Bitcoin Price Hits 5-Week High With Chart Echoing 2015 Pre-Rally Pattern

View Bitcoin jumped to a five-week high of $4,100 earlier today, reinforcing the bullish view put forward by the recent bounce from the crucial 30-day moving average support. That, coupled with the flag breakout on the 4-hour chart, indicates scope for a re-test of $4,190 (February high). The short-term bullish case would weaken if prices fail to close today above $4,055 (March 21 high). On the downside, a bearish reversal would be confirmed if and when prices find acceptance below the 30-day moving average, currently at $3,900. Additionally, bitcoin’s 200-candle…

Bitcoin Still Needs $190 Price Gain for Bull Reversal This Month

View Bitcoin created a bullish “engulfing candle” last month, confirming seller exhaustion. A bullish reversal, however, would only be confirmed if price closes above $4,190 (high of the engulfing candle) on March 31. A bullish monthly close would open the doors to $5,000, although gains may be hampered by the crucial 21-week moving average, which is still trending south. The prospect of a bullish monthly close above $4,190 would drop sharply if prices find acceptance under the 30-day moving average, currently at $3,900. That average line has served as strong support…

Top Cap and Delta Cap: New Metrics for Spotting Bitcoin Price Trend Reversals

Believe it or not, there are more ways to anticipate the future market value of bitcoin than through practicing technical analysis or by observing network activity developments. While valuable in their own right, thanks to researchers Willy Woo and David Puell, several new experimental bitcoin valuation metrics were released in February that combine the two fields to create a more holistic view of bitcoin’s market.   Sample sizes are small in the cryptocurrency markets, with the oldest, bitcoin, having existed just 10 years, but two of the newly released metrics…

Bull Return? Bitcoin Again Rebounds From Strong Price Support

View Bitcoin has again created a higher low along the 30-day moving average line, neutralizing Monday’s bearish close below $3,920. A move above $4,055 (March 21 high) is still needed to revive the short-term bullish setup. That could be followed by a rally to resistance levels lined up at $4,190–$4,236. A UTC close below the 30-day moving average, currently at $3,889, would put the bears in a commanding position, opening the doors for a drop to support levels at $3,775 (March 14 low) and $3,658 (Feb. 27 low). Bitcoin (BTC)…

Bitcoin’s Trading Range Narrows In March to Hit Two-Year Low

Bitcoin’s average daily trading range so far in March is its lowest in nearly two years when, at the time, the world’s largest cryptocurrency was worth roughly a quarter of what it is now. At the time of writing, bitcoin’s average 24-hour trading range so far this month, defined as the average difference between the high and low price of each day in a given month, has been just $85, its lowest average range since the same metric recorded $32 in April of 2017, according to CoinDesk data. Notably, the…

Bitcoin Price Consolidation Continues, Downside Break Looks Likely

View Bitcoin’s current trading range of $3,920–$4,055 could be breached to the downside, as last week’s doji candle created at the key 21- week moving average resistance is signaling bullish exhaustion. A downside break of the trading range, if confirmed, could yield a sell-off toward the support levels lined up at $3,775 and $3,658. On the higher side, a UTC close above $4,055 is needed to put the bulls back into the driver’s seat, although that looks unlikely at press time. Chart signals of bullish exhaustion suggest bitcoin’s (BTC) narrowing trading…

Bitcoin Price Drops Back Below $4K But Bull Outlook Still Intact

View Bitcoin failed to capitalize on a bull breakout above $4,040 yesterday, but the short-term outlook remains bullish as the higher-lows pattern is still intact. A convincing break above the three-day chart resistance of $4,040 still looks likely and could be followed by a rally toward the recent high of $4,190. The immediate outlook would turn bearish if prices find acceptance below $3,920 (previous day’s low). A bearish close, if confirmed, could yield a drop to $3,700–$3,658 (Feb. 27 low). Bitcoin (BTC) has dropped back from levels over $4,000, but…

Bitcoin Price Charts Echo Pattern Seen Before Bull Reversal of 2015

View Bitcoin’s drop from a record high of $20,000 clocked in December 2017 has ended up creating a falling channel similar to the one created in the 18 months leading up to the long-term bullish reversal seen in October 2015. If the same sequence of events unfolds, BTC could see a channel breakout later this year. An early move out of the falling channel cannot be ruled out, but may not yield stronger rally while the crucial 21-week moving average is trending south. The short-term bullish view put forward by…

Bitcoin Struggles to Pass Key Price Resistance Over $4K

View Bitcoin could rise to recent highs near $4,200 in the short-term if prices validate the bullish outside reversal or “engulfing” candle created in the three days to March 16 with a convincing break above $4,040 (high of the engulfing candle). Any spike to $4,200, however, would likely be short-lived as long as the 21-week simple moving average (currently located at $4,073) is sloping downwards. A break below $3,927 (triangle low on the 4-hour chart) could yield a pullback to support lined up at $3,850. Bitcoin’s (BTC) bulls need to…

Bitcoin’s Share of Total Crypto Market Slips Back Toward 50%

Bitcoin’s dominance rate, or its share of the total cryptocurrency market, is on the verge of falling below 50 percent for the first time in over seven months. At press time, the world’s largest cryptocurrency accounts for 50.9 percent of the total capitalization of the entire market and fell as low as 50.54 on March 17, according to data from CoinMarketCap. Before 2017, bitcoin’s dominance rate was perpetually in excess of 70 percent, but it began to deflate as new cryptocurrencies were created and sold to investors in initial coin…