Bitcoin price extended gains above $3,900 and traded close to the $4,000 resistance against the US Dollar.The price traded as high as $3,973 and later started a downside correction.There is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is likely to correct further lower towards the $3,830 or $3,800 support levels before fresh increase.Bitcoin price failed to surpass the $4,000 resistance and corrected lower against the US Dollar. BTC could tested the $3,800 support area before a new upward move towards $4,000.Bitcoin Price AnalysisYesterday, we saw a strong rally above the $3,750 resistance in bitcoin price against the US Dollar. The BTC/USD pair spiked towards the $3,950 level and later corrected lower. However, the $3,830 support prevented losses and the price bounced back. It broke the last swing high and traded close to the $4,000 resistance. A new weekly high was formed at $3,973, but the price failed to test the $4,000 barrier. As a result, there was a fresh downside correction and the price declined below $3,950 and $3,920.There was a break below the 23.6% Fib retracement level of the last wave from the $3,684 low to $3,973 high. However, the current decline is finding bids near yesterday’s highlighted bullish trend line with support at $3,880. More importantly, it seems like there is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair. If there is a downside break, the pair could test the next key support at $3,830. It coincides with the 50% Fib retracement level of the last wave from the $3,684 low to $3,973 high.If the price fails to hold the $3,830 support, it could test the main $3,800 support area in the near term. On the upside, the price must break the $3,925 and $3,950 resistance levels to revisit $3,975. The main resistance for buyers is near the $4,000 level, above which there are chances of further gains.Looking at the chart, bitcoin price seems to be setting up for the next break either above $3,925 or below $3,875. In the short term, there could be a few bearish moves, but the $3,800 support is likely to hold losses. Below $3,800, the price could drop towards the $3,720 support.Technical indicatorsHourly MACD – The MACD is currently in the bearish zone, with a few positive signs.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 50 level.Major Support Level – $3,830 followed by $3,800.Major Resistance Level – $3,925. $3,950 and 4,000.
Archives for February 19, 2019
The total crypto market cap traded towards the $132.5B level and later corrected lower.EOS price traded above the $3.50 resistance and it is currently consolidating gains.Binance Coin (BNB) rallied more than 10% and broke the $10.00 resistance area.Bitcoin cash price is placed nicely above the $140 support, with a bullish bias.Tron (TRX) price failed to stay above the $0.0250 support and later declined.The crypto market started a downside correction, but it remains supported. Dips in bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), BCH, ripple, EOS, TRX and ADA are likely to find buyers.Bitcoin Cash Price AnalysisBitcoin cash price gained traction recently and broke the $135 and $140 resistances against the US Dollar. The BCH/USD pair even traded above the $145 level and later started a downside correction. On the downside, the key supports are near $142 and $140, below which the price might test the $135 support.On the upside, an initial resistance is near the $145 level, above which the next hurdle for buyers is at $148 and $150. In the short term, there could be range moves, but the price is likely to gain further above $145.EOS, Tron (TRX) and BNB Price AnalysisEOS price gained a strong bullish momentum above the $3.00 resistance area. It broke the $3.25 and $3.50 resistance levels to register heavy gains. At the moment, the price is consolidating above the $3.50 support, with resistances near the $3.62 and $3.70 levels.Tron price moved above the $0.0250 resistance level, but it failed to hold gains. TRX price topped below the $0.0255 resistance and later declined below the $0.0250 support. The price is down more than 2% and it seems like it could retest the $0.0245 support area in the near term.Binance coin (BNB) rallied recently above the $9.50 and $10.00 resistance levels. BNB price gained more than 10% and even surpassed the $10.50 resistance. The next major hurdle for buyers is near the $11.00 level, above which the price might eye a test of the $12.00 level.Looking at the total cryptocurrency market cap hourly chart, there was a strong upward move above the $120.0B and $125.0B resistance levels. The market cap even broke the $130.0B resistance level and tested the $132.5B level, where it faced resistance. Later, it started a downside correction and declined below $130.0B. However, there are many supports near $126.0B, $125.0B, and a bullish trend line on the same chart. Therefore, as long as the market cap is above $125.0B, dips in bitcoin, ETH, tron, litecoin, EOS, ripple, ADA, stellar, BNB, BCH, XMR and other altcoins remain supported in the coming sessions.
