responds to is $4,200, which is where the crypto faced strong resistance and spiraled downwards from late last month.

Crypto Krillin, a cryptocurrency analyst on Twitter, recent discussed where he sees Bitcoin heading next, importantly noting that he believes the crypto will make an upwards swing towards $5,500 next, but further added that a downside target of $3,000 is still a possibility.

“The moment of truth for Bitcoin is very near. We fly straight through the cloud to 5500, or we visit 3000. I’m leaning bullish,” he explained in a recent tweet.

Tweet

$5,500 Becoming an Important Level For Bitcoin

Crypto Krillin is not alone in his belief that Bitcoin’s upside target currently exists around $5,500.

Yesterday, Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that BTC is currently nearing the end of an ascending triangle formation, which means that the crypto is, statistically speaking, likely to make a large upwards price swing towards $5,500 in the next month or two.

“According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards… with an average price rise of 35%. That gives us a target of $5500 BTC once the breakout is confirmed,” he noted.

As the new week starts and trading volume begins to ramp up, the crypto markets will gain greater insight into just how strong Bitcoin’s current trading range is, and as to where it will head next.

 

COLE PETERSEN | MARCH 24, 2019 | 7:30 PM

David Ogden – Http://markethive.com/david-ogden

Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favoured

• Bitcoin price traded to a new monthly high at $4,064 and later corrected lower against the US Dollar.

• The price declined sharply below $3,950, but dips remained supported above $3,900.

• There is a crucial bullish trend line formed with support at $3,920 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The pair remains well supported on dips near the $3,920 level and the 100 simple moving average (4-hours).

Bitcoin price is still in a strong uptrend despite recent bearish moves against the US Dollar. BTC/USD is likely to find a solid buying interest if it dips towards $3,940 or $3,920.
 

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a decent upward move above $4,000 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $3,940 support level and finally broke the $4,000 resistance level. Buyers pushed the price above the $4,020 resistance and a new monthly high was formed at $4,064. However, buyers failed to hold gains above $4,020, resulting in a sharp decline below $4,000. The price dropped heavily and broke the $3,960 and $3,940 support levels.

There was even a spike below the $3,900 support and the 100 simple moving average (4-hours). Having said that, buyers defended the $3,900 support and the price bounced back sharply above $3,940. There was a break above the 50% Fib retracement level of the last decline from the $4,064 high to $3,869 low. The recent recovery was solid, but the price faced a strong offer zone near the $4,000 resistance. The 61.8% Fib retracement level of the last decline from the $4,064 high to $3,869 low also acted as a hurdle.

At the moment, the price is consolidating below the $4,000 resistance. Besides, there is a short term connecting bearish trend line in place with resistance at $3,990 on the 4-hours chart of the BTC/USD pair. A clear break above the trend line and $4,000 could open the doors for a fresh upward move. On the downside, there are many supports near the $3,940 and $3,920 levels. There is also a crucial bullish trend line forming with support at $3,920 on the same chart.

Looking at the chart, BTC price is clearly well supported on the downside near the $3,940 and $3.920 levels. As long as the price is above the $3,900 support and the 100 SMA, there are chances of a steady rise in the coming sessions. Buyers may wait for a clear break above the $4,000 and $4,020 resistance levels to gain control.

 

Technical indicators

4 hours MACD – The MACD for BTC/USD is slightly placed in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Level – $3,900

Major Resistance Level – $4,020

 

 

AAYUSH JINDAL | MARCH 24, 2019 | 5:00 AM

David Ogden – Http://markethive.com/david-ogden

Bitcoin – Base formation or rising wedge?

 

• BTC bears unable to break on the downside.

• Bulls unable to cross past range $4,100-$4,400.

