The sentiment of top traders on the short-term trend of the Bitcoin price remains mixed after BTC surged by more than five percent within less than six hours from $6,840 to $7,200.

Some prominent traders believe that the Bitcoin price could range between $7,700 and $7,300, grinding upwards to the low-$8,000 region. Others foresee a steep rejection in the $7,700 to $7,900 range, which has been a historically strong area of resistance.

Crypto market daily performance. Source: Coin360

The majority of top traders are seemingly convinced that Bitcoin price is likely to test $7,700 in the near-term.

BTC is currently hovering at its yearly open, and an upsurge to $7,700 would allow the dominant cryptocurrency to test a crucial reversal point that triggered the rally to $10,500 earlier this year.

When Bitcoin portrayed an unclean inverse head and shoulders pattern in December 2019, the $7,700 level served as the neckline of the entire formation. Eventually, Bitcoin climbed all the way to $10,500 by February 13, seeing an extended rally.

BTC USD daily chart. Source: TradingView

One trader who operates under the alias Thrillmex said that a CME gap exists at $8,400, which is the same area marked by renowned technical analyst PentarhUdi in early March.

On March 20, when the Bitcoin price was still trading at $5,200, PentarhUdi predicted that BTC is likely to rebound to as high as $8,500, which is an important weekly simple moving average level with historical significance.

PentarhUdi previously said:

This should bounce up from weekly SMA 200 ($5200) up to daily sma 200 ($8500). Break up of the upper trend line invalidates this bearish count. I remind you this is a hypothetical bearish outcome of previous published ideas.

The difference in the recent Bitcoin recovery beyond $7,100 is that its upward momentum has been supported with rising volume. Previous rallies saw declining volume, which typically indicate a fakeout.

In the short-term, traders are considering the following four scenarios:

The bearish scenario for BTC in the immediate-term is a higher time frame candle, like a weekly candle, closing below $6,900 and resuming the downtrend.

Cryptocurrency trader Scott Melker said:

If youre a bear, red was a clear spot to try a short. If you are a bull, a pull back to green looks like a good entry.

BTC USD 4-hour chart. Source: TradingView

With the price en-route to closing its weekly candle above $7,000, the general sentiment around BTC, at least in the short-term, remains a retest of $7,300 and possibly an extended upsurge to $7,700.

Bitcoin daily price chart. Source: Coin360

As the Bitcoin price pushed higher many of the top-10 altcoins followed suit. Ether (ETH) rallied 4.41%, Bitcoin Cash (BCH) gained 4.57% and Chainlink (LINK) added 12.92%.

The overall cryptocurrency market cap now stands at $201.4 billion and Bitcoins dominance rate is 64.2%.

Read more from the original source:
Bitcoin Price Surges to $7,200 Heres What Top Traders Think Is Next - Cointelegraph

Bitcoin is trading in the negative on Easter Monday following a weekend full of action. The price stepped above $7,500 but the lost steam before approaching the resistance at $7,600. Buyers and other investors were looking forward to pulling above $8,000. Instead, bears wasted no time enacting a revenge mission as BTC/USD dropped below several support areas including $7,200, $7,000 and $6,800.

At the time of writing, Bitcoin is trading at $6,713 after losing almost 3% of its value on the day. The prevailing picture is bearish amid high volatility. The RSI, for instance, has sharply retreated under the average (50). Further movement downwards could encourage sellers to increase their entries further pulling Bitcoin towards $6,000.

The same downward trend is emphasized by the MACD currently struggling to stay above the mean line. A bearish divergence puts the sellers in control. Besides, BTC/USD is trading below the moving average whereby the 100 SMA is hindering movement at $6,773 and the 50 SMA at $7,057.

A bearish weekend action saw Bitcoin price drop under a pennant patterns support. Continued reaction to this bearish pattern is deemed too detrimental for Bitcoin because the ongoing selling action could retest support at $6,000.

