Home / Crypto Currency / Bitcoin Price Intraday Analysis: BTC/USD More Bearish than Ever

Bitcoin Price Intraday Analysis: BTC/USD More Bearish than Ever


bitcoin price

Advertisement

The bitcoin price continues to trade sideways on Monday after a stable showing during the weekend on the daily charts.

The bitcoin-to-dollar exchange rate is trading at 6398-fiat at the time of writing, 0.85 percent lower than its Sunday high. The pair has found a decent support area in 6350-6400-fiat zone. But, it does not signal enough buying sentiment to break above the giant descending trendline. BTC/USD also formed another Doji on Sunday, confirming an equilibrium between bulls and bears. Frankly, the market is in a long-term bearish bias, so any of these overlong bias conflicts in near-term could intensify its previous selling sentiment.

Bitcoin-USD 1D Chart | Coinbase | TradingView.com

A reversal from here on daily charts could put BTC/USD towards the direction of the well-marketed bottom near 6000-fiat. There could be accumulation, as evidenced by historical price action. And the pair might take another shot at the descending trendline above. Nevertheless, BTC/USD is consolidating inside a triangle range that is narrowing every day, suggesting that breakout/breakdown action would be too imminent.

A breakout from here, meanwhile, could put the pair on a path towards the 100H moving average, while still confirming a bull trap scenario discussed in one of our previous analysis. Long story short, the market would need a mad bull run, maybe towards $10,000 to even confirm a stable medium-term bullish bias.

We’ll focus on our day trading, in the meantime, to try to make out the maximum profits we can get out of the intraday price action.

BTC/USD Intraday Analysis

Bitcoin-USD 4H Chart | Coinbase | TradingView.com

We are inside the last leg of our Fibonacci retracement graph drawn from 6151-low to 6479-high. We are now targeting 6354-fiat as our interim support. The resistance, at the same time, is towards 6479-6500 area. We are also expecting an early pullback action from the descending trendline in purple.

To begin with, we have already entered a short position towards 6354-fiat after a close below the intraday high near 6453-fiat while maintaining a stop loss near 6457-fiat. Simultaneously, a pullback action coupled with an increase in volume anywhere above the support area and near-term ascending trendline in saffron would have us open a long position towards the descending trendline. A further break, and we’ll put a similar position towards interim resistance. On both, a stop loss somewhere 4-pips below the entry position would define our risk management perspective.

Meanwhile, a breakdown action below support area would us enter a short position towards 6315-fiat. A stop-loss trade 3-pips above the entry position would minimize our losses should there be a price action reversal.

Featured Image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.
Advertisement
Read more

Check Also

Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.