Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin price started a fresh increase from the $16,200 support zone against the US Dollar. BTC is up 5% and it is trading above $17,500, but facing a major resistance at $18k and $18.2k.

  • Bitcoin started a fresh upward move above the $17,000 and $17,200 levels.
  • The price is now trading nicely above the $17,500 resistance and the 100 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could revisit the $18,200 resistance, where the bears might put a strong fight.

Bitcoin Price is Rising Steadily

This past week, bitcoin saw a sharp downside correction below $18,000 and $17,200 against the US Dollar. The BTC/USD pair even broke the $16,800 support and the 100 simple moving average (4-hours).

It traded as low as $16,219 before forming a support base. A fresh increase was initiated above the $16,500 and $16,800 resistance levels. Bitcoin price cleared the $17,400 resistance and 100 simple moving average (4-hours) to move into a positive zone.

There was also a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear break above the $17,850 and $18,000 levels might lead the price towards the key $18,250 resistance zone. It is close to the 61.8% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

A successful break above the $18,250 and $18,400 levels is needed for a fresh rise towards the $19,000 and $19,500 levels in the coming sessions.

Another Drop in BTC?

If bitcoin fails to clear the $18,000 and $18,250 resistance levels, it could start a fresh decline. An initial support is near the $17,500 level or the 100 simple moving average (4-hours).

The first major support sits at $17,400 levels. A downside break below the $17,400 level could lead the price towards the main $16,800 support level. Any more losses might call for a new low below $16,200.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $17,400

Major Resistance Level – $18,250

Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

Ethereum has been flashing signs of immense strength today, with the cryptocurrency surging up towards $550 as bulls try to erase the recent losses that came about due to the recent market-wide selloff.

This comes as Bitcoin also shows some signs of strength, with the benchmark cryptocurrency navigating towards $18,000 following its recent decline that sent it down to lows of $16,400.

Bitcoin is firmly leading Ethereum and the rest of the market. The potent reaction that both assets have seen after tapping their local lows does seem to be a bull-favoring sign.

One analyst is now noting that Ethereum is likely to see significantly further upside in the near-term, with its strength showing no signs of slowing down as bulls move to regain control of its trend.

He believes that $500 will prove to be a long-term local bottom for the crypto and that it will only see upside from here heading into the end of the year.

It is also possible that it will enter an accumulation phase between these lows and its current price level, which will bolster any uptrend in early-2021.

Ethereum Shows Signs of Strength as Buyers Take Aim at $600 

At the time of writing, Ethereum is trading up just under 5% at its current price of $543. This marks a notable upswing from its recent lows of $490 set at the bottom of the recent selloff.

The ardent defense of $500 by bulls indicates that this is a strong support level that may continue bolstering its price action for the weeks to come.

So long as it consolidates above $500 and confirms this as a strong support level, there’s a strong possibility that it will see further upside.

Analyst: ETH Likely to Rally Higher Throughout Rest of 2020

While speaking about Ethereum’s potential outlook, one trader explained that he expects it to see some serious upside in the weeks leading up to the end of the year.

He further added that he expects $500 to prove to be a long-term local low for the cryptocurrency that helps spark its next sustained uptrend.

“ETH / USD: Weekly chart looking excellent right now, while $650 resistance was rejected pretty harshly, now strong support is being show at $500 buyers defending aggressively… LTF expecting accumulation at $500 and hopefully this is a local low for the rest of the year.”

Ethereum

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

Ethereum’s near-term price action will likely depend largely on Bitcoin, which does seem to favor bulls at the moment, with the benchmark cryptocurrency now pushing up towards $18,000.

Featured image from Unsplash.
Charts from TradingView.

Here are the Crucial Levels Bitcoin Must Break to See an Explosive Move Higher

Bitcoin has seen a strong move higher throughout the past day, with bulls aiming at reversing the recent market-wide selloff as the cryptocurrency begins pushing higher.

Where it trends next will likely depend largely on whether or not bulls can maintain the ongoing uptrend as the weekly candle close fast approaches. Where this candle closes will likely set the tone for the week ahead and offer insight into its macro-outlook.

