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jeudi 26 septembre 2019
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- Bitcoin price extended its decline and broke the key $8,000 support area against the US Dollar.
- The price is likely to test the main weekly bearish target of $7,500 in the coming sessions.
- There was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently trading near $8,000 and it is likely to extend its decline towards $7,500.
Bitcoin price is extending its decline below $8,000 against the US Dollar. BTC could soon test the bearish target of $7,500 as discussed in one of the recent analyses.
Bitcoin Price Analysis
After a short term correction, bitcoin struggled to break the $8,750 resistance area against the US Dollar. As a result, the price started consolidating losses below $8,500 and the 100 hourly simple moving average. Finally, there was a downside break below the $8,350 and $8,200 support levels. It seems like the bulls failed to protect losses below the $8,200 support level.
Moreover, there was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC/USD pair. The pair even broke the key $8,000 support and traded to a new monthly low at $7,736. Recently, there was an upside correction above the $7,850 level. The price traded above the 23.6% Fib retracement level of the recent decline from the $8,646 high to $7,736 low.
However, the upward move is facing resistance near the $8,200 level (the previous support). Additionally, the 50% Fib retracement level of the recent decline from the $8,646 high to $7,736 low is capping upsides. There is also a connecting bearish trend line forming with resistance near $8,040 on the same chart. Therefore, an upside break above $8,050 and $8,200 is needed for a decent recovery.
If the price fails to correct above $8,200, it could continue to move down. An immediate support is near the $7,800 level. Any further losses is likely to open the doors for a sharp decline towards the $7,500 support area in the near term. If the bulls fail to protect $7,500, the price could tumble towards the $7,000 support.
Looking at the chart, bitcoin is clearly under pressure below $8,200 and $8,350. Therefore, there are high possibilities of more downsides towards $7,500 or even $7,200. Once the current decline is over, the price might correct above $8,500 in the coming days.
Hourly MACD – The MACD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.
Major Support Levels – $7,800 followed by $7,500.
Major Resistance Levels – $8,200, $8,350 and $8,500.
The post Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight appeared first on NewsBTC.
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During the World Digital Mining Summit [WDMS] – which will take place in Frankfurt on 8-10 October – Bitmain will launch the first platform to connect mining hardware owners with mining farm owners via the World Digital Mining Map [WDMM]. To remain price-efficient, owners of mining hardware are regularly on the lookout for locations with […]
The post Bitmain to launch the World Digital Mining Map this October appeared first on AMBCrypto.
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- Ripple price is forming a decent support base near the $0.2300 level against the US dollar.
- The price is facing a lot of hurdles on the upside near $0.2450 and $0.2500.
- There is a solid bearish trend line forming with resistance near $0.2440 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could spike towards $0.2550 or $0.2650 before it starts a fresh decrease in the near term.
Ripple price is currently consolidating above key supports against the US Dollar, while bitcoin is declining. XRP price is likely to face sellers if it climbs towards the $0.2650 resistance.
Ripple Price Analysis
Recently, we saw a sharp decline in ripple price below the $0.2650 support against the US Dollar. The XRP/USD pair even broke the $0.2250 support and settled well below the 100 hourly simple moving average. A low was formed near $0.2062 and the price recently corrected higher. It broke the $0.2250 and $0.2300 resistance levels. Moreover, the price is forming a decent support base near the $0.2300 level.
The last swing low was near $0.2244 before the price started an upside correction. There was a break above the $0.2350 resistance. Moreover, the price surpassed the 50% Fib retracement level of the recent drop from the $0.2502 high to $0.2244 low. However, the price seems to be facing a strong resistance near the $0.2450 level. There is also a solid bearish trend line forming with resistance near $0.2440 on the hourly chart of the XRP/USD pair.
The trend line is close to the 76.4% Fib retracement level of the recent drop from the $0.2502 high to $0.2244 low. Above the trend line, the next important resistance is near the $0.2500 and $0.2550 levels. The 100 hourly simple moving average is also near the $0.2550 level. The current price action suggests that ripple could spike towards the $0.2500 or $0.2650 resistance area before it starts a fresh decrease.
Only a successful close above $0.2650 could start a strong rise in the near term. If not, there are chances of more downsides below the $0.2320 and $0.2300 support levels. The next key support is near the $0.2250 level, below which the price may perhaps retest $0.2060.
Looking at the chart, ripple price is consolidating above the $0.2300 support area. There could be another rise, but upsides are likely to be capped near $0.2550 or $0.2650.
Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with a positive angle.
Major Support Levels – $0.2300, $0.2250 and $0.2200.