Ripple price gained traction and broke the $0.3400 resistance area before sellers appeared against the US dollar.The price topped near the $0.3460 level and later started a sharp downside correction.Yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely preparing for a fresh upward move as long as it is above the $0.3100 support area.Ripple price rallied sharply before trimming most of its gains against the US Dollar and bitcoin. XRP/USD remains supported on the downside above $0.3100 and it could bounce back soon.Ripple Price AnalysisYesterday, there was a solid upward move in ripple price above the $0.3200 resistance area against the US Dollar. The XRP/USD pair gained traction and broke the $0.3300 and $0.3320 resistance levels. It even broke the $0.3400 resistance and spiked above the $0.3450 level. The price topped near the $0.3460 level and later started a sharp downside correction. It declined below the $0.3320 support and the 50% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. Sellers even pushed the price below the $0.3250 support area.However, the price found support near the $0.3160 level. The 61.8% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high also acted as a support. Moreover, yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair. Below the trend line, the next support is near the $0.3135 level. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. The main support is near the $0.3100 level and the 100 hourly simple moving average.Therefore, the price is likely to find a lot of buying interest near the $0.3160, $0.3130 and $0.3100 supports. If there is a downside break below the $0.3100 support, the price might move back in a bearish zone. On the other hand, if the price stays above $0.3100, it could start a fresh upward move above $0.3300.Looking at the chart, ripple price remains well supported above the $0.3100 level. In the short term, there could be range moves, but the price is likely to climb higher once again above $0.3300. The main resistance is near the $0.3350 level, above which there are high chances of gains above $0.3400 in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher, but it is still below the 50 level.Major Support Level – $0.3100Major Resistance Level – $0.3350
Elon Musk, founder and CEO of Tesla and SpaceX, has officially gone public with his belief cryptocurrency offers an improved alternative to conventional money.
In a podcast interview with investment firm ARK Invest on Feb. 19, Musk talked about his views on the future of his companies and responded specifically to questions about his thoughts on cryptocurrency.
To that end, Musk said he believes bitcoin’s structure “is quite brilliant,” adding:
“It [crypto] bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”
That said, Musk also pointed out aspects of the industry that are keeping his companies from getting involved in using and applying the technology.
Speaking to the downsides of cryptocurrency, in the case of bitcoin for instance, he said he believes its use of a large computing network to secure its ledger is “computationally energy intensive.” He added for a company that aims to boost the adoption for sustainable energy, it may not be “a good use of Tesla’s resources to get involved in crypto.”
“It’s very energy intensive to create bitcoin at this point,” he said.
Notably, this is not the first time that Musk had made remarks on cryptocurrency. In October last year, he made a mysterious tweet about buying bitcoin that whipped up speculation on social media.
Musk has also been impersonated several times on Twitter by scammers who have tried to use his profile’s likeness in crypto give-away schemes, a development he noted in his remarks.
“Bitcoin and ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin?” he quipped.