There are still a few crucial levels that need to be surmounted before Bitcoin can see significantly further upside.

It is currently trading between a few key levels, and how it continues reacting to the selling pressure that exists here will provide insight into its mid-term outlook.

One trader is now noting that a break above the resistance that sits right above where it is currently trading at could lay the groundwork for the benchmark cryptocurrency to see an explosive move higher shortly.

A rejection here, however, could stunt its growth and cause it to resume the downtrend that came about after it faced a rejection around its all-time highs in the mid-$19,000 region.

Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up 

At the time of writing, Bitcoin is trading up just under 4% at its current price of $17,750. This marks a notable climb from its recent lows of $16,400 set at the bottom of the recent market-wide selloff.

It also marks a notable upswing from where it has been trading throughout the past day, with bulls previously struggling to break above $17,000.

If it can hold above this level and possibly navigate into the $18,000 region, it could be a sign that further upside is imminent for the entire market.

Analyst Claims Current Price Region is Critical for Future Outlook

One trader explained in a recent tweet that Bitcoin’s response to its current price region will offer important insights into its near-term trend.

He points to the price region between $17,650 and $17,800 – which is where it is currently trading – as a “sticky area” that may slow its ascent. So far this has proven to be accurate.

“BTC: Bitcoin retesting $17,160 here and I want to see this level flip the move up. Next sticky area is around $17,650 to $17,800 which was previous support prior to the breakdown. Reclaim there and I think that’s a nice start for the price as it should likely move to mid $18ks.”

Bitcoin

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

Unless Bitcoin faces a harsh rejection around its current price levels, there’s a strong possibility that further upside is imminent in the near-term.

Featured image from Unsplash.
Charts from TradingView.

Whales Dump Ahead Of Bitcoin ATH, More Than 93K BTC Sold Since Peak

Bitcoin price is now trading at roughly 15% less than it was just days ago, falling short of setting a new all-time high by just a few hundred dollars.

A new record was so close bulls could taste the victory, but the achievement was blocked by massive whales who reloaded centralized crypto exchanges with a flood of BTC to be dumped, stopping the rally in its tracks. Here’s what this could mean for the crypto market over the next few weeks.

Whales Flood Crypto Exchanges With 93K BTC, Bring Bitcoin Rally To Abrupt End

Bitcoin was moments away from making history, setting a new all-time high in price and breaking the 2017 crypto bubble record. New BTC addresses are at record highs, as is hash rate, and even the cryptocurrency’s market cap. But so far, price couldn’t yet follow.

Related Reading | Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End

A new all-time high in Bitcoin price could create a storm of FOMO, which whales potentially sought to stop just before the record was broken.

According to on-chain analytics, whales began moving BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-recording breaking finish to the recent rally.

Sell walls on Coinbase were reported, and whale watching on various crypto quant platforms were giving signs of their activity just before the selloff began.

Over $15 Billion In Profit Taken Since Peak Was Put In

Whales moved and sold as much as 93 BTC since the peak at $19,500, or roughly $1.5 billion in profit taken even at an average sell price of $17,000 per coin.

bitcoin whale

Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com

Where the rally stopped is notable for narrative-sake. Double-tops are notorious for causing unbreakable resistance, and the current price action is a candidate for such a top formation.

Related Reading | Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

It could be enough to cause a bearish wave of doubt in the cryptocurrency, just as some negative news begins trickling into the market, in terms of self-custody regulation in the US.

The double-top narrative caused by whales taking profit during an extremely profitable year could provide the sentiment necessary for the final shakeout before the cryptocurrency goes full parabolic and races to its next peak.

All that starts with a break of the previous all-time high. Will whales continue to block the new record, or will the crypto asset’s unstoppable bullish momentum leave whales underwater?

Featured image from Deposit Photos, Charts from TradingView.com

Bitcoin’s Recent $3,000 Correction Actually Formed a Bullish Candle

Bitcoin has faced an extremely strong correction since its local highs around $19,500. The leading cryptocurrency currently trades for $17,000 almost exactly, though fell as low as $16,200 just the other day.

