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Bitcoin Price Jumps 5%, Why The Recent Breakout Looks Important

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Bitcoin price traded to a new weekly low before reversing its losses against the US dollar. BTC broke $19,500 and could rise further towards $20,500.

  • Bitcoin is up nearly 5% and there was a clear move above the $19,500 resistance area.
  • The price is trading below $19,500 and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $19,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing bullish signs and may extend gains above $20,000.

Bitcoin price starts new high

Bitcoin price extended its losses below the $19,000 support area. Yesterday the US CPI data was released which recorded an increase of 8.2%. You pushed the price of BTC below $18,500 support area.

The bears gained strength and the price fell to the $18,200 support area. However, the bears failed to push the price further down. The bottom formed near $18142 and there was a strong bullish reaction. The price gained bullish momentum and rose above the $19,000 level.

Bitcoin price cleared the 50% Fibonacci retracement level of the downside move from the high-swinging $20443 to the $18,142 low. Besides, there was a break above the major downtrend line with resistance near $19,150 on the hourly chart of the BTC/USD pair.

The price is now trading below $19,500 and above Simple moving average per 100 hours. It is trading near the 76.4% Fibonacci retracement level of the downside move from $20443, the high to $18,142 low.

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source: BTCUSD on TradingView.com

On the upside, there is an immediate resistance near the $20,000 level. A clear move above the $20,000 resistance could push the price higher. The next major resistance is near the $20,450 level. Any further gains may start to increase steadily towards the $21,200 resistance area.

Supporting Bitcoin dips?

If Bitcoin fails to rise above the $20,000 resistance area, it may initiate a downward correction. There is immediate support to the downside near the $19,500 region.

The next major support is near the $19,200 area and the hourly 100 SMA. A bearish breakout below the $19,200 support area may increase selling pressure. In the mentioned case, the price could drop towards the $18,500 support area.

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Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for Bitcoin/USD is now in the overbought territory.

Key support levels – $19,500, followed by $19,200.

The main resistance levels are $20,000, $20,450, and $21,200.

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Cryptocurrency

Everything Bubble: Markets at a Crossroads – Bitcoin Magazine

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Below is an excerpt from a recent issue of Bitcoin Magazine Pro, Bitcoin Magazine Premium Markets Newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Powell’s Speech and Contracting ISM PMI

We want to zoom out, revisit and analyze some of the latest data that came out this week, which will greatly influence the direction of the market over the next few months.

After Jerome Powell’s Brookings speech, markets are clearly chomping a bit to move higher with any possible pivot scenario and narrative from the Fed. There is over-hedging, short-squeezing, options market dynamics and forced buying. This goes beyond our experience to say exactly why markets explode with volatility at any given data point or Powell’s new speech. However, these types of events and market movements have almost always been a sign of unhealthy and growing volatility in bear markets. Despite more talk from Powell with nothing really new to say, the speech was seen by markets as “more dovish” with his comment about worrying about excessive rate hikes. However, if this is yet another bear market rally forming for the major indices, we’re apparently close to turning that high again.



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Price Analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Bitcoin and altcoins are starting to signal a possible trend change, but there are still a few downside risks.

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Uzbekistan approves rules for issuing and trading crypto assets – Bitcoin news regulation

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The authority responsible for supervising digital currencies in Uzbekistan has determined the order for digital assets to be issued and traded in the country. The main reason behind this move is to create a mechanism that would allow local companies to attract capital through coins and tokens.

The government of Uzbekistan defines the regulation of digital asset investments

National Agency for Perspective Projects (NAPP), under the chairmanship of the President of Uzbekistan, a new regulation on the procedure for issuing, registering and issuing crypto assets in circulation in the Central Asian country.

The document provides basic legal definitions of cryptographic assets and distinguishes between different types. It introduces requirements for cryptocurrency issuers, depositors and custodians and outlines their obligations, including those related to customer relations.

The Authority also approved the rules for establishing and maintaining an electronic registry of crypto assets and adopted accounting standards for the rights associated with them and the rights of their holders.

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Cryptocurrency depositories will be responsible for providing services for the issuance, registration, trading and storage of crypto assets. Exporters can use it or other online platforms, NAPP said, noting that the face value of the currencies should only be expressed in the national currency, the Uzbekistan som.

The agency emphasized that the issuance of unsecured tokens is prohibited. Words like “state”, “state-insured”, “state-backed”, “Uzbekistan”, “Uzbek”, “national” and “sum” are prohibited in the names of cryptocurrencies. The regulator also explained:

The main purpose of adopting this document is to create a new mechanism for business entities to attract investments and develop their activities through the issuance and registration of the issuance of secured tokens.

NAPP further warned against any unauthorized activities related to the trading of crypto assets in the country or the use of services by service providers who have not obtained a license to provide them. The same applies to companies involved in cryptocurrency mining.

Uzbekistan has taken steps towards comprehensive regulation of its crypto sector through several decrees Occurred By President Shavkat Mirziyoyev and decisions of the National Agency for Perspective Projects. country recently licensed Two companies to provide exchange services.

tags in this story

AgencyAnd the capitalAnd the RotationAnd the CoinsAnd the encryptionAnd the encrypted assetsAnd the Digital currenciesAnd the CryptocurrencyAnd the digital assetsAnd the investmentsAnd the VersionAnd the licensesAnd the NAPPAnd the RegulationAnd the systemsAnd the OrganizerAnd the symbolsAnd the UzbekistanAnd the UzbekistanAnd the UzbekistanAnd the guard

Do you think Uzbekistan will benefit from the new regulations adopted by the country’s cryptocurrency watchdog? Tell us in the comments section below.

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Lubomir Tasev

Lubomir Tasev is a technology-savvy Eastern European journalist who likes to quote Hitchens: “Being a writer is who I am, not what I do.” Besides crypto, blockchain and fintech, international politics and economics are other sources of inspiration.




Image credits: shutterstock, pixabay, wikicommons

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