Bitcoin price analysis: BTC/USD if not $8,000 this weekend, where to then?
Bitcoin settles in a narrow range between $7,800 – $7,700.
The formation of a rising wedge pattern hints a breakdown towards $7,000.
Thecryptocurrencymarket is mostly in the red on Saturday. However, Bitcoin bulls are flexing their muscles in readiness for a barrier breaking mission to $8,000. The price is up a subtle 0.14% on the day after correcting from the opening of $7,757 to the current market value of $7,761.
The immediate upside is limited by theresistanceat $7,800. Although, Bitcoin hit highs around $7,879 on Friday before retracement kicked in. Bitcoin is also trading in the apex of a rising wedge pattern which hints a breakdown towards $8,000. To avert the impact of the wedge pattern Bitcoin must correct above $8,000.
The Relative Strength Index (RSI) is horizontal above 60, showing a possibly extended sideways trading. The downside is protected by the 50 SMA on the 1-hiurchartat $7,600 and the 100 SMA at $7,400. Other key support levels to keep in mind include $7,200, $7,000, $6,800 and $6,500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
BTC/USD has fallen below the $7,000 mark, which was a key psychological level. The four-hour BTC/USD market is trending in a downward channel formation. Chainalysis released a report stating that a massive Ponzi scam triggered the drop below the $7,000-level.
ETH/USD had a heavily bearish Monday, wherein its price fell from $142.65 to $132.70, dropping by 7%. This Tuesday, the price has fallen further to $131.94 and is trending below the 20-day Bollinger Band – indicating that …
Ripple painfully thrust through the critical support areas at $0.2200, $0.2100, and $0.2000. The technical picture for XRP is bearish, but the shrinking volatility hints …
Litecoin battered bulls scatter into hibernation; selling activity intensifies under $40. Oversold conditions in both the long term and short term timeframes suggest …
On thecryptocurrencymarket, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.