That means that from its local highs, the leading cryptocurrency was down by over $3,000.

Many have not taken this correction well: just days ago, there were many expecting Bitcoin to move towards new all-time highs, citing a confluence of technical and fundamental trends.

But this rally actually formed a somewhat bullish candle, despite what conventional wisdom may lead some to believe. BTC  actually bounced at an extremely important macro level.

Bitcoin Forms Bullish Candle Despite Drop

Bitcoin’s strong $3,000 correction actually stopped an extremely important macro technical level: $16,200.

A trader shared the chart below after the brunt of the downtrend, showing that Bitcoin’s weekly candle bounced at the extremely important macro level. As he shows, the level’s importance stretches back to the 2017/2018 highs. The chart shows that Bitcoin actually topped at $16,200 after a dead count bounce after the week that the coin corrected 40%.

Bitcoin finding support here on a weekly basis could confirm that the uptrend remains intact.

It is important that BTC does trade above $16,200 for the next two days to confirm the level as technical support.

Image

Chart of BTC's price action over the past few years with analysis by crypto trader Alejandro (Pastore1314 on Twitter).
Source: BTCUSD from TradingView.com

One More Drop?

Bitcoin may face yet another leg lower, though.

Ki Young Ju, the chief executive of crypto data analytics firm CryptoQuant, recently noted that whales have deposited a larger amount of BTC into exchanges than normal:

“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Investors may be selling those coins, which may result in a further sell-off.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin's Recent $3,000 Correction Actually Formed a Bullish Candle

OKEx Sees Massive Bitcoin Outflows as BTC Weakness Mounts

Bitcoin’s price has been flashing signs of immense weakness throughout the past few days, with the recent $19,500 rejections sending it reeling lower as analysts watch for further downside.

The rejection just below its all-time highs was certainly what sparked the ongoing correction, but some other factors are at play here.

One such factor is recent comments from the U.S. Treasury Secretary regarding a potential wave of regulations on the crypto market before leaving his position in late-January. It remains unclear if the next administration pursues the same aggressive approach to crypto.

Another factor that may actually be the main impetus of this selloff is OKEx, enabling withdraws for users that previously had their Bitcoin locked on the platform for well over a month.

This coincided closely with the recent selloff, which indicates that it may be a factor.

Data from an analytics firm shows that in total, 212,000 BTC has left the platform since withdraws were resumed. Traders who had their crypto locked throughout the course of the recent rally may have taken this as an opportunity to take profits off the table.

Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up

At the time of writing, Bitcoin is trading up just over 2% at its current price of $16,780. This marks a massive decline from its recent highs of $19,500 set at the peak of the recent uptrend.

The decline that has forced BTC into the $16,000 region came about directly after the rejection at its all-time highs, signaling that the selling pressure here is significant and may continue hampering its price action in the days and weeks ahead.

Where it trends in the mid-term may depend largely, or entirely, on whether or not bulls can reclaim $17,000 – which was previously a key support level.

Data Suggests OKEx Withdraws May Be Driving Ongoing Selloff

One of the main factors behind the $3,000 selloff Bitcoin has seen since reaching its all-time highs is OKEx enabling withdraws.

As one on-chain analytics platform explained:

“Since yesterday’s announcement from OKEx to resume withdrawals, we have seen an outflow of 29,300 BTC from the exchange. In the same time period 21,600 BTC have been deposited, reducing the exchange’s balance to ~212k BTC.”

Bitcoin

Image Courtesy of Glassnode.

The coming few days should provide insight into where Bitcoin is trending in the mid-term. Because most of the previously locked BTC on OKEx has been withdrawn already, there’s a strong possibility that this selloff will begin cooling down.

Featured image from Unsplash.
Charts from TradingView.

Analyst: Yearn.finance’s YFI to Move Past $30,000 as Strength Mounts

Yearn.finance’s YFI token has been surprisingly strong throughout the past few days, with its price holding well-within the mid-$20,000 region despite the selloff currently taking place across the aggregated crypto market.

When Bitcoin was first rejected at $19,500 and began its decline, YFI moved in tandem and dropped to $18,000.

