Bitcoin [BTC] price logs a new Bart-Simpsons pattern with a bounce above $8500 reversed in a short while.
Price looked primed towards testing the 200-DMA just below $9000, nevertheless, the it fell back through to the range below $8450.
I’m sure people have flipped bullish again, but neutral now as price needs to continue to push to high $8ks Mid-range isn’t safe to buy if you’re thinking of rushing in, be patient as this could break back down to retest $8000 – $8200 (lower-highs)
The support areas are formed by large volume regions above $8000.
Signs to Turn Bearish
Nevertheless, the price is closing in on the bearish resistances and support at the moment. According to Brandt, a break-down below Jan 14 low at $8100 and the channel support (currently at $8335) is paramount for the bulls.
The price of Bitcoin [BTC] at the 3: 30 hours UTC on 25th January 2019 is $8308. While it looks bearish for now, it could also be a short term ‘deviation’ in the pattern. The range around the $8000-$8500 range is currently forming a no-trade or yield zone.
The funding rate on BitMEX flipped negative on the hourly scale, after Sunday, this could be due to the long liquidations.
Moreover, considerable fear seems to be creeping in the market after a strong uptrend above $7000.
Bitcoin [BTC] Funding and Premium Rates on BitMEX (TradingView)
As reported earlier on CoinGape, the current chopping move is designed to hurt weak traders the most. On lower-time frames, trader and expert chart analyst, Zoran Kole suggests that the range is likely to hold,
Short $ from 85xx. Looking for 81xx. #
Do you the price will be able to hold above the descending channel? Please share your views with us.
The post Bitcoin [BTC] Price Fall-out from $8500 Fails to Impress the Bears Entirely appeared first on Coingape.
- Eos (EOS) bounced off key support level at $3.340 USD, signaling a possible start of a bullish run.
- Eos bulls targets $4.000 USD in the coming weeks despite unclear price action on the charts.
- Can bears force a move to sub-$3.00 levels?
Eos (EOS), the eighth largest cryptocurrency in market capitalization, targets a spike to $4.00 USD after bouncing off key near term resistance at $3.30 US. This represents a slight 3% increase in the past 24 hours in a market that has witnessed its daily volumes spike signaling a possible bullish momentum in the coming days.
EOS/USD bounces off key resistance at $3.340 USD
Looking at the daily charts, a few bullish signals are forming on the charts starting with the bounce off the middle 20-Day Bollinger Band (BB) that provides near term resistance. The bullish reversal on the daily charts shows much potential in the price of EOS in the coming weeks, with a spike in volumes to $3 billion USD in the past 24 hours, a key argument factor for a bullish run. Can bulls breach through the ever-evading $4.00 USD psychological resistance?
Well, as yo can see from the charts above, a number of technical indicators on the long term charts shows a possible push towards $4.00 USD, but only if the buyers are able to push the price key resistance levels at $3.50 USD and $3.70 USD in the near term. The relative strength index (RSI) currently oscillates at a buy level at 63, with a bullish projection.
A bearish case for EOS/USD?
The market is showing indistinct signals on the direction with technical indicators mumbled up in zigzag motion, some showing a possible bearish move and others a fairer bullish action to the price. EOS signals a possible drop below key support levels at $3.20 USD and $3.00 USD if the bears are able to complete the moving average divergence convergence (MACD) death cross pattern formation.
The Elliot Wave Oscillator is turning red on the longer term charts showing a possible bull trap coming up (as seen with the increasing volumes in a short uptrend.)
However, an abnormal event on the EOS network may pull the token from a sudden push to sub-$3.00 USD levels. Bulls will need to maintain the support above the daily BB resistance to prevent a possible capitulation.
The post Eos (EOS) Gains 3% In A Day As Bulls Fight For A Reversal. Is $4.00 Possible? appeared first on Coingape.