Back Over $200 Billion: 3 Reasons Crypto Prices Are Heading Higher

The cryptocurrency market has been making history for all the wrong reasons as of late, most notably by recently surpassing the plunge of the infamous Dot-Com bubble in the early 2000’s. With that said, cryptocurrencies tend to make recoveries when all hope is seemingly lost, and today’s price action of the world’s second largest cryptocurrency, ether and many others is no exception. At press time, several of the top 10 cryptocurrencies by market capitalization are reporting 24-hour gains above 10 percent, including monero (XMR), litecoin (LTC), and EOS. Ether (ETH)…

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Bitcoin Price Looks North After Passing $6.4K Resistance

Bitcoin (BTC) is teasing a decent bullish move, having cleared crucial resistance a few hours ago. The leading cryptocurrency moved past $6,400 earlier today, signaling that bearish exhaustion – as indicated by Tuesday’s spinning bottom candle – is paving way for a corrective rally. Notably, the positive price action was preceded by a solid defense of the long-term trendline connecting the June low and Aug. 11 low and an upside break of the symmetrical triangle. As a result, the stage looks set for an upside move. However, caution is still…

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Bitcoin Price Charts Hint at Recovery Rally Above $6.4K

Bitcoin (BTC) could witness a minor corrective if the persistent defense of key support leads to a break above the resistance at $6,400, technical charts indicate. The leading cryptocurrency suffered a downside break of the symmetrical triangle in the early US session yesterday, signaling a revival of the sell-off from the recent highs above $7,400. Further, the bearish pattern bolstered the already negative setup, as represented by the rising wedge breakdown and the pennant breakdown on the line chart. As a result, BTC was expected to test $6,000 (February low)…

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Bitcoin Price Awaits Next Move as Trading Range Narrows

Bitcoin (BTC) is being squeezed in a tight trading range, signaling a tug of war between the bulls and the bears, and the breakout will likely set the tone for the next move in the cryptocurrency. At press time, BTC is changing hands at $6,320 on Bitfinex, representing a 0.5 percent gain on a 24-hour basis. The $1,000 drop witnessed during a 24-hour period in the middle of the last week titled the tide in favor of the bears. As a result, the cryptocurrency was facing a risk of a drop to $6,000…

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Bitcoin Retains Bear Bias Despite Recovery From 25-Day Low

Bitcoin’s (BTC) recovery from 25-day lows seen over the weekend has done little to alleviate the near-term bearish bias, technical studies indicate. The leading cryptocurrency fell to $6,119 on Bitfinex on Saturday – the lowest level since Aug. 14 – bolstering the bearish setup established by a sudden $1,000 drop witnessed during a 24-hour period in the middle of the last week. However, the drop to 3.5-week lows also pushed the intraday relative strength index (RSI) into oversold territory below 30.00. As a result, the sell-off has stalled in the last…

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Bitcoin’s Double-Digit Drop Negates Long-Term Bull Market

Bitcoin’s (BTC) double-digit drop may have sent the bulls packing, however, a long-term bearish reversal is still not confirmed, technical studies indicate. At press time, the leading cryptocurrency is changing hands at $6,422 on Bitfinex – down 13 percent from the previous day’s high of $7,404. Notably, BTC has erased gains made in the last two weeks in a single day. Further, the sharp drop has poured cold water over the optimism generated by the falling channel breakout and the bullish turn of the weekly MACD. Still, it is premature…

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Bitcoin Indicator Turns Bullish for First Time in 8 Months

The list of indicators signaling a long-term bullish reversal in bitcoin (BTC) continues to grow with each passing week. The latest to join the list of a select few is the MACD histogram, which has moved above zero – turned bullish – for the first time since January. The MACD histogram, which oscillates above and below the zero line, is one of the most popular technical indicators used to determine the trend reversal and momentum. A bearish-to-bullish trend change is confirmed when the histogram moves above the zero line. On…

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Bitcoin Lost 10% in August But May Have Made Long-Term Bottom

Bitcoin (BTC) is all set to end August with double digit-losses, but a closer look at the price action suggest better times lie ahead for the leading cryptocurrency. At time of writing, BTC is trading at $6,940 – down 10.7 percent from the month’s opening price of $7,727, according to CoinDesk’s Bitcoin Price Index. However, losses would have been much bigger had prices not recovered from the six-week lows below $5,900 seen on Aug. 14. Indeed, the bitcoin market has witnessed a solid two-way business this month. Sellers dominated the…

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Bitcoin’s Price Pullback Risks Bear Revival Below $6.9K

Bitcoin (BTC) bulls need to defend key support at $6,905, else the short-term bullish outlook would be invalidated. At press time, the leading cryptocurrency is trading at $6,920 on Bitfinex – down 2 percent on a 24-hour basis. The pullback from the previous day’s high of $7,139 does not come as a surprise, as the 21 percent rally witnessed in the last two weeks was looking overstretched yesterday. However, the short-term bullish case would weaken if the cryptocurrency finds acceptance below the 100-day moving average (MA) of $6,905. Daily chart BTC…

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Upside Calling? Bearish Bets on Bitcoin Futures Hit Record Low

The bearish sentiment in the bitcoin (BTC) futures market hit a record low last week, likely indicating the worst of the plunge in the leading cryptocurrency is behind us. The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1266 contracts in the week ended Aug. 21 – the lowest on record, according to the data released by the Commodity Futures Trading Commission (CFTC) on Friday. The futures data indicates the speculators are the least bearish on BTC since the futures…

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