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Bitcoin Price Analysis, 18th May 2018: BTC/USD Recovers From Sub $8,000 Slump

The day’s trading session was followed by notable volatility with bitcoin price falling to a low of 7,950 levels. However, the breach below USD 8,000 did not last long as prices recovered briefly. In the more recent hours, markets keep trading around USD 8,200 levels following a recovery.

The Day’s Signals

  1. A major selloff caused prices to go from USD 8,200 levels to hovering above USD 8,000.
  2. The followup to the downward spike included yet another selloff that this time caused a breach below 8,000.
  3. Interestingly enough, the breach appears to have kickstarted a wave of buying pressure. Such trend is not yet showing any signs of longevity though.

bitcoin gdax-btcusd-May-19-2018-6-21-20

GDAX BTC/USD charts are indicating that support for USD 8,000 might be underlying. The fact that a breach was observed today wouldn’t normally bring confidence, but the market’s reaction begs otherwise. Traders shouldn’t be too quick to judge of course, as the day’s trading volumes have gone down in comparison to the last few days. Big orders causing price spikes appear to be a driving force in today’s trading session. The market’s response to the spike that pushed prices to a breach certainly does showcase some support though. The market taking consideration on the recovered USD 8,200 brings on a more positive outlook in the following of a breach.

bitcoin okcoin-btcusd-biweekly-futures-May-19-2018-6-27-23

OKEX BTC/USD weekly futures showcase a tendency of futures traders to exaggerate selling pressure to an extent, which becomes more apparent at the time of the day when greater selling pressure was observed. Futures markets did, however, break out of this sentiment with prices moving up again. The difference in futures prices and markets rates grew to a bigger difference with futures maintaining higher prices.

In summary, today’s response to the sizable downward spike that was experienced was notably positive. It’s worth pointing out that markets appear to be on an overall downtrend over the span of this week. With that in mind, support for a recovery after a breach might showcase that underlying support could be holding up for USD 8,000 levels. Of course, a day with decreased volumes would not set a sentiment of support in stone. For that reason, the sustainability of the recovery remains to be seen.

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Bitcoin Price Analysis, 12th May 2018: $9,500 Breached as BTC/USD Enters Downward Spiral

Trading volumes might be up for bitcoin markets, but support wasn’t there in today’s trading session. Prices kept falling, with USD 9,500 levels also being breached in the process.

The Day’s Signals

  1. Selling pressure has been the day’s biggest feat in bitcoin markets with large selloffs making the decisive moves through the day.
  2. Bitcoin markets are now under a great layer of uncertainty with the revelation that no level of support above USD 8,500 proved reliable.
  3. BTC/USD experienced losses greater than 5% through the day, a development that comes to follow trading sessions through which the price was already falling.

bitcoin gdax-btcusd-May-12-2018-5-36-5

GDAX BTC/USD charts are showcasing how the current state of the market came to be. With large sell orders being the driving force behind today’s downward spiral. Support didn’t seem to come up as the price was falling, even dipping below USD 9,400. The lack of support along with the strong selling pressure is something indicating a more dramatic shift in the market’s sentiment. While the outlook for markets wasn’t very positive to begin with, today’s trading session manages to make matters worse.

bitcoin okcoin-btcusd-weekly-futures-May-12-2018-5-36-12

OKEX BTC/USD weekly futures charts are showcasing how dramatically the take futures traders had on markets was able to change. Futures rates went from maintaining a positive difference between live market prices to going below live rates at times. Today’s trading session managed to cement the sentiment doubting positive movements as no downward pressure appeared to be receiving a notable positive response.

All in all, traders might be looking for prices substantially lower than even the current bottom reached under such a market sentiment. A day of prices falling without any chances of consideration signals a remarkably negative outlook. This is undoubtedly something that changed for the worst through the last few days. At the moment, the best traders could wish for is a halt to the downtrend and ideally some support being established.

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Bitcoin Price Analysis, 2 May 2018: BTC/USD Heading to $10,000?