Elon Musk image via Shutterstock
ETH price started a downside correction after testing the $149-150 resistance area against the US Dollar.There was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD (data feed via Kraken).There was an increase in selling pressure and the price tested the $139-140 support area.A few important supports are in place near the $141, $140 and $136 levels.Ethereum price started a short term correction against the US Dollar and bitcoin. ETH/USD must stay above $136 and the 100 hourly simple moving average to bounce back.Ethereum Price AnalysisIn the past few days, ETH price climbed higher and broke the $135 and $140 resistances against the US Dollar. The ETH/USD pair even traded towards the $150 resistance zone, where sellers emerged. A top was formed just below the $150 level and later the price started a downside correction. It declined below the $146 support and the 23.6% Fib retracement level of the last leg from the $135 swing low to $150 swing high. It opened the doors for more gains and the price dropped towards the $140 support zone.Moreover, there was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the last leg from the $135 swing low to $150 swing high. However, there are many important supports are in place near the $141, $140 and $136 levels. The main support is near the $138 level. It coincides with the 76.4% Fib retracement level of the last leg from the $135 swing low to $150 swing high. Besides, the 100 hourly simple moving average is positioned near the $136 level to act as a strong support.Therefore, if the price continues to decline, the $138 and $136 levels are likely to prevent losses. If there is a break and close below the 100 hourly SMA, the price might decline further towards the $130 level. On the other hand, if the price finds support near $138, it could start a fresh upward move.Looking at the chart, ETH price corrected lower from the $150 resistance zone. However, dips remain supported as long as the price is above the $136 pivot zone. On the upside, an initial resistance is near $145, above which the price may retest $150.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD moved back in the bearish zone, with a few bearish signs.Hourly RSI – The RSI for ETH/USD is now just below the 50 level, with a bearish angle.Major Support Level – $136Major Resistance Level – $145
Let’s talk about abortion. I’ve always been “pro-choice.” On a personal level, I’ve never considered abortion. I’m currently a single father of four as a result. I don’t like to make decisions for other people. If you feel you need to have an abortion, it’s a legal procedure. I’m not a fan of states that try to make it impossible through various means. I don’t let morality enter into it. If it’s not my body, it’s not my moral conundrum. I hadn’t thought much about it recently until I saw this video of Virginia lawmaker Kathy Tran, in which she states her third trimester (begins in week 28 of pregnancy) abortion bill has no provision preventing the murder of an American child.
If this video doesn’t disturb you, seek mental help.
The Difference Between Abortion and Murder
Look, there’s a reason we have term limits on abortion. It’s not an arbitrary limit. The limit is in place because after a certain point, you’re simply taking away a life. We have modern medicine. As the video clearly shows, Tran and her people couldn’t provide one example wherein the mother’s life might be at risk that late in the pregnancy. The unnamed cases which her assistant couldn’t say much about were “anomalies.”
Tran’s bill allows for the third trimester “termination of a pregnancy” in the event that it would “harm the mental health of the mother.” Another delegate asks Tran, how late in the pregnancy would that be allowed? She walks around saying: until the last day of the pregnancy.
You’re due to deliver on the 10th, you can terminate on the 9th, as long as you get one doctor to say it’s okay. You also don’t have to go to a hospital to do it. Let’s deregulate a delicate and dangerous procedure while we’re at it.
Tell the same Democrats the government doesn’t have any business in our pocketbooks and they’ll argue all day.
The Difference Between Pro-Choice and Advocating Murder
Again, I support the right to terminate pregnancies, in all cases. I’m not a “pro-life” extremist. There’s a difference between a fetus and a baby. And that difference happens around 19-20 weeks. It’s in those weeks that we begin to get to where, in an emergency situation, we could be delivered prematurely and actually live. I’m sure a few people to the right of me are already firing up their keyboards, thinking they’ll sway me further on the issue. You won’t.
No, I’m not against abortion. I am against murder, which I define as the taking of an innocent life. Soldier’s aren’t murderers. A huge portion of “murder” trials in America should be classified as something else. While liberals like Kathy Tran are overwhelmingly in favor of killing infants, in some places they don’t even want you to have the right to defend your home.
A State Which Fails to Protect Children Is A Failed State
I believe if you’re going to have a government, it had better protect those who can’t protect themselves. I’d like to see less money wasted on regulation and spent on helping those people. If these mothers don’t want their “technically viable” children, I believe we as a society should prepare them to be contributing citizens, at our expense. We should foster a healthier attitude toward sex and children if we want to see less of that, I feel.
If you’re going to have a government, it better keep murder illegal. Killing someone the day or the week before they are born is definitely murder. In real terms, it’s no different than killing them the day after they are born. It is the killing of an innocent. That’s murder. Deal with it. Get out of your little mind and accept that. You’re advocating the murder of children with this.
