Traders split on BTC price outlook after Bitcoin dips below $47K
Forecasts for the short term include a deeper dive towards $40,000 but also an imminent surge back above the $50,000 mark. Bitcoin (BTC) gave traders a serious sense of deja vu on Aug. 26 after a fresh attack on $50,000 ended in a firm rejection.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin optimism waversData from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to local lows of $46,540 on Bitstamp, having passed $49,300 hours before. The action continues rangebound behavior which looks to be cementing old resistance at $51,000, bears lacking volume....
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Options traders look to be preparing for further falls in bitcoin's price in the short-term, according to put-call skew data.
Bitcoin price continues trading above $600 and 4,000 CNY across exchanges. Price action and market momentum are slowing, as bitcoin price typically does prior to a strong directional move. Price holds above $600 and 4000 CNY while the 1day and 3day charts remain in bullish mode. The 1hr and 4hr timeframe charts are not emitting directional signals and we see the 4hr chart, above, holding above $600, above its 200MA and above a horizontal support level (blue) near $590. The longer price can remain above these support levels, the better for the bullsih outlook. However, a few dips below $600....
Ethereum took a drastic dive this morning as news came in that the DAO smart contract address is being drained of ether in an ongoing and developing news story. Millions of ether are moving to an unkown address with some suggesting that it may be a recursive split hack. Griff Green, spokesman for slockit, the creators of the Dao, stated on the DAO slack channel: “The DAO is being attacked. It has been going on for 3-4 hours, it is draining ETH at a rapid rate. This is not a drill. You can help: If anyone knows who has the split proposals Congo Split, Beer Split and FUN-SPLT-42, please DM....
BTC price slumped to an intraday low at $45,672 and analysts say a classic technical analysis pattern and on-chain data point toward a strong flush down to $40,000. On Monday, Bitcoin’s short-term outlook worsened after the price fell to an intra-day low at $45,672, a far cry from the weekend’s promising rally above the $50,000 level. With the year nearly complete, and all-time highs nearly 33% away, traders are most likely readjusting their expectations and pushing the $100,000 BTC target a bit further into 2022.Daily cryptocurrency market performance. Source: Coin360Day traders, 4-hour....
Since January 3, 2009, the Bitcoin network has been functional for 99.98662952015% of the time. However, the protocol has had a few hiccups along the way and on a few occasions, the chain split into two. Most people are well aware of the Bitcoin Cash split that took place on August 1, 2017, but the first time the Bitcoin chain split was 11 years ago on August 15, 2010. Strange Block 74,638 4,019 days ago on August 15, 2010, the Bitcoin community had a problem which was dubbed the “overflow bug.” What was also called a “malicious event” or “Strange block....