$6,550: Bitcoin Charts Suggest New Target for Price Rally

The corrective rally in bitcoin (BTC) could gather momentum if key resistance above $6,500 is crossed on the back of high volumes, according to technical charts. The leading cryptocurrency witnessed a symmetrical triangle breakout last week, opening doors for a stronger corrective rally towards $6,800–$7,000. However, despite the bullish setup, BTC was rejected near $6,600 on Friday and spent the weekend trading in a sideways manner in the range of $6,350–$6,550. As a result, the immediate bullish outlook has been neutralized. Further, trading volumes fell to a two-month low of…

Bitcoin Price Takes a $200 Tumble After Eight-Day Highs

Having dropped back from eight-day highs hit this morning, bitcoin (BTC) price could be in for a bout of consolidation before further upside unfolds. The cryptocurrency rose to $6,596 earlier today on Bitfinex – the highest level since Sep. 6 – adding credence to the short-term bullish reversal signaled by the symmetrical triangle breakout earlier this week. However, despite the strengthening bullish case, BTC quickly lost around $200 soon before press time. As if writing, BTC is changing hands at $6,450, having printed an intraday low of $6,355 a few…

Back Over $200 Billion: 3 Reasons Crypto Prices Are Heading Higher

The cryptocurrency market has been making history for all the wrong reasons as of late, most notably by recently surpassing the plunge of the infamous Dot-Com bubble in the early 2000’s. With that said, cryptocurrencies tend to make recoveries when all hope is seemingly lost, and today’s price action of the world’s second largest cryptocurrency, ether and many others is no exception. At press time, several of the top 10 cryptocurrencies by market capitalization are reporting 24-hour gains above 10 percent, including monero (XMR), litecoin (LTC), and EOS. Ether (ETH)…

Bitcoin Price Looks North After Passing $6.4K Resistance

Bitcoin (BTC) is teasing a decent bullish move, having cleared crucial resistance a few hours ago. The leading cryptocurrency moved past $6,400 earlier today, signaling that bearish exhaustion – as indicated by Tuesday’s spinning bottom candle – is paving way for a corrective rally. Notably, the positive price action was preceded by a solid defense of the long-term trendline connecting the June low and Aug. 11 low and an upside break of the symmetrical triangle. As a result, the stage looks set for an upside move. However, caution is still…

Bitcoin Price Charts Hint at Recovery Rally Above $6.4K

Bitcoin (BTC) could witness a minor corrective if the persistent defense of key support leads to a break above the resistance at $6,400, technical charts indicate. The leading cryptocurrency suffered a downside break of the symmetrical triangle in the early US session yesterday, signaling a revival of the sell-off from the recent highs above $7,400. Further, the bearish pattern bolstered the already negative setup, as represented by the rising wedge breakdown and the pennant breakdown on the line chart. As a result, BTC was expected to test $6,000 (February low)…

Bitcoin Price Awaits Next Move as Trading Range Narrows

Bitcoin (BTC) is being squeezed in a tight trading range, signaling a tug of war between the bulls and the bears, and the breakout will likely set the tone for the next move in the cryptocurrency. At press time, BTC is changing hands at $6,320 on Bitfinex, representing a 0.5 percent gain on a 24-hour basis. The $1,000 drop witnessed during a 24-hour period in the middle of the last week titled the tide in favor of the bears. As a result, the cryptocurrency was facing a risk of a drop to $6,000…

Bitcoin Retains Bear Bias Despite Recovery From 25-Day Low

Bitcoin’s (BTC) recovery from 25-day lows seen over the weekend has done little to alleviate the near-term bearish bias, technical studies indicate. The leading cryptocurrency fell to $6,119 on Bitfinex on Saturday – the lowest level since Aug. 14 – bolstering the bearish setup established by a sudden $1,000 drop witnessed during a 24-hour period in the middle of the last week. However, the drop to 3.5-week lows also pushed the intraday relative strength index (RSI) into oversold territory below 30.00. As a result, the sell-off has stalled in the last…

Bets Against Ether’s Price Hit All-Time High

The number of short orders placed on ether (ETH) reached a new all-time high during Friday’s trading session, according to data from the cryptocurrency exchange Bitfinex. At approximately 10:00 UTC Friday, the number of shorts placed on ETH/USD, the world’s second largest cryptocurrency by market capitalization, surpassed the prior mark of 202,854 to ultimately reach a new high of 208,689. The new figure represents an 81.96 percent increase week-to-week and a 162 percent jump from mid-August. The development follows an unfavorable week for the broader cryptocurrency market and ETH in…

Bitcoin’s Double-Digit Drop Negates Long-Term Bull Market

Bitcoin’s (BTC) double-digit drop may have sent the bulls packing, however, a long-term bearish reversal is still not confirmed, technical studies indicate. At press time, the leading cryptocurrency is changing hands at $6,422 on Bitfinex – down 13 percent from the previous day’s high of $7,404. Notably, BTC has erased gains made in the last two weeks in a single day. Further, the sharp drop has poured cold water over the optimism generated by the falling channel breakout and the bullish turn of the weekly MACD. Still, it is premature…

Bitcoin Indicator Turns Bullish for First Time in 8 Months

The list of indicators signaling a long-term bullish reversal in bitcoin (BTC) continues to grow with each passing week. The latest to join the list of a select few is the MACD histogram, which has moved above zero – turned bullish – for the first time since January. The MACD histogram, which oscillates above and below the zero line, is one of the most popular technical indicators used to determine the trend reversal and momentum. A bearish-to-bullish trend change is confirmed when the histogram moves above the zero line. On…