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Bitcoin Price Watch: BTC/USD’s Resistance Turned Support

Key Points Bitcoin price climbed further higher and tested the $7,400 resistance area against the US Dollar. There is a major ascending channel in place with support at $7,290 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could dip a few points, but the previous resistance near $7,300-25 is

The post Bitcoin Price Watch: BTC/USD’s Resistance Turned Support appeared first on NewsBTC.

Key Points

  • Bitcoin price climbed further higher and tested the $7,400 resistance area against the US Dollar.
  • There is a major ascending channel in place with support at $7,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip a few points, but the previous resistance near $7,300-25 is likely to hold losses.

Bitcoin price traded to a new weekly high near $7,405 against the US Dollar. BTC/USD is correcting lower, but dips near $7,290 and $7,325 remain supported.

Bitcoin Price Analysis

In the weekly analysis, we discussed two possible targets for bitcoin price (7,300 and $7,400) against the US Dollar. The BTC/USD pair traded higher recently and both 7,300 and $7,400 targets were achieved. Recently, the price broke the key resistance at $7,325 and made a nice upside move. It traded above the last swing high and climbed to a new weekly high at $7,406.

Later, the price started a downside correction and declined below $7,350. The price also moved below the 23.6% Fib retracement level of the recent wave from the $7,225 low to $7,406 high. However, declines were protected by the previous support at $7,325, which acted as a support. Moreover, the price also stayed above the 50% Fib retracement level of the recent wave from the $7,225 low to $7,406 high. At the outset, there is a major ascending channel in place with support at $7,290 on the hourly chart of the BTC/USD pair. The pair is currently trading well above the $7,325 and $7,300 and dips remain supported.

Bitcoin Price Analysis BTC USD Chart

Looking at the chart, bitcoin is following a nice bullish path from the $7,225 low. If there is a downside correction, buyers could appear near $7,325, $7,300 and $7,290. On the upside, a close above $7,400 may open the doors for a push towards the $7,460 and $7,480 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is to some extent placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently moving lower towards the 50 level.

Major Support Level – $7,290

Major Resistance Level – $7,400

The post Bitcoin Price Watch: BTC/USD’s Resistance Turned Support appeared first on NewsBTC.

Cardano Price Analysis: ADA/USD Slowly Climbing Toward $0.1100

Key Highlights ADA price found support above the $0.1000 level and it is currently moving higher against the US Dollar (tethered). There is a major bullish trend line in place with support at $0.1050 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely to move higher towards the

The post Cardano Price Analysis: ADA/USD Slowly Climbing Toward $0.1100 appeared first on NewsBTC.

Key Highlights

  • ADA price found support above the $0.1000 level and it is currently moving higher against the US Dollar (tethered).
  • There is a major bullish trend line in place with support at $0.1050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to move higher towards the $0.1080 and $0.1100 resistance levels.

Cardano price is slowly rising against the US Dollar and Bitcoin. ADA/USD could continue to move higher towards the $0.1100 level in the near term.

Cardano Price Analysis

There was a downside correction recently in Cardano price from the $0.1104 high against the US Dollar.  The ADA/USD pair declined and broke the $0.1050 support level. However, buyers appeared near the $0.1010 level and the 100 hourly simple moving average. As a result, the price started a fresh upward move and traded above the 23.6% Fibonacci retracement level of the drop from the $0.1104 high to $0.1099 low.

The price even moved above the $0.1050 with bullish moves. However, the upside move was capped by the $0.1070 zone. It is the 61.8% Fibonacci retracement level of the drop from the $0.1104 high to $0.1099 low. Moreover, there is a connecting resistance trend line in place with current hurdle at $0.1080 on the hourly chart of the ADA/USD pair. On the downside, the pair is testing the $0.1050 support and the 100 hourly SMA. Additionally, there is a major bullish trend line in place with support at $0.1050 on the same chart.

Cardano Price Analysis ADA USD Chart

The chart indicates that ADA price is likely to move higher towards $0.1080 as long as it is above $0.1050 and $0.1020. Above $0.1080, the price may perhaps test the $0.1100 resistance area. On the flip side, a break below $0.1020 could push the price towards the $0.1000 support.

Hourly MACD – The MACD for ADA/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently near the 50 level.

Major Support Level – $0.1050

Major Resistance Level – $0.1100

The post Cardano Price Analysis: ADA/USD Slowly Climbing Toward $0.1100 appeared first on NewsBTC.

Bitcoin MACD Positive First Time Since January 2018

Moving Average Convergence/Divergence (MACD) has gone into positive territory for Bitcoin for the first time since January 2018. This can be seen on Bitcoinwisdsom when viewing Bitfinex data with a 1-week interval, in the settings menu. MACD first turned positive on 26 August 2018, generally taken to mean a rally may be imminent. In Bitcoin’s …

The post Bitcoin MACD Positive First Time Since January 2018 appeared first on BitcoinNews.com.

Moving Average Convergence/Divergence (MACD) has gone into positive territory for Bitcoin for the first time since January 2018. This can be seen on Bitcoinwisdsom when viewing Bitfinex data with a 1-week interval, in the settings menu. MACD first turned positive on 26 August 2018, generally taken to mean a rally may be imminent.

In Bitcoin’s recent history, during the past couple of years, when MACD turns positive it usually becomes increasingly positive for many months and peaks when Bitcoin’s price peaks. It begins to decline after Bitcoin’s price peaks, and then it goes negative and becomes increasingly negative for months, coinciding with a steady drop in Bitcoin’s price. During the Bitcoin rally to USD 20,000 MACD was in positive territory for over a year, and during the 2018 bear market, MACD was in negative territory for over half a year.

This could be a major sign that a big Bitcoin rally is starting. Already ,Bitcoin’s price has increased from USD 5,800 in mid-August to USD 7,400 as of this writing on 4 September. This is a USD 1,600 increase or 28%. If MACD is accurate, then could be the beginning of a major rally that will last many months.

MACD was developed by Gerald Appel in the late 1970s. It is essentially a filtered derivative of Bitcoin’s price or the velocity of price movement. In trading, when this crosses from negative to positive, it is called a bullish crossover and is considered a good time to buy. Generally when a bullish crossover occurs, price accelerates upwards.

So where does Bitcoin’s price go from here? According to a long-term Fibonacci retracement, the next resistance level is USD 9,000. Using MACD in combination with the Fibonacci retracement, it can be expected that Bitcoin’s price will rise to USD 9,000, getting stuck below this level for some time before continuing upwards.

 

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The post Bitcoin MACD Positive First Time Since January 2018 appeared first on BitcoinNews.com.