o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Bitcoin Price Flat at $8.3K as Moving Average Indicators Flip Bearish

Posted on October 15, 2019 by nbelov

Analysts are anticipating a retest of $8K as Bitcoin price indicators turn bearish on multiple timeframes, according to analysts.

Bitcoin price (BTC) continued its latest sideways trading pattern on Oct. 15 as analysts increasingly warned over likely short-term volatility.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin clings to $8K support

Data from Coin360 showed BTC/USD remaining near $8,300 at press time, having fluctuated around that level over the past 24 hours.

Highs during that period topped out at $8,390, the culmination of a build-up that reversed a previous downtrend at $8,240.

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

Since a sudden dip took place on Sunday evening, Bitcoin has stayed quieter, trading in a narrow range above $8,000 support. 

That range forms part of “choppy” conditions for BTC/USD, according to regulator Cointelegraph contributor Michaël van der Poppe.

For him, moving average (MA) prices are dictating the upper and lower bounds for the largest cryptocurrency this week. Specifically, it is “stuck between the 200-Day MA/EMA & 100-Week MA,” he said in private comments.

Fellow contributor filbfilb elaborated on likely price trajectory in the coming hours and days, erring on the side of a slide lower to test $8,000. He told subscribers of his Telegram channel:

“Moving averages are crossed bearish on every major timeframe up to but not including the weekly.” 

Van der Poppe nonetheless remains unconcerned about the overall health of crypto markets. “It completely looks like a beartrap and overall doesn’t look bad at all if you check this whole year,” he summarized.

At current levels, Bitcoin is still up 120% versus the start of the year. 

Altcoin growth broadly fizzles

Altcoins meanwhile slackened their march upwards, which characterized trading on Monday. The top twenty cryptocurrencies by market cap broadly failed to move, gaining or losing up to 2%.

The exception was Binance Coin (BNB), which benefited from a dedicated exchange-traded product launching on Swiss stock exchange SIX.

Ether (ETH), the largest altcoin by market cap, meanwhile gained 0.5% to trade at around $184.

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

The overall cryptocurrency market cap, the “bear trap” described by van der Poppe, dropped slightly to below $226 billion, with Bitcoin’s share at 66.3%.

Keep track of top crypto markets in real time here

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • NFT 2.0: The next generation of NFTs will be streamlined and trustworthy May 28, 2022
  • JP Morgan Embraces Blockchain Technology Yet Jamie Damon Stays Critical Of Bitcoin | Bitcoinist.com – Bitcoinist May 28, 2022
  • Terra (LUNA) 2.0 relaunches according to Do Kwon's revival plan May 28, 2022
  • What is the Impact of Quantum Computing on Blockchain and Cryptocurrency? – hackernoon.com May 28, 2022
  • Terra Goes Live With New Blockchain and LUNA Airdrop – Crypto Briefing May 28, 2022
  • Bitcoin price stuck below $29K as Terra LUNA comes back from the dead May 28, 2022
  • Traditional Fixed Income Account From Gluwa Hits The Blockchain – CoinGape May 28, 2022
  • Finance Redefined: Uniswap breaches $1T volume, WEF 2022 discussion on Terra, and more May 28, 2022
  • Can a lesson in bimetallism help the long-term stability of Bitcoin and privacy coins? May 28, 2022
  • Bitcoin network difficulty falls 4.3% to 29.897T, biggest drop in 10 months May 28, 2022
  • European Blockchain Convention 2022:The most influential blockchain & crypto event in Europe is back in Barcelona – The Coin Republic May 28, 2022
  • Identity and the Metaverse: Decentralized control May 28, 2022
  • India to roll out CBDC using a graded approach: RBI Annual Report May 28, 2022
  • The increasingly acute need for crypto-native insurance May 28, 2022
  • Stablecoins Now Falling? TerraUSD Blockchain’s Drop is a Massive Threat to All – Tech Times May 28, 2022
  • Tether Launches on Polygon, USDT Stablecoin Now Hosted on 11 Blockchain Networks – Altcoins Bitcoin News – Bitcoin News May 27, 2022
  • Crypto’s Future Is Even More Exciting Than Its Present – Barron's May 27, 2022
  • 3 metrics contrarian crypto investors use to know when to buy Bitcoin May 27, 2022
  • Brazilian university USP will conduct academic research in the metaverse May 27, 2022
  • CryptoArmor Joins the Texas Blockchain Council – Benzinga – Benzinga May 27, 2022
  • CryptoArmor Joins the Texas Blockchain Council – openPR May 27, 2022
  • On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K May 27, 2022
  • Today in FinTech: Alternative Lending; Airfreight Payments; Blockchain Tech – PYMNTS.com May 27, 2022
  • One River's spot Bitcoin ETF application rejected by SEC May 27, 2022
  • Partisia Blockchain Collabs With Polygon to Ensure Privacy, Security By CoinQuora – Investing.com May 27, 2022
  • Falling Bitcoin price doesn't affect El Salvador's strategy: 'Now it's time to buy more,' reveals Deputy Dania Gonzalez May 27, 2022
  • WEMIX gains 200%+ after stablecoin and boosted staking rewards announcement May 27, 2022
  • Blockchain Technology Optimizing the Supply Chain System in Agriculture – ReadWrite May 27, 2022
  • Crypto Biz: Smart Money is betting big on Web3, layer 2, May 19-25 May 27, 2022
  • Highlights: Day Three of BSV Global Blockchain Convention in Dubai – CoinGeek May 27, 2022

Ad

Ad

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