The narrative built throughout the past few months regarding shorting YFI being a higher return way to hedge against BTC downside may actually be one of the main factors behind its strength, as a short squeeze might have caused its latest rebound.

This has allowed the entire DeFi sector to hold up quite well despite the losses seen by ETH and the rest of the market.

One trader is now noting that YFI could be well-positioned to see significantly further upside in the days and weeks ahead.

He notes that a move past $30,000 could occur as bulls begin gaining greater control over its trend.

If this rally does take place, it could ignite another wave of DeFi mania that allows the entire sector to post some massive gains.

Yearn.finance’s YFI Shows Signs of Strength Despite BTC’s Downturn

At the time of writing, Yearn.finance’s YFI token is trading up marginally at its current price of $23,500. This marks a massive surge from its daily lows of $18,000 set roughly 24 hours ago.

The selling pressure that pushed it to this key support level came about due to the declines seen by both Bitcoin and Ethereum.

Its technical strength is also being bolstered by the merger and acquisition spree that the Yearn.finance protocol has been on over the past week.

Some notable additions to the ecosystem include Pickle, Cream, and rumors are floating about a potential Sushi merger – although these have yet to be confirmed.

Trader Claims YFI Likely to Rally Past $30,000 Next 

The combination of Yearn.finance’s YFI token’s technical strength, imminent product releases, and an ongoing M&A spree indicates that it could buck the market-wide downtrend and rally higher in the days and weeks ahead.

One trader spoke about this in a recent tweet, noting that he expects a move up towards $32,000 in the near-term.

“YFI – It’s time to move towards the origin of the Series of HL imo.”

Yearn.finance

Image Courtesy of UB. Source: BTCUSD on TradingView.

Yearn.finance’s future price action may not depend that much upon that of Bitcoin or Ethereum, but a continuation of their respective uptrends will certainly bolster its strength.

Featured image from Unsplash.
Charts from TradingView.

Bitcoin And Crypto Black Friday 2020 Deals And Discounts

Today is the day after Thanksgiving in the United States, also known as Black Friday – a day when retailers everywhere offer the year’s best deals and discounts. The day is no different in the world of crypto, and those interested in Bitcoin and other altcoins can take advantage of the savings and stock up on some key items on the cheap.

We’re outlining some of the best discounts and deals crypto-related companies are offering this year when money is the tightest and savings are needed the most.

Bitcoin And Crypto Black Friday Deals 2020

Black Thursday earlier in 2020 is a day many don’t want to remember. Today is very different however and could save you some money rather than causing you to lose it.

On Black Friday, retailers and companies roll out the best deals of the year aimed at getting an early jump on holiday-related revenue-driving.

For those interested in trying their hand at technical analysis, TradingView.com is offering up to 60% off their Pro packages. Discounts are available off other available membership tiers as well.

Related Reading | Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

Cold storage hardware companies Ledger and Trezor always go toe-to-toe with their deals and this year is no different. Ledger is reducing their popular Ledger Nano X and S products by 40% for the day with the code BLACKFRIDAY20, while Trezor is offering 20% off with the code BLACKFRIDAY2020.

Anyone interested in doing their shopping outside of the world of crypto can earn BTC back on purchases at retailers like Best Buy, Macy’s, eBay, and so many more through the Chrome browser extension Lolli. While they’re not offering deals directly, they do partner with most online retailers that are offering such discounts. Getting some Bitcoin back for yourself makes gift-giving that much better.

Amazon.com of course is having a field day of deals, but for crypto investors to consider, there’s a discount on Saifedean Ammous’ book on the cryptocurrency, The Bitcoin Standard: The Decentralized Alternative to Central Banking.

Related Reading | Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End

Although it’s a morbid thought, the discount on Crypto Assets: The Innovative Investor’s Guide to Bitcoin and Beyond might make planning for what happens to your BTC after you pass away a bit easier to swallow.

No cryptocurrency Black Friday article would be complete without pointing out that even Bitcoin and altcoins like XRP and Ethereum are on sale right now compared to the prices people were paying for them just earlier this week.

bitcoin btcusd

You could make charts like this using the discount at TradingView.com | Source: BTCUSD on TradingView.com

Bitcoin itself is priced at around $3,000 less than the other day, while there’s a flash sale going on across the rest of the asset class.


