Bitcoin Price Slumping
Bitcoin price took a break from decline, today, and has traded sideways-to-up in a correction. The outlook remains bearish. During the past week we have seen a support floor develop near $370 and 2450 CNY. The market traded price up in an ABC correction from this floor – implying additional decline – and yesterday’s analysis asked whether or not the support floor can be expected to hold. Today, saw the development of the upward correction anticipated in yesterday’s analysis. We know that today’s small rising price wave is corrective because of its context immediately following the upside....
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Bitcoin price continues slumping as the smaller timeframe chart indicators continue to swing wildly. The chart signals are mixed. The 1hr chart’s indicators have become meaningless as the range of price narrows during apparent ongoing consolidation. The 1hr chart is, therefore, not anything to go by. At the 4hr timeframe (above) we’ve just had a series of five advancing waves fall away from yesterday’s high. Price is still below the 4hr 200MA (at the red arrow) and the 4hr stochastics (top, blue circle) are falling away from their maximum. A low will, conceivably, only be struck when the....
Bitcoin is slumping as the DXY breaks out and the U.S. stock market tanks. The price of Bitcoin (BTC) is extending its slump below $49,000 on March 5 as the U.S. dollar index (DXY) reached the highest levels since November 2020. DXY (blue) vs. BTC/USD (orange). Source: TradingviewMeanwhile, the prospect of rising rates and a potential stock market top is putting downward pressure on equities and Bitcoin, causing the entire cryptocurrency market to pull back.Rising treasury yields — the biggest threat to Bitcoin?Bitcoin and risk-on assets, in general, have been heavily affected by rising....
Bitcoin has fallen 2.09 percent during the weekend to reach an extremely important trading level. The price of Bitcoin now is $256.74, in close vicinity to what we had been discussing in the many previous analyses. Now as Bitcoin has reached its target price of $256, with reference to the descending triangle pattern, it has improved the prospects of a short-term rebound. So, will there be any? Let us find out in the technical analysis of the daily BTC-USD price chart below. Bitcoin Chart Structure - The Bitcoin price has been slumping ever since it hit its peak of $318 this year. The price....
The Darkcoin price exploded during May, rising more than 2000% in less than a month. Since its rise, Darkcoin has consistently remained among the altcoin heavyweights, despite a price decline. However, the Darkcoin price downtrend is becoming a concern for investors, as Darkcoin's market cap has fallen below that of another coin that until recently had been slumping, Peercoin. As the Darkcoin price has decreased, the Peercoin price has risen, causing Peercoin to briefly pass Darkcoin for fourth in total market cap. Darkcoin Price Falls to 30 Day Low. Darkcoin's price explosion in May was....
The bitcoin price is hovering around $573 at press time. That’s a two-dollar drop since our previous price piece. Not much has happened, and bitcoin is still residing in its current hovel. Preparing for a Major Bitcoin Price Rally. In our previous article, the notion of bitcoin’s slumping ways coming to an end was introduced. Sentiment across the board was that bitcoin’s sudden decline in price was on the verge of ceasing, and a sudden pull towards $600 was again a possibility. While the move hasn’t been made just yet, we must remember that large changes like this necessitate time, and....