Day: July 24, 2018

Key Points

• Bitcoin price gained momentum and broke a key resistance at $8,000 against the US Dollar.
• There is a key connecting bullish trend line in place with support at $7,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might correct a few points, but it remains in an uptrend towards $8,500.

Bitcoin price is climbing higher above $7,800 against the US Dollar. BTC/USD broke the $8,000 resistance and it looks set for more upsides in the near term.

Bitcoin Price Analysis

Yesterday, we discussed that Bitcoin price could climb above the $8,000 resistance against the US Dollar. The BTC/USD pair did gain momentum above the $7,800 resistance and traded above the $8,000 resistance. A high was formed at $8,028 and the price is currently consolidating gains. An initial support on the downside is near the 23.6% Fib retracement level of the last wave from the $7,327 low to $8,027 high.

More importantly, there is a key connecting bullish trend line in place with support at $7,850 on the hourly chart of the BTC/USD pair. Should there be a break below the trend line support, the price may trade towards the $7,770 support. The 50% Fib retracement level of the last wave from the $7,327 low to $8,027 high is also positioned near the $7,680 level. Therefore, if the price corrects lower, it is likely to find many supports like $7,850, $7,800, $7,700 and $7,680. Below this, the most important support is at $7,580 (the previous resistance).

Looking at the chart, the price is showing many bullish signs above $7,850. It is likely to accelerate gains above the $8,000 level. The next resistances are near the $8,200 and $8,500 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed heavily in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is near the overbought levels with hardly any sign of a downside move.

Major Support Level – $7,850

Major Resistance Level – $8,500

The post Bitcoin Price Watch: BTC/USD Breaks $8,000, Next Target $8,500 appeared first on NewsBTC.

Two dapps on ethereum that bear all the hallmarks of Ponzi schemes are the most popular games on the site now.

Key Highlights

• Ethereum classic price retested an important support area near $15.75 against the US dollar.
• There is a crucial bearish trend line forned with resistance at $16.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair may perhaps break the $16.20 resistance and the 100 hourly simple moving average.

Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD is likely forming a double bottom pattern near $15.75, which could ignite bullish moves.

Ethereum Classic Price Support

There were continuous declines from the $18.40 swing high in ETC price against the US dollar. The ETC/USD pair declined below the $17.00 and $16.50 support levels. It even traded below the $16.00 level and formed a low near $15.75. Later, the price corrected higher and moved above $16.40. It even broke the 23.6% Fib retracement level of the last decline from the $18.38 high to $15.75 low.

However, the upside move was protected by the $16.80 level. Moreover, there is an important bearish trend line with resistance at $16.20 on the hourly chart of the ETC/USD pair. The pair declined once again and retested the $15.75 support area. At the moment, the price is consolidating above the $15.75 support. It may perhaps move higher above $16.20 and form a double bottom pattern. A successful close above $16.20 and the 100 hourly SMA could open the doors for more gains. The next resistance sits near the 50% Fib retracement level of the last decline from the $18.38 high to $15.75 low near $17.00.

The chart suggests that the price must stay above the $15.75 support to move higher. If it fails to stay above the double bottom support, there is a risk of a downside break towards the $15.00 level.

Hourly MACD – The MACD for ETC/USD is likely to move back in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving higher towards the 50 level.

Major Support Level – $15.75

Major Resistance Level – $16.20

The post Ethereum Classic Price Analysis: ETC/USD Likely Forming Double Bottom appeared first on NewsBTC.