Bitcoin, the largest cryptocurrency by market capitalisation has been forming a technical pattern that's making it difficult for the bulls as well as bears to break past easily. However, as soon as it breaks on either side, the moves would be large enough
 

BTC/USD is trading flat on day at $3,986 and in less than one percent range for the day – proof of consolidation days of the poster boy of cryptos. On the 720-minute chart, after forming bottom of $3,126 in the month of December last year, the king of cryptos has been slowly and gradually moving up.
 

Inspite that, the bulls have not been able to cross past the range of $4,100-$4,400. Resulting in a base formation on the downside and a rising wedge like formation. If rising wedge holds true (which it may not, given past failures of falling wedges) then the next downside on BTC would be chaotic as the fall would then bring about sub-$2k levels.
 

BTC/USD 720-minute chart:

David Ogden – Http://markethive.com/david-ogden

Bitcoin can surge as high as $400,000

Naeem Alsam, Chief market analyst at Think Markets, columnist at Forbes, and crypto enthusiast, said that he personally believes that each Bitcoin can go up as much as $400K.

Naeem Aslam, the chief market analyst at Think Markets U.K., explained why the $4,000 level is of such importance for Bitcoin, as it will set the trend for which direction the markets will take next.

'Questions are being asked constantly when it comes to Bitcoin's battle with the $4000 mark', Aslam said.

'The result of this battle sets the tone for a bullish or bearish trend. Since December 14, 2018, there have been several battles between bulls and bears at the price level of $4K. In each of this battle, bulls have lost the war because, after the first attack at the $4K level, the bears have been able to gain enough strength to push the price back below this critical mark. It is in this essence, that this level has become a matter of death or life for crypto traders.'

The chief market analyst went on to say that 'if you are a long-term investor, you will not really worry about these short-term levels', referring to the fact that Bitcoin's current price levels do seem to be significant in the short term, in the long term these prices may turn out to be highly insignificant, as Aslam believes that BTC could eventually surge as high as $400k.

'This is because there is a high chance that the next bull run has a minimum potential of pushing the price 5 times higher. That is over $100K', Aslam said.

'I personally believe that each Bitcoin can go up to as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.'

In the beginning of December 2018, Aslam already mentioned that the feeling of panic which was and (still is) spreading throughout the crypto universe was a good indicator that a Bitcoin bottom was close enough.

Chepicap reported recently that another prominent cryptocurrency trader, going by the Twitter handle Galaxy, tweeted to his 49K Twitter followers that April will be the last month where you will be able to grab yourself some cheap Bitcoin.

The analyst said that more often than not, the Bitcoin price seems to move in a random manner. However, BTC creates repeating patterns and trends, and according to Galaxy, this observed pattern will make April 2019 the last month of cheap $BTC … ever again!

 

 

 

22 MAR, 2019 BY JOERI CANT

 

David Ogden – Http://markethive.com/david-ogden

Bitcoin Cash price analysis – BCH/USD capped by $160.00, bears are on the alert

• BCH/USD has gained over 22% in recent 7 days.

• The upside may be limited due to technical correction.

Bitcoin Cash (BCH), the sixth largest coin by market value, is changing hands at $156.23. The coin has gained 1.2% since this time on Wednesday, though it is still 6% lower from the recent high touched at $166.53 on March 18. Bitcoin Cash has a capitalization of $2.8B and an average daily trading volume $376M.

On the intraday level, BCH/USD is supported by SMA100 (1-hour) currently at $156.49. Once it is cleared, the downside is likely to gain traction with the next bearish target $152.90 (Wednesday’s low) followed by psychological $150.00. Meanwhile, a sustainable move lower will open up the way towards $147.50 (SMA50, 4-hour) and $146.70 (SMA200, 1-hour).

On the upside, the major short-term target is $160.00, followed by the recent high at $166.53. The ultimate bullish target at this stage is $170.00; however, the move towards that area seems less likely considering flat intraday RSI and an extended consolidation below recent highs.

BCH/USD, 1-hour chart

 

Tanya Abrosimova

FXStreet

David Ogden – Http://markethive.com/david-ogden

Bitcoin Mining Hardware Market Analysis 2019 – ASICrising GmbH, Bitmain Technologies Ltd.