Major Resistance Levels – $0.2450, $0.2550 and $0.0.2650.
The post Ripple Price (XRP) Could Spike To $0.2650 Before Fresh Decrease appeared first on NewsBTC.
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With trade talks between the US and China resuming next month all eyes are on the prospect of some kind of a deal. Not all are confident however and one industry executive still favors Bitcoin over any kind of economic recovery based on bilateral cooperation between the two powerhouses.
China Won’t Back Down
Founder and CEO of Morgan Creek Capital Management, Mark Yusko, joined the panel on CNBC’s Fast Money to discuss the likelihood of a trade deal emerging from the upcoming talks in Washington DC next month.
— CNBC's Fast Money (@CNBCFastMoney) September 26, 2019
He stated that it was highly unlikely that China would back down and that tariffs are essentially a tax on poor people so they too have failed and should never have happened in the first place. He added that the ‘fight’ has now changed from outsourcing to China and ‘made in China’ to ‘made for China’ as it will be the largest consumer market in history.
According to Yusko China is no longer worried about exports, it is all about importing now to satisfy the growing material appetite of its burgeoning middle classes. China is focused on doing deals to grow consumers domestically.
When asked by the anchor about a trigger, Yusko replied that the market is still overvalued and things will get far worse in 2020 when the debt bubble pops. A recession is likely to trigger this as there is no longer the growth that flourished in previous years.
What About Bitcoin
The interesting comments came next when the chief executive was asked about Bitcoin. Naturally the first comment made by the anchor was its price, having dropped below $8,000 during intraday trading.
“Buy it. The daily price of Bitcoin doesn’t matter, its been alive for ten years. In ever year other than 2015 it has made a higher low and market cap has grown every single year.”
He added that every fundamental indicator for Bitcoin including usage, transactions, wallets, hash rate etc. is making new highs. All the indicators of the network and its value are rising but the price of any asset fluctuates.
He went on to compare this with Amazon which has been a public company for twenty years. The average peak to trough on the stock has been -31% and he concluded that only Jeff and his parents have owned it since the IPO.
Even in 2019 and even with a 42 percent correction from its high this year, Bitcoin is still in good shape. Since the beginning of the year when it was priced in the late $3,000 range BTC has made over 100 percent gains.
The naysayers and doom merchants will continue to bash it regardless so Yusko’s reasoned commentary provides a solid counter balance to their FUD.
Image From Shutterstock
The post No US China Trade Deal Says Morgan Creek CEO, Better Buy Bitcoin appeared first on NewsBTC.
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Lil Kim to receive BET hip hop award after releasing her new single
Rap icon Lil Kim will be given the “I Am Hip Hop” Award at the BET Awards on Oct. 8.
via FOX BUSINESS NEWS
- ETH price failed to surpass the $172-$175 resistance and declined again against the US Dollar.
- The price retested the $152 support area and it is currently correcting higher.
- There is a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD (data feed via Kraken).
- The price is showing a few negative signs and it could decline towards $152 and $150.
Ethereum price is trading below a few key resistances versus the US Dollar and bitcoin. ETH price is likely to extend its decline as long as it is below $175.
Ethereum Price Analysis
Yesterday, we discussed the importance of the $175 resistance for Ethereum against the US Dollar. ETH price struggled to climb above the $172 and $175 resistance levels. As a result, there was a sharp decline below the $165 support. Moreover, the price broke the $160 support level and revisited the last swing low near the $152 level. It is currently correcting higher and is trading above the $160 level, but it is still well below the 100 hourly simple moving average.
Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. At the moment, the price is consolidating near the $165 level. On the upside, there is a strong resistance forming near the $170 level. There is also a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD.
The trend line is close to the 76.4% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. Therefore, an upside break above the $168 resistance might push the price higher. However, the price needs to surpass the key $172 and $175 resistance levels to continue higher. Moreover, the 100 hourly simple moving average is currently near $178 to provide resistance.
If the price fails to climb above $168 or $170, it is likely to resume its decline. An immediate support is near the $162 and $160 levels. If there is a successful break below the $160 level, the price could revisit the $152 support area in the near term.
Looking at the chart, Ethereum price is showing a lot of bearish signs below the $170 level. To start a solid upward move, the price must surpass many hurdles such as $168, $170, $172 and $175. If not, it is likely to continue lower towards $150.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is struggling to remain in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still well below the 50 level.
Major Support Level – $160
Major Resistance Level – $170
The post Ethereum (ETH) Price Showing Signs of Further Weakness appeared first on NewsBTC.
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