Read the original here:
Bitcoin Price Analysis: BTC/USD eyes $6,000 after breaking this pennant pattern support - FXStreet

Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400.

After forming a support base above the $6,700 level, bitcoin price started a fresh increase against the US Dollar. BTC price climbed above the $6,900 and $7,000 levels, but it failed to gain bullish momentum.

It seems like the price was rejected above the $7,000 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC/USD pair.

Bitcoin Price

The pair formed a high near the $7,218 and declined heavily. It trimmed all its gains and even broke the $6,700 support area. A new weekly low is formed near the $6,559 level and the price is currently correcting higher.

It is trading near the 23.6% Fib retracement level of the recent decline from the $7,218 high to $6,559 low. An immediate resistance on the upside is near the $6,750 level (the recent breakdown zone).

If there are more gains above $6,750, bitcoin price might correct higher towards the $6,880 and $6,900 levels. The 50% Fib retracement level of the recent decline from the $7,218 high to $6,559 low is also near the $6,888 level to act as a resistance.

The main hurdle is now near the $7,150 and $7,200 levels, above which the price is likely to gain bullish momentum in the near term.

If bitcoin fails to recover above $6,750 or $6,900, there are chances of more downsides. An initial support is near the $6,600 level, below which the price might even decline below $6,500.

The next key support is near the $6,400 level, followed by $6,200 where the bulls are likely to take a stand.

Technical indicators:

Hourly MACD The MACD is currently showing a lot of bearish signs.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now well below the 40 level.

Major Support Levels $6,500 followed by $6,200.

Major Resistance Levels $6,880, $7,000 and $7,150.

The rest is here:
Bitcoin Turned Sell After A Key Technical Rejection Above $7K - newsBTC

When Bitcoins price fell sharply four weeks ago network activity dropped as investors began to put their coins into storage. This trend is reversing as the daily transaction number is once again increasing, and coins are on the move.

Glassnode has posted a chart of active Bitcoins that shows how the number moving across the network began to accelerate rapidly last August, only to level off last month. Now, this number is once again picking up.

Overall network activity is also once again increasing after a sharp drop in March, as seen in this chart from Blockchain.info:

The key takeaway from this information is that the flagship cryptocurrency is once again on the move. The changes in activity on the network may be relatively small, but they still demonstrate a shift away from hodling Bitcoins to using them.

In all likelihood, these increases are due to an uptick in trading, which will no doubt take place as prices rise. Many investors see the market recovery as an opportunity to make a quick profit from what is clearly a growing demand for cryptocurrency.

It is worth noting that the upcoming block halving is also providing a strong incentive to acquire Bitcoin now before the supply drops in mid-May. Also, fear of inflation and a continued global economic slowdown is driving many to put their assets into safe havens, for which Bitcoin and other cryptocurrencies are ideally suited.

Whereas activity volume on the Bitcoin platform ebbs and flows from month to month, it is worth noting that the network continues to work as designed. Fees remain low, and confirmation times are relatively quick.

The network will begin to show signs of congestion at around 400,000 transactions per day, which is substantially more than the present number. This last happened in 2017, resulting in slow transactions and high fees. The Lightning Network now exists to help prevent such problems from ever happening again, yet needs more work to make it reliable and user friendly enough for mass use.

It is reasonable to assume that the number of active Bitcoins will continue to increase along with overall crypto adoption. Activity across the blockchain space is accelerating, much of which is taking place in areas such as decentralized finance and supply chain tracking. Present data clearly indicates that interest in this new asset class continues to grow.

IsBitcoin trading activity up? Share your thoughts in the comments below.

Images via Shutterstock, Glassnode, Blockchain.com

Read this article:
Bitcoin Active Supply Touches 3-Year High, But What Does it Imply? - Bitcoinist

Bitcoin (BTC) has never been so oversold in the last month before its block reward halving, one important indicator shows.

In an ongoing Twitter debate on April 11, the analyst known as PlanB noted that Bitcoins relative strength index (RSI) was unusually low.

