Bitcoin Price Pattern Hints at Short-Term Rally to $4K

View Bitcoin has backed off 4 percent from three-week highs seen on Friday, but looks to have formed a bull flag – a bullish continuation pattern – on the 4-hour chart. A move above $3,630 would confirm a flag breakout and open the doors to $4,000 (target as per the measured move method). Acceptance below the lower edge of the flag, currently at $3,546 would weaken the short-term bullish case. That, however, looks unlikely, as the path of least resistance is to the higher side, according to Friday’s high-volume falling…

Bitcoin Price Watch: BTC Could Correct Lower Before Fresh Rally

Bitcoin price rallied towards the $3,750 level and later started a downside correction against the US Dollar. There is a key bearish trend line formed with resistance at $3,640 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is likely to correct lower towards the $3,550 or $3,500 support levels before a fresh rally. Bitcoin price climbed higher and settled above the $3,500 resistance against the US Dollar. BTC is currently correcting lower, but dips remain supported above the 100 hourly SMA. Bitcoin Price Analysis…

Bitcoin Price Analysis: Strong Rally Set to Test Overhanging Resistance

Shortly after the London Open, the entire crypto market saw a strong round of buying. Some coins broke their highest volume seen since the beginning of the bear market, and several others broke straight through overhanging resistance levels. Bitcoin, too, enjoyed a nice rally, rising almost 11% in just a few short hours: Figure 1: BTC-USD, 4-Hour Candles, Early Morning Rally This rally was very strong and sudden, running the stops of many late shorters in the crypto market. Zooming out to the daily view, we can see just how…

One Trader Thinks Recent 10% Rally of Bitcoin Could Lead to Something Much Greater: a Full-Fledged Recovery

The Bitcoin price today chartered into positive territory after weeks of bearish action near $3,400. It rose close to 10% while clearing through a stubborn resistance area of $3,480-3,500. A sudden spike is as incredible as it is scary. There are questions about its origins. Is it natural for an asset to wake from a bearish slumber and rise 10%? Now if that has happened, how severe would the next bearish correction be? And most importantly, how far BTC can extend its gains as it trends higher in its overbought…

Bitcoin Price Watch: BTC Rally Remains Attractive To Sellers

Bitcoin price traded to a new monthly low towards $3,340 and later recovered against the US Dollar. Yesterday’s highlighted key bearish trend line is intact with resistance at $3,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price may start a short term rebound if there is a proper break above $3,450 and $3,480. Bitcoin price dipped to a new yearly low and later recovered against the US Dollar. BTC could decline once again if it fails to break the $3,450-3,480 resistance area in the…

Bitcoin Price Rally Loses Steam Near $4,000; Will 2019 Wake Bulls?

The Bitcoin price has spent the first day of this weekend struggling to get through the $4,000 mark. The digital currency attempted a bullish reversal on Friday, marking more than $300 worth of gains in just two hours. That hasn’t exactly changed any longer-term sentiments for the market, especially when it has dropped by more than 80% in 2018. But the intraday volatility has served plenty of opportunities to traders who wish to get in and out of the bitcoin market on decent profits. The bitcoin price is now sitting…

Bitcoin Rally Shouldn’t Excite the Bulls Yet, Trend Still Bearish

The Bitcoin price appears to have bottomed out near the $3,000-level after falling more than 80% this year. The digital currency at press time is trading above $4,000, up over 30% within just a week. It is clear that traders interested in the long-term aspect of Bitcoin have bought the dip. As a result, in the last five days, Bitcoin is creating new higher highs with volume increasing on each subsequent leg. Historical Rebounds Nevertheless, if one tries to look the empty side of the glass, the current rally looks…

Bitcoin Price Watch: Can BTC Buyers Keep The Rally Going?

Key Points Bitcoin price rebounded nicely and broke the $3,380 and $3,460 resistances against the US Dollar. There is a short term contracting triangle formed with support at $3,480 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could correct lower towards $3,400 or $3,355 before a fresh upward move. Bitcoin price rallied more than 10% above $3,550 against the US Dollar. BTC is currently correcting lower, but it could find support near $3,400 or $3,355. Bitcoin Price Analysis Yesterday, we discussed that further gains…

Bitcoin Price Charts Indicate Glimmer of Hope for Corrective Rally

Bitcoin’s (BTC) struggle to build a notable bounce could end if prices beat key resistance above $3,600. The leading cryptocurrency by market value fell to 15-month lows near $3,200 last week, pushing the 14-week relative strength index (RSI) below 30.00 for the first time since 2015. So, with bitcoin so extremely oversold, a recovery rally cannot be ruled out – more so because there is evidence of bargain hunters challenging the bears’ resolve to push prices lower. For instance, BTC posted a three-day candle on Dec. 8 that closed below…

Bitcoin Still on Defensive But Price Rally Possible Over $3.9K

Bitcoin (BTC) remains on the defensive despite a 4-percent recovery from nine-day lows today, but bearish pressure may weaken if prices rise above key resistance near $3,900. The world’s largest cryptocurrency by market capitalization fell to $3,629 at 05:00 UTC on Bitstamp – its lowest level since Nov. 27. At press time, the price stood at $3,770, representing a 1.5 percent drop on a 24-hour basis. Despite the quick recovery, the odds appear to be stacked in favor of a drop to recent lows below $3,500. To start with, BTC…