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Crypto Shuttle News

Tag: Bulls

  • Big Reaction From Bulls Imminent

    Big Reaction From Bulls Imminent

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    Bitcoin gained pace above the $47,000 resistance against the US Dollar. BTC is showing positive signs and might rally towards the $50,000 resistance zone.

    • Bitcoin saw a major technical breakout above the $45,500 resistance zone.
    • The price is trading above $46,500 and the 100 hourly simple moving average.
    • There is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could continue to rise and might trade towards the $50,000 resistance zone.

    Bitcoin Price Breaks $48K

    Bitcoin price remained strong above the $45,500 resistance zone. BTC started a fresh increase and was able to clear the $46,500 resistance zone.

    The upward move gained pace above the $46,500 level and the price settled above the 100 hourly simple moving average. Finally, it spiked above the $48,000 level. A high was formed near $48,200 and the price is now consolidating gains.

    There was a minor drop below the $48,000 level. Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $44,470 swing low $48,200 high. Besides, there is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair.

    On the upside, the price is facing resistance near the $48,000 level. The next major resistance could be near the $48,200 zone. A successful break and close above the $48,200 level might push the price towards $49,000.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The next major resistance could be near the $49,500 level. Any more gains could open the doors for a move towards the $50,000 level.

    Dips Limited in BTC?

    If bitcoin fails to clear the $48,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $47,000 zone.

    The next major support is seen near the $46,350 level. It is near the 50% Fib retracement level of the upward move from the $44,470 swing low $48,200 high. The main support is near the $46,000 level and the trend line. A downside break below the $46,000 support zone could send the price to $45,000.

    Technical indicators:

    Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

    Major Support Levels – $47,000, followed by $46,000.

    Major Resistance Levels – $48,200, $49,000 and $50,000.

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  • Bitcoin dips 8% from highs as trader demands BTC bulls reclaim $37.5K

    Bitcoin dips 8% from highs as trader demands BTC bulls reclaim $37.5K

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    Bitcoin (BTC) climbed down from multi-day highs on Jan. 27 as the aftermath of the latest United States Federal Reserve meeting saw bulls taper their enthusiasm.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

    Bitcoin disappoints below $37,500

    Data from Cointelegraph Markets Pro and TradingView showed BTC/USD walking back some of its gains, which had topped out at $38,950 on Bitstamp.

    The pair then refocused on $36,000, the level where it was trading at the time of writing.

    As momentum gathered pace, market commentators began hoping for a stronger weekly close, possibly including a challenge of the $40,000 mark. Now, however, the mood was markedly less euphoric.

    “Bitcoin rejected at $38K and hit the first important level of support at $36K here,” Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers.

    “Might have a short-term bounce, but anything sub $37.5K isn’t shouting for bullishness.”

    BTC/USD annotated chart with support and resistance zones. Source: Michaël van de Poppe/Twitter

    Van de Poppe joined others in voicing dissatisfaction with the outcome of the Fed’s meeting, in particular with a lack of new insight and policy information from Fed Chair Jerome Powell.

    “With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” a statement by the Federal Open Market Committee read.

    “The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March.”

    With that, crypto markets had few macro cues to react to, a paradigm shift in price behavior yet to make an appearance.

    Crypto liquidations pass $300 million

    Altcoins followed Bitcoin in step to shed several percentage points on the day, once more adding to the week’s overall losses.

    Related: Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce

    Ether (ETH) fell back below $2,500, still down 22% over the past seven days.

    ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

    Others fared somewhat better, with Dogecoin (DOGE) retaining most of its previous progress and Cardano (ADA) trading flat at $1.06.

    Not everyone escaped unscathed post-Fed, however, with total cross-crypto liquidations passing $320 million, data from on-chain monitoring resource Coinglass confirmed.

    Crypto liquidations chart. Source: Coinglass