Musiccosmos

Following our recent BTC price analysis , Bitcoin is still “boring.” Traders are not used to this kind of stability that carries almost no trading volume at all. For the long-term, a stable Bitcoin is good for the mass adoption. Less for day traders. Now what? The overall picture stays pretty much the same. Bollinger bands are getting tighter and tighter. I won’t be surprised to see a quick move, up or down, in the next 24-48 hours. Bitcoin is on top the $6400 support area, with little glitches to support at $6350. As of now, the three important moving average lines (200, 100 and 50 days MA) are above Bitcoin’s price. Bitcoin is around significant resistance area $6420 – $6530: the three moving average lines from above, along with descending trend-line. Support lies very close as well: $6350 – $6400, ascending trend-line around $6300. Zooming out of the tight range, the next significant support lies at $6250 and after is $6100. The next major resistance area is located aroun...

Bitcoin is still hovering between $6300 – $6500 tight range. The trading volume is decreasing on a daily basis and is currently around the 2018 low numbers. When there is no volume, there is no action. However, let’s see what Bitcoin has been up to since our last price analysis. Now what? Bitcoin is testing a significant resistance area including the 200 Days Moving Average line (purple line on the chart), along with descending trend-line (currently around $6500) and resistance around $6530. Volume is the name of the game. A fake breakout could take place in this no-volume market. From the bear side: support levels lie around the 100 days Moving Average line (~$6420) along with support line at $6400, and 50 days Moving Average around $6350. Next significant support lies at $6250 and after is $6100. As we can tell, the above tight range and the face that there is no decision makes the last week’s trading very dull with no action. BitFinex has 33K open short  positions . Th...

Some will say it’s “business as usual,” others will say that yesterday is a turning point. Whether to the bullish side (with the breaking of the long-term descending line) or to the bearish side (Tether is likely to cause significant damages to the crypto industry). What is for sure is that we can’t rely anymore on the BitFinex Bitcoin chart since it’s trading against Tether or USDT. From now on, we will analyze the BitStamp Bitcoin USD chart. Regarding the pump from yesterday – since it was like a pump and dump movement, it can be seen only as the tail of the 4-hour candle. Of course, the trading volume of that candle was gigantic. Now what? Bitcoin is testing the long-term descending trend-line, which started somewhere around March this year when Bitcoin’s price was about $11,700. This is a tough resistance area including the 200 and 100 days moving average lines (purple line represents the MA-200, white line represents MA-100). The overall momentum is still bearish. I woul...