Bitcoin markets are on the rise as traders keep showing support for price levels reaching new highs. BTC/USD markets are experiencing a decent increase in trading volumes while the market’s sentiment keeps being bullish.

The Day’s Signals

  1. Bitcoin prices were met with a few moments of consideration through the course of the day.
  2. Prices didn’t manage to break above USD 9,800 following multiple attempts at bullish breakouts.
  3. In the more recent hours prices did reach above USD 9,800 with the uptrend being topped off thanks to a sizeable upward spike.

bitcoin gdax-btcusd-May-05-2018-6-45-20

GDAX BTC/USD charts are showcasing how resistance didn’t manage to get the best of markets through the course of the past trading session. Traders managed to orchestrate recoveries as a response to every price fall. While the day’s low point was slightly below USD 9,600 prices kept returning to USD 9,700 levels. The market might be flirting with the idea of the price point at USD 10,000 being touched. That’s something that’s likely ramping up more interest as prices reach new highs on each trading session.

bitcoin okcoin-btcusd-weekly-futures-May-05-2018-6-45-23

OKEX BTC/USD weekly futures are continuing to showcase a lot of positivity. Futures prices even touched the USD 10,000 price point today. The gap between futures prices and live BTC/USD rates is something that had been observed through several of the latest trading sessions. However, in today’s trading session, the gap appears to have expanded even further. Futures markets are experiencing a gap closing in to USD 200. The perceived bullishness of futures traders could be mainly attributed to how futures markets priced the day’s decisive developments, ultimately leading the positive gap to grow.

Today’s trading session could set a precedent on how future developments will affect markets. If support continues to be displayed for the freshly reached highs, more bullish breakouts could spring up. Bitcoin traders have come to expect sudden changes in prices. But today’s trading session showcased a market ready to respond with recoveries to any downward pressure. Greater highs could be reached under such a market sentiment. The way futures traders priced in positive movements through the course of the day could be considered indicative of a shift in the market’s mood.

 

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Bitcoin Price Analysis, 18th April 2018: Volatile BTC/USD Markets Back Above $8,100

Bitcoin markets are yet again going through a period of increased volatility. With a decent but not unheard of increase in trading volumes, a few bullish breakout patterns can now be observed. Notable events through the day’s trading session would be a couple of bearish breakouts and responding pullbacks, all contributing to the increase in volumes.

The day’s signals

  1. Volatility continues to rule for yet another day with large buy and sell orders seemingly being able to handle Bitcoin markets.
  2. A bullish market sentiment seems to be the winner through today’s trading session with BTC/USD prices now moving up after consolidations.
  3. Most of the day’s trading volume’s come from a few condensed trades. Support for the reached price levels remains questionable.

BITCOIN bitfinex-btcusd-Apr-18-2018-24-58-45

GDAX BTC/USD charts are indicative of the battleground Bitcoin markets were throughout the day. Traders went through a major bullish breakout, with prices being pushed from USD 8,100 levels down to a low of USD 7,800. After an extended consideration period, a bullish pullback got prices back above USD 8,100 levels. The market didn’t show resistance to the upward spike. However, that wasn’t until another selloff would occur. Prices briefly dipped below USD 8,000 again only to recover briefly after a couple of hours. Through the more recent hours, another spike caused prices to jump above USD 8,200 briefly.

BITCOIN okcoin-btcusd-weekly-futures-Apr-18-2018-24-58-48

OKEX BTC/USD weekly futures charts still showcase anguish from Bitcoin futures traders. The divide between futures prices and live market prices remains. Today’s volatility doesn’t seem to have improved the landscape for futures prices as the divide increased at times. Futures traders are of course pricing in the bullish pullbacks but appear to be all too skeptical. It appears as though volatility doesn’t impress futures markets anymore, even if it’s followed by a bullish sentiment.

All in all, many bullish signals made rounds through Bitcoin markets through the day. However, the outcome of such a trading session is quite uncertain without any support showcased. Today’s consideration periods were accompanied by low volumes, with only breakouts appearing to make decisive moves. All in all, it remains to be seen if the bullish market sentiment contrasting previous trading sessions will be sustained.