The oscillator uses a scale from 1 to 100 to determine whether Bitcoin is overbought or oversold at a particular price.

The 12-month RSI currently registers 49 near its historic lows. Since 2011, according to data from PlanB, it has only seen two periods below that level, in 2015 and late 2018.

Whats more, before Bitcoins two previous halvings in 2012 and 2016, the 12-month RSI was much higher around 70.

Around 30 days remain until the 2020 halving.

Bitcoin 12-month RSI, 2011-present. Source: PlanB/ Twitter

#bitcoin RSI ... never been this weak before the halving, PlanB summarized. He subsequently confirmed that by weakness, he meant that Bitcoin was oversold.

Halvings are a seminal event for Bitcoin holders, as the amount paid to miners each block reduces by 50%.

This increases Bitcoins hardness as money by reducing its inflation and improving its stock-to-flow ratio a key metric which PlanB curates.

Stock-to-flow has proven extremely accurate at predicting Bitcoin price performance. Despite fielding criticism, the model has yet to fail and even takes into account Bitcoins dramatic fall to $3,700 in March.

More generally, a low RSI reading reinforces the idea that price rises are due, while BTC/USD currently also resides in the lower echelons of the stock-to-flow corridor. According to the latter, a dramatic leg up to an average of $100,000 should occur by the end of 2021.

See more here:
30 Days Left Bitcoin RSI Has Never Been This Oversold Pre-Halving - Cointelegraph

More analysts than ever are encouraging young people to take advantage of the current market dip and begin investing in Bitcoin for retirement. Whereas this idea is nothing new, current forces in the legacy financial space are making it more appealing. At least one analyst asserts that a mere one Bitcoin will provide a vastly better long-term return than traditional savings.

Over the course of the past forty years retirement plans in developed countries have gradually shifted from fixed benefit programs, such as standard pension plans, to defined contribution programs, such as 401ks. Whereas the wisdom of this transition is subject to debate, there is no question that millions now rely on some form of personal savings for most, if not all, of their retirement income.

For those with ample nest eggs, this arrangement has been fine. However, decades of low inflation and brief recessions have played a role in this success. Should the current global financial crisis result in a surge of inflation, retirees could find themselves in serious trouble.

For those still in the workforce, long term devaluation of fiats such as Dollars and Euros could be devastating. Years of prudent investment could disappear as the earning power of retirement savings evaporates. Analyst Davincij15 has pointed this out in a recent tweet:

Simply put, he acknowledges the wisdom of beginning to save while young, yet notes that all may be for naught if inflation becomes a problem. Not surprisingly, he advocates Bitcoin as a possible hedge.

Much has been said of Bitcoin as a potential safe haven during the current economic meltdown. However, the long-term consideration of this idea is far more notable. The fact that crypto ownership skews toward the young is well-known, and more than ever workers under 35 are choosing to add blockchain assets to their retirement portfolios.

Part of this trend is, of course, related to the belief that crypto will continue to vastly outperform traditional investments. However, these young investors may now be making this choice to protect their retirement from inflation or other economic downturns. In other words, crypto is likely to be added to hard assets like gold and treasury bonds as a component of a properly managed portfolio.

There is little doubt that Bitcoin and other cryptocurrencies are a permanent element of the global financial landscape. Now, more than ever, current events are giving legitimacy to this new asset class.

Do you think Bitcoin is the nest retirement investment option available to us? Share what you think in the comments below.

Images via Aaron Burden from Unsplash, Twitter: @Davincij15

Read the rest here:
Is 1 Bitcoin Enough for You to Retire On? This Analyst Thinks Yes - Bitcoinist

The worlds no. 1 digital coin, Bitcoin, continues to trade range bounce around 0.6850 heading into the weekly closing. Ethereum and Ripple also keep their recent trading range amid quiet Easter trading. Ripple, however, outperforms the top 3 most dominantly traded digital assets. The total market capitalization of the top 20 cryptocurrencies now stands at $198.85 billion, as cited by CoinMarketCap.

