Crypto Shuttle News

Tag: Dips

  • Bitcoin Fails to Test $45K, Why Dips Could Be Attractive

    Bitcoin Fails to Test $45K, Why Dips Could Be Attractive

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    Bitcoin attempted a move towards $45,000 but failed against the US Dollar. BTC is correcting lower, but dips might be limited below $42,800.

    • Bitcoin extended increase above $44,000 before it faced sellers.
    • The price is trading above $43,500 and the 100 hourly simple moving average.
    • There was a break below a short-term rising channel with support near $44,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could drop to $43,000 or $42,800, where the bulls might take a stand.

    Bitcoin Price Faces Resistance

    Bitcoin price remained supported and extended increase above the $44,000 level. BTC even cleared the $44,500 resistance and settled above the 100 hourly simple moving average.

    However, there was no test of the $45,000 resistance zone. A high was formed near $44,770 before the price started a downside correction. There was a break below the $44,500 support zone. Besides, there was a break below a short-term rising channel with support near $44,200 on the hourly chart of the BTC/USD pair.

    Bitcoin is trading just below the 23.6% Fib retracement level of the upward move from the $41,573 swing low to $44,770 high. On the upside, the price might face resistance near the broken channel support at $44,200.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The first major resistance is near the $44,500 level. A clear move above the $44,500 resistance zone might send the price further higher. The next major resistance is near $45,000, above which the price might rise towards the $45,500 resistance level.

    Dips Limited in BTC?

    If bitcoin fails to continue higher above the $44,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,800 zone.

    The next major support is seen near the $43,150 level. It is near the 50% Fib retracement level of the upward move from the $41,573 swing low to $44,770 high. If there is a downside break below the $43,850 support zone, the price might struggle. The next support sits near $42,800 or the 100 hourly SMA, below which there is a risk of a sharp decline in the near term.

    Technical indicators:

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

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

    Major Support Levels – $43,800, followed by $43,150.

    Major Resistance Levels – $44,200, $44,500 and $45,500.

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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