 

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Bitcoin Price Analysis, 16th April 2018: Prices Back Below $8,000

Bitcoin markets are going through a period of increased volatility with volumes going down. While prices peaked close to USD 8,400 today, support for such levels proved non-existent.

The day’s signals

  1. A big upward spike pushed prices close to USD 8,400 levels.
  2. A sideways trend ensued through a period of decreased volatility through the course of the day.
  3. Markets experienced a crash bringing prices down to USD 8,100 levels, ultimately leading to a breach of the USD 8,000 price point.

GDAX BTC/USD charts showcase how markets are still prone to being handled by large orders. Right now, most traders appear to have no clear direction in terms of a market sentiment. Notably, markets traded above USD 8,300 price levels for several hours, even peaking slightly below USD 8,400 before the day’s crash. While volumes at that time appear to have gone down, it’s worth pointing out that there wasn’t any notable resistance. The selloff only appears to have begun when the price was nearing USD 8,400 levels.

BITCOIN okcoin-btcusd-weekly-futures-Apr-17-2018-1-8-51

OKEX BTC/USD weekly futures markets appear to hold a notable deviation from live markets. It appears as though the recent volatility and lack of support have led futures traders to be more careful with their choices. The deviation between prices of live markets and futures remained throughout the course of the trading session, with no signs of backing down. It’s also worth mentioning that futures aren’t reflecting the large trading volume selloffs that live markets have. In spite of the lack of exaggerated sell orders though, the mood among futures traders is not positive.

In summary, it’s hard to miss how prices remain so easy to handle by large market orders as liquidity in Bitcoin exchanges went down slightly since the trading session preceding the weekend. Traders don’t appear to hold much confidence in how Bitcoin’s price could turn out. That, along with an increase in volatility aren’t helping in the formation of any support.

Upward movements aren’t receiving any positive response under this market sentiment and traders proved uneasy when they were given the chance to support a further price rise today.

 

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Bitcoin Price Analysis, 13th April 2018: Prices Spike Amid Bullish Overturn

Bitcoin markets are experiencing a major increase in activity. Large sell orders are pumping prices while markets continue trading on a bullish market sentiment.

The day’s signals

  1. A major upward spike was caused by large buy orders placed on exchanges simultaneously.
  2. The driving force of the price rise appears to be succeeding in improving the market’s sentiment. It’s so far led markets to support the rise far after it caused a notable upward spike.
  3. The surprising price rise of BTC/USD by around 10% in the last 24 hours comes just a few hours following a low of USD 6,700 levels.

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GDAX BTC/USD charts are indicative of how large buy orders changed the game in Bitcoin markets rapidly. There’s a noticeable upward spike caused by just a handful of sizeable buy orders. This led markets to an overturn in terms of the declining market sentiment. Traders might have been expecting such an event to finally showcase some positivity.

BITCOIN okcoin-btcusd-weekly-futures-Apr-13-2018-23-36-57OKCoin BTC/USD weekly futures markets appear to be mirroring the price rise that live markets experience with great accuracy. That’s while there used to be a divide between the two even moments before the price spike. It appears as though futures traders are also taking in the bullish overturn with positivity.

It still remains to be seen if the newly-reached price levels will be sustained. There might be no question that Bitcoin traders riding on the price rise will be faced with at least some selling pressure, though. That’s due to the fact that Bitcoin prices were trading at USD 6,700 price levels through the trading session preceding the price spike. Some resistance appears to have been formulated at USD 8,200 levels. That’s due to the price rise following the spike that seems to have been halted at that level recently.

In conclusion, the rise in Bitcoin’s price might come after an unexpected price spike, but the market seems to be taking it well. The following hours and days will be crucial to assess the impact this positive overturn will have on markets in a longer term. If a major crash is averted, it wouldn’t be unlikely to see traders going after higher levels.