There are plenty on my side of politics who would prefer a woman have no rights at all in this department. I think they are wrong. There are cases where it’s more acceptable to have an abortion than not. I also think for the most part it’s none of my business. But in the same way, I wouldn’t let a child be killed out in the middle of my street if I could prevent it, I don’t think our society should allow laws like Kathy Tran’s or New York’s to exist.
Kathy Tran Believes Mentally Ill Mothers Should Be Allowed to Kill Their Infants
Because now you’re talking about killing American children. You’re not talking about a medical procedure. It confounds me that you can take the same argument I use to defend a woman’s right to choose and spin it into her and some doctor’s right to choose infanticide. “Morally repugnant” doesn’t do it justice.
Tran’s push follows the passage of a law in New York that allows the same as described. The law doesn’t only legalize murder. In the event that the child is delivered, the mother and the doctors are allowed to decide whether or not to let the child live.
Let’s be clear: most children will not survive without some medical care immediately after birth. Any law that allows for the denial of medical care is a dereliction of what it means to govern. Frankly, it sounds like the kind of laws that Nazis would have agreed with – genetically inferior children have less right to life than those of the master race or some crap.
Listen, Democrat. In the end, these types of liberals make you all look bad. Your failure to rein them in will hopefully be the end of your viability as a party. The backlash won’t be pretty. Arkansas, my state, is all set to fully outlaw abortion if a federal decision ever allows for it. Several other states are on board with this type of regression. They will use cases like Kathy Tran and the Soviet Socialist Republic of New York to justify such unconstitutional decisions. I suggest you think twice the next time you choose not to condemn your colleagues when they start describing murder as a rational medical procedure.
BitGo, a crypto custodian backed by Goldman Sachs, is offering up to $100 million in insurance coverage for cold-wallet assets through Lloyd’s. There is no additional cost to BitGo clients.
In a press release, the company said the $100 million of insurance coverage protects custodial assets held by BitGo against:
- Third-party hacks.
- Insider theft by employees of private keys.
- Physical loss or damage of private keys.
Mike Belshe, the CEO of BitGo, touted the new service:
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered.
We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”
Goldman, Novogratz Invested $15 Million in BitGo
BitGo, which is based in Palo Alto, California, is financially backed by Goldman Sachs and Galaxy Digital, a crypto merchant bank founded by former Goldman partner Mike Novogratz.
In September 2018, BitGo received regulatory approval from the South Dakota Division of Banking to offer custody services, making it the only regulated custodian developed exclusively for cryptocurrency assets.
BitGo joins a growing number of companies that offer crypto custodian services, including Citigroup, Coinbase and Gemini, all of which are targeting institutional investors.
Quadriga Disaster Spotlights Need for Insurance
One company that could benefit from cold-wallet insurance is Quadriga CX, Canada’s largest cryptocurrency exchange.
As CCN reported, Quadriga lost access to more than $190 million in funds stored in both crypto and fiat after its founder Gerald Cotten unexpectedly died in December 2018. The 30-year-old died in India after suffering from Crohn’s disease.
Cotten had sole control over the funds stored in Quadriga’s cold-storage wallets. These are wallets that are stored offline and are not connected to the Internet.
Top crypto exchanges typically keep a large portion of their funds in cold storage to protect against hacks and other security breaches. Many have a multi-signature system in place so investors can withdraw funds in the event of freak occurrences, like the sole custodian’s untimely demise.
However, Quadriga did not have a system for continuity in place. And now, no one can access the funds since its founder’s death.
Quadriga: We Can’t Find Our Wallets
In early-February, Quadriga admitted that it has been unable to recover the cash and cryptocurrency assets it stored, as CCN reported.
“We have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us.
Unfortunately, these efforts have not been successful. We filed for creditor protection to help resolve these matters and preserve the interests of our customers.”
