TA: Bitcoin Turns Red, Here’s Why BTC Could Resume Its Decline

China's Shanghai Composite Index crashed through support on Monday and resumed decline as investors could not sell Chinese company stocks fast enough. Deja Vu. CNBC eloquently reports that, following three weeks of relative stability in mainland markets, Monday saw the Shanghai Composite Index resume decline in its worst one-day drop in eight years. Readers will know that "eight years" marks the first round of sell-offs heading into the 2008 "Credit Crunch". Significantly, the index sliced through the psychological 4000 support level without pause as paniced investors rushed for the exit.....

Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000. Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000. The price is now trading well below the $56,000 level and […]

Bitcoin price failed to clear the $58,500 resistance against the US Dollar. BTC is correcting lower and it could decline heavily if there is a break below $55,500 Bitcoin struggled to clear the $58,500 resistance and started a fresh decline. The price is now trading below the $57,000 level and the 100 hourly simple moving […]

Bitstamp, one of the largest exchanges for the digital Bitcoin currency, said it would resume trading later on Friday after suspending operations because of a security breach on Sunday, Reuters reports. Damijan Merlak, one of Bitstamp's two Slovenian founders, told Reuters in an emailed message on Friday: "Trading will resume during the day today." On Wednesday, Bitstamp had said it expected that trading could resume within 24 hours and added that customers would not lose money because of the breach and that security would be increased. The next day Bitstamp stated that they were testing a....

Bitcoin price has climbed back above $400 and 2700 CNY. Whether this is a new wave of advance, or merely a correction prior to more decline remains to be seen. It is within the realm of possibility that the market trade price all the way back to where this decline started last week. More likely, is that the market contest price at current levels, thereby forming either a corrective pattern setting up additional decline or a new base for advance. However, there is not yet a resolution about the looming hardfork, so negative feeling may persist and decline eventually resume. Bitcoin price....