Bitcoin Price Holds Support as 4-Hour Golden Cross Forms

Bitcoin Price Holds Support as 4-Hour Golden Cross Forms

The euphoria as bitcoin price raced into the $12,000 zone was cut short yesterday as it dumped even faster. The minor retreat was halted by support and BTC appears to be slowly climbing back up during Asian trading again today.

Bitcoin Steady on Support

From yesterdays double-tap above $12,300, bitcoin retreated sharply back to an intraday low of $11,200 according to Tradingview. Although the king of crypto is still down almost 6% on the day, there was no major thousand dollar dump and support held fast. At the time of writing, BTC had returned to support around the $11,600 level and was trading at 00.

Bitcoin has now dropped below the 50-hour moving average but has held this level and the RSI on this time frame is below 50 which could indicate further upsides. On the four hour chart, a golden cross is about to form which is a largely bullish signal.

BTC price 4-hour chart Tradingview.com

When the faster-moving 50 MA crosses the slower 200 MA it is a sign of strengthening trend which could also lead to more bullish momentum providing the pattern plays out. The short term time frames show BTC being down but on the week it has made almost 20% since last Wednesday when it traded at $9,750.

Crypto charter dave the wave has been looking at fractals to try to identify where the correction limits are. His assumption is that there will be further declines though not as far as the previous 34% dips.

As far as an update on the fractal goes, this correction [assuming a further correction] looks not be as steep. This fractal may have run its course as with any comparisons they will break down at some point.

Altcoins Melt Again

It is no surprise that a slight blip in bitcoin prices has sent the altcoins plunging off the cliff like the digital lemmings they are. Every cryptocurrency in the top forty is in the red at the moment aside from Tezos which has added 4% today.

Ethereum slid 4% back to $225 while XRP continues to weaken and is now back at $0.314 with very little momentum insight. Litecoin is being dumped as the halving FOMO fades and LTC falls below $95. Bitcoin Cash, as a result, has reclaimed the fourth spot, though it too has dropped a few percents today.

Total market capitalization has shrunk by $15 billion in 24 hours and is back at $303 billion right now. Everything is waiting on the next move from bitcoin as the rest of the altcoins are merely its shadow now.

Will bitcoin price get back over $12,000 this week? Add your thoughts below.

Images via Bitcoinist Image Library, Twitter: @davthewave, BTC/USD charts by TradingView

The post Bitcoin Price Holds Support as 4-Hour Golden Cross Forms appeared first on Bitcoinist.com.

07.08.2019 / 02:00 18
Bitcoin Price (BTC/USD) Is Holding Uptrend Support But $12K Holds Key Bitcoin Price (BTC/USD) Is Holding
Bitcoin price traded to a new monthly high at $12,333 and corrected lower sharply against the US Dollar. The price is currently climbing higher after
Bitcoin Forms First Golden Cross Since 2015 Price Bottom Bitcoin Forms First Golden Cross
For the first time since 2015, the Bitcoin price action has formed a golden cross pattern providing yet another signal that BTC is in a bull market.
Bitcoin Grinds Higher, Will The Golden Cross Send BTC to $6k? Bitcoin Grinds Higher, Will The Golden
For the past seven days Bitcoin has been slowly grinding higher and recording higher lows. The trend has clearly been ascending and current bullish
Dear Bitcoin Traders, Golden Cross is Not Always a Bullish Signal Dear Bitcoin Traders, Golden Cross is
The entire bitcoin trading community is holding its breath for a crucial bullish signal known as the Golden Cross. It started on April 2 when the
Incoming Golden Cross Could Push Bitcoin Price Over $6,000 Incoming Golden Cross Could Push
With Bitcoin price having made such impressive gains so far in 2019, lets take a look to see what is likely to happen next. Bitcoin Price: Weekly
Bitcoin Price Analysis: BTC Needs to Pump Up the Volume Bitcoin Price Analysis: BTC Needs to
Today Bitcoin price pulled off a minor relief rally, but will the king of cryptocurrencies maintain momentum as volume fades? Bitcoin Price Market
Comments (0)
Add a comment
Comment on