Two weeks ago, a judge gave Quadriga a 30-day stay on claims from creditors and potential lawsuits while the beleaguered exchange tries to access Gerald Cotten’s laptop and the $190 million in lost crypto.
If you’ve ever wanted to model your crypto portfolio after that of Ethereum wunderkind Vitalik Buterin, your chance has finally arrived.
Buterin responded to an Ask Me Anything session on Reddit by disclosing his current crypto holdings and other financial interests.
Based on Buterin’s statement, we can estimate that he owns less than $5 million in cryptocurrencies besides Ethereum and ETH-based tokens. We arrivate at this round figure by looking at his publicly available wallet and his statements. In Ethereum tokens, he also owns less than 10%, the majorilety of which are denominated in Kyber Network (KNC), Maker (MKR), OmiseGO (OMG), and Augur (REP).
Bitcoin Plays Minor Role in Vitalik Buterin’s Portfolio
The disclosure comes as the result of a complaint filed by an Ethereum community member which reads, in part:
“Regardless of whether the initial concerns had merit, the response to them is irresponsible — especially considering a huge fork is less than two weeks away. The decision of the Parity release manager to wipe his Twitter account and go dark 11 days before the Constantinople fork is a bad one. It’s a bad look for Parity, and it’s a bad look for Ethereum.”
The complaint was lodged as a result of Afri Schoedon’s trolling and subsequent rage-quitting.
While Buterin has several addresses besides his primary one, we can estimate his wealth at less than $60 million in liquid assets, without accounting for his business interests. The majority of these assets are in Ethereum, of which he holds around 350,000.
Here’s what else he holds:
•Non-ethereum-ecosystem tokens: BCH, BTC, DOGE, ZEC; total value < 10% the value of my ETH
•Non-ETH ethereum ecosystem tokens: KNC, MKR, OMG, REP, total value <10% the value of my ETH
•Significant corporate shareholdings: Clearmatics, Starkware [edit, forgot to put this in before]
•Revenue in the last 12 months other than ethereum foundation salary: a few advisor tokens (included in above)
•Non-financial interests: friends in the ecosystems represented by the above projects, as well as some non-token ethereum ecosystem orgs (eg. L4, Plasma Group, EthGlobal, EDCON) and non-token non-ethereum orgs (mainly professional cryptography and economics circles)”
The upshot is that crypto investors now know how to structure their portfolios like those of one of the community’s most revered influencers – not that Buterin would recommend that they should.
Ethereum’s Justin Drake is Close to ‘Full Crypto’
Buterin draws a salary from the Ethereum Foundation, as do several other core developers. Some projects like Parity have been given large grants by the same foundation.
Buterin was a major angel investor alongside Naval Ravikant in Starkware. It is a blockchain company that seeks to help build industrial blockchain applications. He also lists holdings in Clearmatics, an English company founded in 2015 that builds tokenized platforms.
Two other Ethereum developers also disclosed their holdings and the nature of their wealth.
Researcher Justin Drake disclosed that he has almost no fiat capital and that 99% of his holdings are in Ethereum. The foundation pays him in Ether.
Martin Swende noted that over 95% of his holdings are in Ethereum and that he draws a salary from the foundation in euros.
Other community members took part in the discussion, but much of the conversation around it was in questioning the nature of making such disclosures.
