Daily Bitcoin Price and Market Update - Still Looks Weak
I trust a few of my readers profited from my suggestion to short the market the day before yesterday. The Bitcoin Price has been timid due to the still unrevealed price that 50,000 BTC were sold at in the recent USMS Bitcoin Auction. Even with that in the background, our technical analysis still holds. Let's recap why we made that call: As you will recall, at that time we saw: - That it was an "energetic time", what some call a Fib time zone. - The market had been stopped by an arc of resistance (2nd arc) and the top of the square, for two days. - That same 2nd arc stopped the market dead....
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The weekly chart, if you will recall, suggests there will be higher prices in the weeks and months ahead, but a bright future does not help us as traders if we lose everything in a down day or two. The weekly chart is a good indicator for a buy and hold strategy, and can be helpful in establishing the general trend. But at the moment, the weekly is merely suggesting the longer term trend is up. That's not good enough for active traders. Yesterday, we looked at the daily chart for clarification about the short term direction of the market. If you recall, we concluded that the daily chart....
Data shows the daily Bitcoin entities have been recently retesting the bear market channel as the crypto’s userbase observed little growth. Bitcoin Number Of Active Entities Continues To Move Sideways As per the latest weekly report from Glassnode, the BTC network is seeing weak on-chain activity as the daily users have been testing the lower […]
Bitcoin price has held above yesterday’s corrective low. Little upside progress shows the market is now taking a break and perhaps reconsidering the trend. The bitcoin price daily charts show an advance that struck out in a straight line from a weak base. Bitcoin price has lost the steady momentum of the past two weeks. It may return after the market takes a breather. We wait for price to either resume advance, or for a sideways correction to play out. A protracted sideways consolidation could end in a reversion to support at $400.
Last week's rout in bitcoin market looks like "weak hands" selling out because bidders appeared to materialize whenever prices fell to $30K.
Most Cardano hard forks have preceded ADA price crashes, and Vasil looks no different. Cardano's (ADA) long-awaited Vasil update went live on Sept. 22, which promises to make its blockchain more scalable and cheaper than before. However, this has failed to bring bullish momentum to the ADA market.Sell-the-news hampers CardanoADA's price has dropped by approximately 9.5% since the update and was changing hands for $0.43 on Sept. 26. The ADA/USD pair's drop was accompanied by a rejection candlestick on its daily price chart, confirmed by a brief rally to $0.48 on the day of the fork and a....