The top three coins could likely resume Fridays corrective slide, with the FXStreets Confluence Detector tool suggesting key technical levels to watch out for in the week ahead.

Amid a tug-of-war between the bulls and the bears so far this Easter, Bitcoinis likely to face the immediate resistance at 6883, the confluence of the upper Bollinger Band on 15-minutes chart, SMA 10 4H and previous high 1H. Further up, a minor next hurdle awaits around 6950, where the Fib 38.2% 1D and Bollinger Band 1H Upper coincide.

The buying interest will intensify above the latter, with the strong resistance at 7026 back in play. The barrier is the confluence of the Pivot Point 1D R1 and Fib 61.8% 1W.

Having said that, the downside appears more compelling amid a lack of substantial levels. The immediate support is aligned at 6741, the previous week low and Pivot point 1D S2.

A failure to resist above the 6740 area will expose the next support at 6527, Pivot Point 1 Week S1.

At the current level of 157.80, any further upside attempts in Ethereumare likely to face a stiff resistance at 158.58, a cluster of Fib 38.2% 1D, SMA50 4H and SMA50 1H.

Only a sustained move above that level would revive the recovery momentum from Fridays sell-off.

To the downside, the next support is the Fib 61.8% 1W at 153.88 below which a test of the Fib 38.2% 1M at 152.24 is likely on the cards.

Rippleis on track to conquer the symmetrical triangle pattern target near 0.1960, which also marks the key hurdle for the bulls. That level represents the Fib 61.8% 1M.

On its way to that target, a minor resistance at 0.1943 needs to be taken-out, the intersection of Fib 38.2% 1W and SMA50 1D.

Any pullbacks will likely remain shallow, as a number of support levels are stack up, with the immediate one seen at 0.1900, the Fib 38.2% 1D and SMA50 4H intersection. A break below the last would call for a test of 0.1883, where the Fib 61.8% 1W and 1D meet.

If the sellers regain complete control below the latter, a test of the strong support of the previous year low at 0.1754 will be inevitable.

See all thecryptocurrency technical levels.

Link:
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: A consolidative phase before the bears return - FXStreet

Alex Dovbnya

Right-wing media personality Mike Cernovich is collecting Bitcoin donations to turn his 'Hoaxed' documentary into a podcast series

Mike Cernovich, a popular right-wingmedia personality, is asking for Bitcoin (BTC) to give his controversial 'Hoaxed' documentary a new life.

During an AMA session on Twitter, he suggested that it could be turned into a full-season podcast, but it would cost up to $100,000 to pull off.

The documentary, which aims to expose the lies of American mainstream media on both sides of the aisle,deals with the onslaught against U.S. President Donald Trump in the press as well as other hot-button issues.

Notably, 'Hoaxed' was recently removed from Amazon despite its growing popularity on the platform. This censorship attempt was condemned by Cernovich, but the filmis still available on YouTube, iTunes, and other services.

If Cernovich were to choose new stories created by the media, he would add the 'Covingtongate' imbroglio and actor Jussie Smollett faking his attack and accusing a Trump supporter.

Cernovich has been a Bitcoin proponent for quite a while. In July 2019, after Trump tweeted that he wasn't a fan ofBitcoin, he was 'thrilled' that the POTUS finally tweeted about the crypto king, claiming that he actually attacked Facebook's Libra cryptocurrency.

He's is not the only political activistwho is keen on accepting anonymous Bitcoin donations. As reported by U.Today, British far-right politicianTommy Robinsoncollected more than $20,000 after he was released from prison in August 2019.

However,Cernovich is less enthusiastic about Bitcoin's forks. Back in December, he suggested that Bitcoin SV (BSV) could either be a scam or the real Bitcoin.

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Conservative Pundit Collecting Bitcoin (BTC) Donations to Expose Liberals - U.Today