Global Bitcoin Mining Hardware Market Trends, Size and Segment Forecasts, 2019-2026 published by Market Research Place includes data of the key industry players and their scope in the market. The report offers a comparison of key countries based on contribution to global as well as regional level with types, applications, manufacturers, opportunities, challenges. It delivers a balanced mix of main and subordinate research methodologies for its analysis. recent developments and latest contracts awarded in the market across different regions are demonstrated in the report.

 

Competitive Analysis:

The research analyses market size and forecast of Bitcoin Mining Hardware by product, region, and application. Market competition situation among the vendors and company profile is featured in the report. A section dedicated to company profiles covers business profiles, SWOT analysis, project feasibility analysis, product portfolio, cost structure, and project feasibility analysis of key manufacturers. The buyer of this report will be able to take accomplished decisions, plan new projects and business strategies evaluate drivers and restraints, know upcoming opportunities and difficulties, and offer you an industry forecast for 2019 to 2026.

The study focuses on industry chain analysis and all variables including upstream and downstream. These comprise equipment and raw materials, industry trends and proposals, raw materials, client surveys, and marketing channels. Furthermore, researchers have performed a top to bottom investigation of the market measure, different geographic locales, premium industry patterns, and real market portions.

Segment by product type, this report focuses on consumption, market share, and growth rate of the market in each product type and can be divided into: Type 1, Type 2, Type 3, Others

Segment by application, this report focuses on consumption, market share, and growth rate of the market in each application and can be divided into: Enterprise, Personal,

 

Key Takeaways From This Report:

Explore market potential through examining growth rates, price, and volume for products type, end use applications.

Understand the various dynamics influencing the Bitcoin Mining Hardware market –hidden opportunities, key driving factors, and challenges.

The market report estimates the sales and distribution channels across key geographies to boost top-line revenues.

Evaluate the supply-demand gaps, import-export figures and restrictive landscape for prime countries globally for the industry.

The Scope of The Report: This report focuses on the Bitcoin Mining Hardware in the global market, especially in North America, Europe, Asia Pacific, South America and Middle East & Africa

ACCESS FULL REPORT: https://www.marketresearchplace.com/report/global-bitcoin-mining-hardware-market-trends-size-and-128450.html

 

Market competition by top manufacturers/players includes key players such as Antminer, ASICrising GmbH, Bitmain Technologies Ltd., BIOSTAR Group, BitDragonfly, BitFury Group, DigBig, Ebang, Gridchip, BTCGARDEN, Butterfly Labs, Inc., Clam Ltd, CoinTerra, Inc., Black Arrow, Btc-Digger, Gridseed, HashFast Technologies, LLC, iCoinTech, Innosilicon, KnCMiner Sweden AB, Land Asic, LK Group, MegaBigPower, SFARDS, Spondoolies-Tech LTD, TMR,

The report can reduce risks involved in making decisions and strategies for companies and other individuals who want to enter the Bitcoin Mining Hardware market. Performance of contestant operating in the market with respect to market shares, strategies, monetary benchmarking, product benchmarking and additional is measured. Additionally, the report provides a fast outlook on the market covering aspects such as deals, partnerships, product launches of all key players for 2013 to 2018.

 

Barry Collins

March 20,

David Ogden – Http://markethive.com/david-ogden

Bitcoin maintains above $4K, most top 100 in red, Kin sees 47% gain

The new week has started in a not-too-good stance for almost all coins in the top 100, with few exceptions coming from coins, such as Stellar (XLM), Kin and Enjin Coin (ENJ).
 

Overall

The new week has started low for most coins as red color dominates the top 100-coin list. That said, the total market capitalization doesn’t see any significant changes at $139,654,671,582.

 

Top 10

The largest cryptocurrency, Bitcoin (BTC) has successfully maintained its value above $4,000 at $4,034, despite seeing a minor 0.38% loss in the last 24 hours.

