• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud
Bitcoin price

Bitcoin Price Analysis: A Big Move is Coming

filb filb by filb filb
5 years ago
in Bitcoin Price, Bitcoin, Markets and Prices, News, News teaser
0

Following a volatile day and as Bitcoin continues to flirt with support $6k, we look at what’s going on with Bitcoin Price action.


Futures Expiration, Exchange Hack

Bitcoin price [coin_price] opened the day trading at $6335 and fell 4% to $6100 within 15 minutes at 2 pm EST. Thirty minutes later, BTC gained $445 and was trading at highs of $6,550.

The catalyst for the initial drop while uncertain is likely to be connected with either the CBOE XBT Expiration or the news of the hack on a Japanese based exchange Zaif, which indicated 5,966 bitcoins had been stolen.

In the hours since Bitcoin has been trading in a tight $50 range around $6400 while traders try to establish whether the market is bullish or bearish on lower time frames.

4 Hour Chart

Despite the hair-raising dump in price, it is important to note that Bitcoin ultimately closed the day higher and had a large bounce off support at $6100, meaning that while BTC is close to its yearly pivot lows, it is still finding its legs when being tested.

In the hours since resting just below $6400, Bitcoin has continued to push higher and is trying to consolidate price around $100 higher than before Wednesday’s sell-off.

Key Indicators the CMF RSI and Mac-D Histogram are all steadily trending higher, but without much conviction, suggesting that yesterday’s move may have been a case of drawing battle lines in a more lengthy period of consolidation.

A break of $6500 would suggest the bulls are back in control and a move below $6200 may suggest a risk of lower prices.

Daily Chart

On the daily time frame, Bitcoin continues to consolidate around the lows of the quasi-falling wedge which it has been in for the majority of the year.

Despite yesterday’s volatility, on a macro level, Bitcoin is becoming less and less volatile as the year continues. Period of low volatility within a well formed market structure tend to be indicative of a large move to follow.

Major Move for Bitcoin Price Looms

With shorts at all-time highs, CME quarterly contract due to expire, the next creditors’ meeting of the Mt Gox creditors on September 26, 2018 and an answer from the SEC on the VanEck and Solid X Bitcoin ETF before the end of the month, it is more than likely Bitcoin will be letting off some fireworks in the final week of September.

If Bitcoin cannot hold $5,900 it is likely a fast move to the downside would follow. A move to the downside would open the door to retest previous highs and psychological support of $5,000, with many bearish commentators suggesting that this would lead to lower prices and a much longer period of consolidation.

For the bulls, another bounce higher from $6,000 and break above $7,500 would leave Bitcoin price [coin_price] ending the year in good shape for 2019.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think BTC price is headed? Share your thoughts below!


Images courtesy of Tradingview.com, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

filb filb

filb filb

Related Posts

Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

7 days ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

7 days ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

1 week ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

1 week ago
Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

1 week ago
Bitcoin

Bitcoin “Buy The Dip” Mentality Disappears, Is Now Actually The Time To Buy?

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    4 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    4 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    5 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Rollman Mining Marks Its Ascent as the World’s First...

    10 hours ago
  • Top Crypto Whales Think DigiToads (TOADS) And Monero (XMR)...

    10 hours ago
  • XT.com Lists NORDEK ($NRK) in its Main Zone

    10 hours ago
  • Hedera (HBAR) Investors are now Turning Their Attention to...

    12 hours ago
  • How a College Dropout Turned $200 into $2 Million with...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.