Have we missed any important deals our readers should know about? Let us know in the comments section below.

Featured image from Deposit Photos, Charts from TradingView.com

This Bitcoin Whale Trend Suggests a Serious Selloff Could be Imminent

It has been a rough past few days for Bitcoin, with the cryptocurrency seeing immense sell-side pressure as bears aim at erasing the gains that have come about as a result of the recent uptrend.

Where the cryptocurrency trends next will depend largely on whether or not it sustained its recent break below its $17,000 support level.

If bulls cannot reclaim this level in the near-term, it could mean that a decline towards its multi-week support at $16,200 is imminent. If this level is broken, it could strike a serious blow to the cryptocurrency’s technical outlook.

One on-chain analyst is pointing to a disturbing trend that could indicate downside is imminent for BTC.

He notes that whales are depositing BTC into exchanges rapidly, which nearly always indicates that a flurry of sell-side pressure is imminent.

Until trading activity amongst these large Bitcoin investors dies down, he concludes that it will either see sideways trading or slide lower.

This comes as investors are already on edge, with mounting regulatory concerns and the recent $19,500 rejection both striking blows to its underlying strength.

Bitcoin Struggles to Gain Momentum as Bears Take Control

At the time of writing, Bitcoin is trading down just under 3% at its current price of $16,700. This marks a rebound from daily lows of $16,500 but a decline from highs of over $17,000.

Where the entire market trends next will depend largely on whether or not BTC can stabilize around its current price region or if it can push higher in the days ahead.

Any continued decline from here could strike a serious blow to its technical outlook, potentially causing it to see some serious mid-term losses.

This On-Chain Trend Spells Trouble for BTC

One analyst explained that a surge in trading activity amongst Bitcoin whales indicates that further downside could be imminent in the days and weeks ahead.

“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Bitcoin

Image Courtesy of Ki Young Ju. Source: CryptoQuant.

If whales begin taking profits and offloading their holdings, this could place some immense pressure on Bitcoin’s recent uptrend.

OKEx resuming BTC withdraws could also add some pressure to the cryptocurrency’s near-term outlook.

Featured image from Unsplash.
BTCUSD price data from TradingView.

Bears Flip $17,000 As Resistance, Bitcoin Struggles To Hold Support

Bitcoin price is now trading at nearly $3,000 less than the high set earlier in the week, just shy of setting a new all-time record for the cryptocurrency.

After a few strong attempts by bulls to get back above $17,000, bears might have flipped the zone into strong resistance, and are now making a stand to break what’s left of support.

Bitcoin Bulls And Bull Go To War At $17,000

Bitcoin price is reeling after a rejection at the retest of its all-time high. At only a few hundred dollars below the previous peak – if that, depending on the exchange – the leading cryptocurrency by market cap suffered a large, 15% correction.

A $3,000 fall to support has thus far held, but bears might have successfully flipped $17,000 into resistance on lower timeframes.

bitcoin btcusd sr flip

The four-hour chart shows a critical retest of $17,000, which bulls failed to reclaim | Source: BTCUSD on TradingView.com

Zooming out, Bitcoin bulls are still holding onto weekly support set back in early January 2018 and are keeping their heads above water for the time being. If bears continue to push cryptocurrency prices lower, however, things could get a lot worse.

bitcoin btcusd sr flip weekly

Bitcoin is trying to hold above daily support from 2018 | Source: BTCUSD on TradingView.com

Statistically, when a specific technical indicator reaches such an extreme reading, as much as two-thirds can come off the price of the top crypto asset in the correction that follows.

Related Reading | Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

But after such a severe crash, the recovery is just as incredible. All instances where this extreme deviation happened, immediately bounced to new all-time highs the moment that Bitcoin bulls regained control.

While that might not come for some time, given how easy bulls have had it for the last several weeks in a row, the bull market is here and there won’t be much that can stop Bitcoin.

Featured image from Deposit Photos, Charts from TradingView.com