The other coins on the top 10 have been seeing losses, except Stellar (XLM) and Tether (USDT), with the biggest loss experienced by Litecoin (LTC) with -3.05% at $60.1 price point.

XLM is leading the gain by 2.55% at $0.11, while USDT sees a 0.21% gain at $1.01 price point.

Top 100

Most coins in the top 100 are in red color, with few exceptions, such as Enjin Coin (ENJ), Ravencoin (RVN), Maximine Coin (MXM) and Kin (KIN).

The biggest gain is seen by KIN with an impressive 47.8% at $0.000073, followed by ENJ and MXM that see 15.39% and 12.67% gains at $0.19 and $0.04 price points respectively.

Crypto.com Chain (CRO) has again seen another dip with -9.56% at $0.068, followed by REPO with -7.73% at $0.61 and DigiByte (DGB) with -7.16% at $0.013.

Will BTC maintain above $4,000 the whole week? Will Craig "Faketoshi" Wright's legal issue and his decision to leave the Twitter-verse have an impact on Bitcoin SV's price? Stick with Chepicap to find out.

 

19 MAR, 2019 ,  BY FIFI ARISANDI

David Ogden – Http://markethive.com/david-ogden

Bitcoin Bottom? Two Strong Signs of a Crypto Market Trend Reversal

This past weekend the cryptocurrency market enjoyed a spectacular rally, reaching almost $140 billion in value. Leading crypto asset Bitcoin (BTC) soared past the critical $4,000 resistance level that has been holding it down for months, prompting many to ask – is the bottom in for Bitcoin?
 

Two crypto enthusiasts on Twitter have pointed out compelling arguments as to why they believe the bottom could be in for Bitcoin and the crypto market’s year-long bear run might be over.

 

High Volume

Crypto investor and creator of Twitter tipping app tippin.me, Kevin Rooke, recently posted a tweet detailing the huge increase in BTC’s daily exchange volume.
 

“Volume has increased by ~150% in the last 5 months,” he points out in the tweet. That’s the highest that Bitcoin’s daily exchange volume has been in over a year and the majority of the increases have been this month. In fact, Bitcoin’s daily exchange volume has exceeded $10 billion only nine times in the past year. “5 of those days have been in March 2019,” the tweet continues.

Last night’s massive injection of volume and the resulting rally that pushed BTC above $4,000 certainly backs up Rooke’s assertions. This is the second time in two days that BTC has tested and surpassed $4,000. A third test and break above will indicate a confirmed trend reversal and open up $4,850 as the next upside target.
 

Gold Chart Comparisons

Comparisons between Bitcoin and Gold are nothing new, with many crypto investors dubbing BTC “digital gold” over the years. However, Twitter user @CabSav9 recently made and an even more telling comparison between the two assets.
 

When comparing Bitcoin and the long-term chart of Gold since its peak in the late ’70s and the resulting decade long bear market, the two graphs look shockingly similar. After it’s crash in the early ’80s, Gold took almost two decades to stabilize and begin accumulating value again. Bitcoin, by comparison, appears to have followed a similar pattern but over a much shorter timeline. This accelerated correction makes sense considering the speed at which assets can be traded nowadays and the increased pace of life in general.

 

If @cabsav9’s comparison is anything to go by, Bitcoin should begin to build a decent rally soon. In fact, if one were to redraw the chart to follow the Gold trend, BTC could be on $10,000 as early as June this year.
 

The truth is, if you looked hard enough you would probably find several charts that coincidentally follow similar trend patterns when adjusted for time. However, the fact that Gold and Bitcoin have so often been compared in the past makes for a strong argument.

 

Bitcoin is currently trading just above $4,000 and as Asian markets opened strong this morning, it looks set to make some further gains throughout the day.

AUTHOR

Mark Hartley

March 18, 2019, GMT+0000, 5:06 am

David Ogden – Http://markethive.com/david-ogden