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Bitcoin Price Analysis, 23rd May 2018: BTC/USD Dips Below $7,500 in Wake of Bearish Breakout

Bitcoin markets are under a bearish market sentiment with prices undergoing strong selling pressure.  Today’s trading session had traders experience major breaches in Bitcoin’s price, with prices continuing to be following a downward spiral.

The day’s signals

  1. Bitcoin markets continue experiencing breach after breach with no sign of support being present.
  2. BTC/USD levels now reach USD 7,300 price levels only a day after USD 8,000 price levels were breached.
  3. Markets aren’t appearing to take much consideration for positive price movements. Resistance appears to be bringing selling pressure even after price falls.

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GDAX BTC/USD charts are showcasing the disdain traders have towards any and all positive movements. The market’s sentiment has worsened considerably, and traders don’t seem to think twice when giving in to selling pressure. Large sell offs have dominated the day’s course, making up a significant portion of the day’s trading volumes in spite of the largest spikes happening momentarily. It’s no wonder that periods through which the most selling pressure was expressed accounted for the bigger chunk of the day’s trading volumes.

bitcoin okcoin-btcusd-weekly-futures-May-24-2018-13-50-25

OKEX BTC/USD weekly futures charts are showcasing how futures markets are pricing in for Bitcoin at lower prices than spot trades. This is a trend that was kept up throughout the day. Larger downward spikes continue being reflected with accuracy on futures markets. All that while futures markets appear to show hesitation when it comes to following. It is clear that the shift in the market’s sentiment has also lead to an overturn of the mood in futures markets.

Overall, a very sharp shift in the market’s sentiment is now being embraced by traders. Bitcoin markets are struggling to maintain any level of support that could prove viable with each bearish breakout followed by another. Markets are not looking good with traders drifting away from the potential of a recovery.

For an improvement in the market’s outlook, a lot of liquidity would have to come in the form of support. The need for such moves becomes apparent in trading sessions like the more recent one. Lower trading volumes are known to  leave markets susceptible to further breaches.

 

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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, 16th May 2018: Bitcoin Markets Stagnant Above $8,000

Bitcoin markets appear to have a hard time finding sustainable support above USD 8,500 levels. Even after the bullish breakout experienced only a couple of days ago, markets are again experiencing a dip, this time reaching low levels of USD 8,100.

The day’s signals

  1. Large sell0ffs crashed Bitcoin prices down from USD 8,500 levels where BTC/USD was at in the earlier hours of the trading session.
  2. The crash appears to be a continuation of the downward trend. This trend appeared following Bitcoin markets reaching a top above USD 8,800.
  3. Volatility still appears to be in play but this time around, leaning towards overall bearish sentiment.

bitcoin gdax-btcusd-May-17-2018-6-37-45

GDAX BTC/USD charts are showcasing the market’s mood through a couple of interesting patterns. The first is an apparent market disdain when it comes to following up on positive price movements. The major crash for the day caused prices to drop from USD 8,500 levels down to USD 8,100 levels. With markets taking consideration for a few hours, traders achieved a recovery reaching slightly below USD 8,400 levels. Some brief consideration ensued and then yet another dip, this time with prices reaching a low at USD 8,200 price levels. From there on, prices have been pressured against reaching USD 8,400 levels again.

bitcoin okcoin-btcusd-quarterly-futures-May-17-2018-6-37-48

OKEX BTC/USD weekly futures still appear to be maintaining some positivity. Futures traders are keeping up the positive difference between futures rates and live market prices. That’s in continuation to the recently reached peak. A breach in the now sideways trailing prices could potentially limit that positive difference substantially. The recent hours where volumes have gone down leave markets especially vulnerable to another breakout that could end up being negative.

All in all, traders are certainly more cautious after the day’s volatility proved support hasn’t come on to back prices above USD 8,500.  Interestingly enough though, while volumes have gone down, prices are now managing to rise under this setting. However, support for even the current levels proved to be unreliable throughout the day. The way Bitcoin markets are playing out, there’s no wonder traders appear skeptical in this moment.

 

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Bitcoin Price Analysis, 15th May 2018: BTC/USD Markets Volatile Above $8,000

Bitcoin prices remain above USD 8,000 but volatility comes to be a major force in today’s trading session. Prices dipped to USD 8,300 levels at one point with the markets taking consideration for several hours. Ultimately, there was a sizeable upward spike that moved prices to a recovery but the sustainability of such levels comes into question.

