o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Bitcoin Price Bullish Wedge Forms Pointing to $11K, Says Trader

Posted on August 19, 2019 by nbelov

Binance’s intended launch of a Libra-like stablecoin appeared to buoy markets as Bitcoin reversed previous losses.

Bitcoin (BTC) price was returning to bullish form on Aug. 19 as markets look to break out from last week’s sideways trading. 

Market visualization

Market visualization. Source: Coin360

Bitcoin price builds on $10K support

Data from Coin360 revealed Bitcoin challenging $11,000 in morning trading as Monday delivered almost 5% gains.

Markets appeared to be reacting to news cryptocurrency exchange Binance was planning to release its own version of Facebook’s Libra digital currency, in what is also a direct response to China’s central bank.

At press time, BTC/USD was circling $10,650, capping daily gains of 4.9%, while weekly progress still totalled 5.5% losses.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

While there was no great cause for celebration, analysts were eyeing potential further progress towards $11,000, within a greater context of upper resistance circling $12,000.

Mati Greenspan, a senior market analyst at United Kingdom-based trading platform eToro, identified a bullish wedge for the pair, while noting further upward progress was not guaranteed.

Regular analyst Josh Rager meanwhile delivered an explanation of Bitcoin’s longer-term performance, arguing investors had finished buying up cheaper coins after cashing out profits at BTC/USD’s 2019 highs around $13,800. 

“In my opinion, this seems just like one large re-accumulation happening after large players took profits near $14k,” he summarized on Saturday. “This seems just like one large re-accumulation happening after large players took profits near $14k.”

He added he considered it unlikely the Bitcoin price would drop below the high $8000 range. 

Altcoins rise from the dead (at last)

Altcoin investors also had something to talk about this week as Bitcoin’s gains contributed to a recovery from previous lows. 

As Cointelegraph reported, markets saw a considerable decline last week, with some altcoins dropping to lows against Bitcoin not seen for years.

Ether (ETH), the largest altcoin asset by market cap, gained 8.3% to hit $200 once again, some way to previous levels of $225 seen before its latest decline.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Other tokens in the top ten followed suit, with Bitcoin Cash (BCH), Litecoin (LTC) and XRP producing gains of between 6% and 8% on the day. 

The uptick had a telling effect on the overall cryptocurrency market cap, which on Monday stood at just under $280 billion, Bitcoin’s share challenging 69%.

Keep track of top crypto markets in real time here

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • LBank and Adanian Labs Powers Hackathons, Blockchain Education, and Ecosystem Development for Africa | – Bitcoinist May 25, 2022
  • Supply Chain Blockchain for Automotive Market Size And Forecast | Mesosphere, DASH, Bitpay, Shapeshift, Bittrex, Factom Inc, Coinbase, Ripple, IBM, Chain Inc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Retail Market Size And Forecast | IBM, Microsoft, SAP, AWS, Oracle, Bitfury, Cegeka, Auxesis Group, Blockpoint, Coinbase – The Daily Vale – The Daily Vale May 25, 2022
  • LiteClient: Scaling blockchain with Simplified Payment Verification – CoinGeek May 25, 2022
  • Blockchain In Telecommunication And Post Services Market Increasing Demand and Dynamic Growth with Forecast 2029 | IBM, Microsoft, Juniper Networks, Coinbase, SAP SE – The Daily Vale – The Daily Vale May 25, 2022
  • Metaverse Blockchain Games Market 2022 Regional Trends, Top Leading players – Ubisoft, Sky Mavis, Decentraland, Mythical Games, DAPPER LABS, Forte, Enjin, Voxie Tactics – The Daily Vale – The Daily Vale May 25, 2022
  • Blockstream dreams up a whole new type of multisig called ROAST May 25, 2022
  • OpenEthereum support ends with the Merge fast approaching May 25, 2022
  • 'Code is not law': Seth Green thief stole Bored Apes, not the rights say experts May 25, 2022
  • Cornucopias: A Revolutionary Cardano Blockchain Project That Is Redefining the Gaming Metaverse Industry – Press release Bitcoin News – Bitcoin News May 25, 2022
  • FinTech Blockchain Market to have a Stout Growth in the Near Future – Ripple, Guardtime, Cambridge Blockchain, AWS, Applied Blockchain, etc – The Daily Vale – The Daily Vale May 25, 2022
  • WeWork founder reinvents himself with $70M crypto carbon credit platform May 25, 2022
  • Blockchain in Pharma Supply Chain Market | Company Challenges And Essential Success Factors |IBM, AWS, Microsoft, SAP, Chronicled, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology Market to have a Stout Growth in the Near Future – Digital Asset Holdings, Capgemini, Accenture, Block chain Tech Ltd, Ethereum, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Digital Rights Management DRM Market Size And Forecast | Sony, Binded.Inc, Custos Media Technologies, Scenarex, Publica, Mediachain, Pixsy, Gilgamesh, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain for Land Registry And Asset Tracking Market Size And Forecast | Accenture, Factom, BlockVerify, Applied Blockchain, Digital Asset, Bitfury, Guardtime, Deloitte, ChromaWay, Gemalto – The Daily Vale – The Daily Vale May 25, 2022
  • What Are Web 3.0 Enabled Blockchain Esops And How Are They Different From Regular Esops? – Outlook India May 25, 2022
  • Blockchain in Education Market Size And Forecast | Blockcerts, DISCIPLINA, Gilgamesh, IBM, Learning Machine, LiveEdu, odem.io, Open Source University, Oracle, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology (DLT) Market Size And Forecast | Chain Inc., IBM, Accenture, Monax Industries, Intel, Deloitte, Earthport, Microsoft Azure, Digital Asset Holdings – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain-as-a-Service Market 2022 Competitive Expectations with Industry Players – Infosys, SAP, Cognizant, IBM corporation, Amazon, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Logistics Market 2022 Competitive Expectations with Industry Players – SAP, Oracle, Microsoft, Amazon, Maersk, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Uniswap breaks $1T in volume — but has only been used by 3.9M addresses May 25, 2022
  • Could GameFi and carbon currencies reverse blockchain's climate stigma? May 25, 2022
  • CryptoSat’s first nanosatellite blasts off Wednesday on SpaceX rocket May 25, 2022
  • New Luna 2.0 blockchain will not be a fork of Luna Classic – CryptoSlate May 25, 2022
  • Sam Bankman-Fried could spend up to $1B in 2024 to thwart Trump comeback May 25, 2022
  • Crypto, blockchain and NFT firms are bailing out Hong Kong office property segment – South China Morning Post May 25, 2022
  • BSV Global Blockchain Convention Opens With Impactful Speech – Benzinga – Benzinga May 25, 2022
  • ShareRing, A Digital Identity Blockchain Ecosystem, Announces SHR Token Swaps From BNB Smart Chain To – Crowdfund Insider May 24, 2022
  • Low inflation or bust: Analysts say the Fed has no choice but to continue raising rates May 24, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com