 

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Bitcoin Bounces Back Increasing $1,000 in One Hour, Sets $1.2B Trading Volume Record

Bitcoin has bounced back after a bumpy ride over the last few months. Prices surged upward in a steep motion today, showing an increase of over USD 1,000 in only an hour’s span of time according to data pulled from bitcoinity.org. The flurry of trade also set a new hourly record of Bitcoin trading volume, with USD 1.2 billion worth of Bitcoin changing hands.

This significant jump was followed by a slight drop, with a price point averaging USD 7,700 at the time of writing.

 

 

Bitcoin bounces back
Chart data and image courtesy of bitcoinity.org

The increase was welcomed by Bitcoin users and provided for even better news for those in the cryptocurrency community who chose to “HODL” or to Hold On for Dear Life, as the saying goes.

The community embraced this jump in value after enduring traumatic market volatility in the recent weeks. Bitcoin prices have been all over the board in the last six months, ranging from a market high over USD 20,000 in January to a dramatic downward slope with a low around USD 6,000 in February.

Bitcoin charts are closely monitored for patterns by experts worldwide – yet nobody has yet been able to pinpoint the exact science behind the ebb and flow of Bitcoin’s price roller coaster. From famous opinions to big bank CEOs’ regular rants, there is seldom a true consensus among those who share their views on the controversy surrounding Bitcoin.

Max Keiser, the notorious host of The Keiser Report, was seen Tweeting playfully about his recent prediction that the Bitcoin market would experience a “double bottom”.

#Bitcoin held my double-bottom call… Is is art or mathematics? pic.twitter.com/M8yOZtRFNp

— Max Keiser (@maxkeiser) April 12, 2018

A double bottom is a pattern sometimes found in market charts that measure financial data.  It looks like the letter “W” with a price drop, followed by an upward rise, with another drop and finally a defining final rise similar to the one that came before it. Really, it could be called a double top – since that is the positive note that it ends on.

With all of the opposing “expert” opinions, the frenzy paves the perfect path for a slightly unpredictable ride in the short term. Based on at the numbers year over year, the future for Bitcoin’s price appears to be bright, having bounced back from every major fall so far.

 

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Bitcoin Price Analysis, 9th April 2018: Volatile Bitcoin Prices Now Below $7,000

The past trading session has lead Bitcoin prices through a notable price fall. Prices went from levels slightly above USD 7,000 to touching a low of USD 6,600.

The day’s signals

  1. A large selloff took prices to levels much lower than USD 7,000.
  2. With volumes considerably down since past trading periods, the market seems unable to withstand the selling pressure.
  3. With prices down at around 5%, the past period of volatility seems to be taking a downward turn.

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GDAX BTC/USD charts showcase how much of an impact selling pressure can have under today’s market sentiment. Traders are leaving markets prone to downward pressure and prices continue to trail sideways unless it’s for large selloffs. Any notable volumes through today’s trading session were only observed on a couple of points through the day. A handful of sell orders might have taken prices down with them and so far, there doesn’t seem to be a positive response.

Bitcoin okcoin-btcusd-biweekly-futures-Apr-10-2018-3-59-22

OKCoin BTC/USD weekly futures prices are moving towards a more negative sentiment. Naturally, the volatility through the past week has driven futures traders to be more cautious. This is notable when it comes to pricing in any positive movements. The recent trading activity above USD 7,000 levels had been reflected with a positive light in futures markets. Still, the recent dip in Bitcoin’s price has led to a big divide between futures prices and live market rates.

All in all, a notable aspect of recent price trends is that volatility plays a major role in recent price movements. Spikes in BTC/USD markets are quite frequent, leading to considerable volatility with great price differences even within the same day. That is a situation that day traders could potentially benefit from.

Day trading is something that would be bringing liquidity into Bitcoin markets. Even more so at times of extra volatility. However, as the recent trading sessions prove again and again, market sentiment doesn’t favor long positions and further price spikes are not unlikely. Not to forget, though, that the lows that were reached at the beginning of April are close to being breached again.

 

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