The day’s signals

  1. Prices were moving slightly below USD 8,800 earlier through the trading session.
  2. A large selloff made markets touch the bottom at around USD 8,300 levels, with traders taking consideration for several hours.
  3. An upward spike pushed prices to USD 8,700 levels again with markets seemingly exiting the bearish breakout.

bitcoin gdax-btcusd-May-15-2018-9-20-10

BTC/USD charts showcase the extent of the day’s volatility. Bitcoin prices went through some wild swings in the course of today’s trading session. Ultimately, prices might have returned to levels similar to the ones prior to the day’s selloff, but selling pressure certainly showed its capabilities. Traders might be building up more cautiousness now that the market’s sentiment showed itself to be capable of allowing a breach down to USD 8,300 price levels. Resistance for upward movements following the recovery is apparent as markets currently appear uneasy with further price rises.

bitcoin okcoin-btcusd-weekly-futures-May-15-2018-9-20-14

OKEX BTC/USD weekly future charts display a lack of exaggeration in price movements. Futures traders didn’t mirror the selloff to its fullest extent but also didn’t seem to be firm believers in a potential recovery. It’s likely the potential of such price levels being sustained came into question. With uncertainty reaping the markets along with volatility, futures traders are likely trying to play it safe. It’s worth mentioning that with live markets taking consideration amid lower volumes, prices might be prone to another crash.

All in all, traders might be pleased with the fact that BTC/USD markets didn’t breach below USD 8,300 levels. Afterall, the resistance observed in live markets could also be another contributor to the current mood of the market. If a further crash can be avoided, trades could eventually start working on breaking resistance levels.

 

image source: https://www.flickr.com/photos/jenny-pics/2539753594 – jenny downing

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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, 9th May 2018: Support for $9,000 Levels Comes into Question

Bitcoin markets remained under pressure through the day. While trading volumes continue being on the upside, this time traders aren’t keeping up any positivity. Prices kept going down from USD 9,400 levels and even briefly dipped to USD 9,000 levels through the course of the trading session.

The day’s signals

  1. Bitcoin traders embraced the bearish market sentiment that took on BTC/USD markets lately.
  2. Selling pressure is responsible for the greater part of the day’s volumes. Prices kept falling and ultimately reached a dip below USD 9,000 levels.
  3. An ongoing recovery now has BTC/USD trading at around USD 9,250 levels.

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GDAX BTC/USD charts show how prices were led to USD 9,000 levels through the course of the day. The lack of apparent support might be something that puts the market’s mood in a worse position than it already was in. Traders most likely are now starting to sense that there’s further pressure for Bitcoin prices even after the market’s failure to reach the price point of USD 10,000.

BITCOIN okcoin-btcusd-weekly-futures-May-09-2018-17-27-32

OKEX BTC/USD weekly futures charts are displaying the way futures traders are taking to today’s bearish market sentiment. The positive difference that was observed between futures markets and live Bitcoin prices has now shrunk considerably. Futures traders responded to the fall of Bitcoin prices with a slight exaggeration in the extent of the dip. It appears as though traders in futures markets are now also more cautious amid the current market sentiment.

All in all, the day’s course in Bitcoin markets proved to hold a worsening outlook for markets. A breach of USD 9,000 levels has not been observed to a larger extent. However, under current market conditions, it wouldn’t seem unlikely. Traders are currently taking consideration of the day’s dip. A decisive move could be observed in the following hours if support is not maintained.

 

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Bitcoin Price Analysis, 7th May 2018: Bitcoin Prices Fall Below $9,500

Today’s trading session didn’t prove to hold a positive outlook for traders in Bitcoin markets. While markets are continuing to experience above-average trading volumes, a bearish breakout was the deciding factor in the day’s price movements. It appears as though the sentiment that had Bitcoin traders hopeful of USD 10,000 levels is now being squashed down.

The day’s signals

  1. Bitcoin prices fell from USD 9,600 levels to USD 9,200 lows with a sudden selloff.
  2. Prices did not break below USD 9,200 following the crash, although upward movements weren’t received with particular positivity.
  3. Recent hours saw prices of Bitcoin climbing back up to USD 9,400 levels.