Vitalik Buterin Image from Zcash/YouTube
The crypto markets have continued to climb higher after seeing two days of large and widespread gains across nearly all major cryptocurrencies. Today’s price climb has led many investors and analysts to believe that the markets have already established a long-term bottom.Despite there being a bullish sentiment that is currently spreading through most cryptocurrency communities, analysts are now pointing to the importance of transaction volumes as an indicator of where the markets are heading next.Bitcoin and XRP See Sustained Rise in Transaction VolumeAlthough there may not be a fundamental reason behind the recent crypto market surge, one factor that may be contributing is an increasing amount of transaction volume that may have an impact on various cryptocurrencies prices.Naeem Aslam, the chief market analyst at Think Markets U.K., recently told MarketWatch that he believes that Bitcoin will see increased fundamental strength in the coming months, which could help contribute to positive price action.“The cryptocurrency king is on track to secure its first positive month since July 2018… With the wind of change blowing, the fundamentals are likely to improve in the coming months for the cryptocurrency space. The hopes are pinned on the improvement of the transaction volume for on-chain transactions. This will attract growth because of a larger number of industries becoming part of this infrastructure,” he said.Mati Greenspan, the senior market analyst at eToro, shared a similar sentiment to Aslam, and also noted that Bitcoin’s recent price ascent occurred at the same time its transaction volume began to increase.“We can see this period of low transaction rate in the purple rectangle below… The green line is $BTC,” Greenspan noted while referencing a chart that shows the volatility BTC saw during a period of low transaction volume.We can see this period of low transaction rate in the purple rectangle below.The green line is $BTC. pic.twitter.com/ksmdSfBHNp— Mati Greenspan (@MatiGreenspan) February 19, 2019Greenspan also noted that XRP has seen an influx of transactions in late-January after XRP’s transactions dropped off a cliff on December 11th, which is about the time that XRP fell back towards its 2018 lows in the mid-$0.20 region.“Transactions in XRP went quiet from December 11th but came back with a vengeance on January 26th,” he said.Crypto Markets May Not be Out of the Woods YetAlthough the recent market surge that has sent many cryptocurrencies up 10% or more is certainly positive for investors and traders alike, Greenspan warns that a tight correlation between major cryptos and Bitcoin could signal that bear market is not yet over.“Despite recent optimism, crypto correlations remain strong… Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high… Yet another sign the [bear] market might not be over just yet,” he warned.Despite recent optimism, crypto correlations remain strong.Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high.Yet another sign the 🐻 market might not be over just yet.Chart from @coinmetrics pic.twitter.com/ycdvA0dStb— Mati Greenspan (@MatiGreenspan) February 19, 2019At the time of writing virtually all major cryptocurrencies are trading up, with Ethereum, XRP, EOS, trading up 1.2%, 3.2%, and 5.1%, respectively.Featured image from Shutterstock.
Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:
Figure 1: BTC-USD, Daily Candles, Macro Resistance
We can see a clear, descending supply-and-demand channel that governed the market for the last two months. Yesterday, the market broke north of the channel and it has since begun to march toward a major macro level (red dashed line). This level is very significant; A test of this level will make or break the current market structure. If we fail to break through and fail to close a new high, this could be a strong bearish signal that supply is still highly present in the market and needs to be shaken out before any meaningful upward progress is made.
At the moment, we are currently breaking out of a large, symmetrical triangle that has quite a large price target:
Figure 2: BTC-USD, Daily Candles, Symmetrical Triangle
The symmetrical triangle (outlined in purple) is a huge consolidation pattern and has the potential to reach the $5,000 range based on the measured move for symmetrical triangle breakouts.
It’s important to note that we are still in a bear market, and it’s possible to see a fakeout of this consolidated breakout. We will have more information once we test the resistance level and, for now, we seem clear for another bit of movement to the upside.
Figure 3: BTC-USD, Weekly Candles, 200 EMA Level
Sitting just above the aforementioned resistance level lies the weekly 200 EMA. The weekly 200 EMA is a notoriously tough level to break as it represents the general macro health of a market. To date, we have tested it a couple times but have not managed to close above it in many months.
There are many levels to overcome with this symmetrical triangle breakout and they shouldn’t be underestimated. For now, things are looking bullish on the low timeframes and we must keep an eye on the higher time frames as we are on the cusp of breaking market structure. Patience is necessary here because these markets are volatile and one could easily be stuck in an unfavorable position.
- A strong rally pushed the price up 20% over the last 10 days. So far, we have yet to establish a new high.
- Just above the current price level is a strong band of resistance that the market has failed to break. This resistance includes the weekly 200 EMA — a notoriously strong level to break.
- If we fail to pop a new high, we can expect to see a retest of the low $3,000s.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc related sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.