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GDAX BTC/USD charts showcase the extent of today’s crash. Bitcoin entered a period of bearishness with taking consideration for the greater part of the trading session. The selling pressure remained persistent throughout the day’s span with all upward movements met with disdain. However, more recent hours have prices rising back to USD 9,400. Resistance levels didn’t go very low, but selling pressure is still present. Not to forget that volatility is still very much present in markets, as we saw prices fall down to USD 9,300 levels even after reaching USD 9,400.

OKEX BTC/USD weekly futures charts are putting up a different picture. Futures traders seem to still maintain some positivity for Bitcoin’s prices. Today’s bearish breakout did bring the difference between futures rates and live market prices to noticeably smaller levels. And still, futures continued to trade at a price level around USD 9,500. The day’s lowest rates for futures markets didn’t reach below USD 9,400 levels in spite of the volatility experienced through the day. The attitude of futures traders could be hinting a more hopeful outlook in spite of losses experienced.

 

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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.

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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.

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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, 2 May 2018: Prices Rise to $9,250

Bitcoin prices recovered back above USD 9,000 prices after a breach below such levels prior to today’s trading session. Notably, prices have kept rising ever since, with BTC/USD rates now looming around USD 9,250.

The Day’s Signals

  1. Prices fell below USD 9,000 levels through the last trading session but have since slowly and steadily recovered.
  2. Trading volumes remain high with apparent interest from traders to provide support for the rising price.
  3. Bitcoin prices are reaching above USD 9,200 price levels with more positivity in the recent hours.

Bitcoin Price Analysis, 2 May 2018: Prices Rise to ,250

GDAX BTC/USD charts are showcasing how the market is moving in the following of yesterday’s breach. In so far, traders have managed to break away from the selling pressure that had Bitcoin prices trading below USD 9,000. Bitcoin prices now appear to be on a rising trail with the market’s sentiment continuing to build up on the positivity. Selling pressure received responses that led to recoveries throughout the course of the day.

Bitcoin Price Analysis, 2 May 2018: Prices Rise to ,250

OKEX BTC/USD weekly futures charts still showcase the positive divide futures traders are maintaining between their markets and live prices. Bitcoin futures prices are continuing to trade above live market rates. While this trend began earlier in the week, yesterday’s breach doesn’t seem to have affected the sentiment among futures markets. It’s also worth noting that this positivity only kept growing as confidence in the rising price gained.

All in all, traders are now showcasing more confidence with prices staying above USD 9,000 after a head start in the beginning of today’s trading session. This market sentiment might be something that more positive developments could be launched from. While the recent top price point at USD 9,500 was reached earlier this week, BTC/USD markets have had a hard time reaching close to such levels again since. However, the recent positive developments could be signaling a breakout of the post-correction market sentiment.

 

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Bitcoin Price Analysis, 30 April 2018: Support Above $9000

Bitcoin markets experienced some downward pressure through the day’s course, and yet USD 9,000 price levels were not breached. Trading volumes are now also on the rise as markets attempt to counter the downward pressure put on prices by sellers.

The Day’s Signals

  1. The day’s course showed support for prices above USD 9,000.
  2. Selling pressure lead prices to go further under USD 9,400 after a high around those levels was reached on the previous trading session.
  3. Large sell orders have so far not managed to move prices lower than USD 9,100 levels with more recent prices being slightly above USD 9,300.

bitcoin gdax-btcusd-Apr-30-2018-23-42-7

GDAX BTC/USD charts are showcasing the selling pressure that lead prices from USD 9,400 price levels to a low touching USD 9,100. While all that might have happened in the same trading session, further downward pressure was averted from having any effect on price. In so far, markets are showing certain support for the recently reached price levels above USD 9,000. Large sell orders took on to become one of the leading contributors in today’s trading volume increase. Notably, traders contributed to a recovery from USD 9,100 lows levels after a few back to back selloffs.

bitcoin okcoin-btcusd-weekly-futures-Apr-30-2018-23-42-17

OKEX BTC/USD weekly futures charts are notably showing that futures traders are now maintaining more positivity on futures markets. Bitcoin futures have for the course of the current trading session traded above live market prices. The selloffs on live markets were not exaggerated by futures traders. Selling pressure experienced through the day’s course might have pushed a bit of the positivity that futures traders had in store away through.

The overall outlook of the market appears to be showcasing a substantially improved market sentiment that in previous trading sessions. Traders now appear to be willing to take on selling pressure. The emergence of support is telling for the market sentiment; not to forget that current price levels are more or less the result of a bullish breakout.

 

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