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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

BTC Price Tech Analysis for 01/10/2018 – Small Reversal Signal

newsbtc
newsbtc
1 year ago
2 mins read
bitcoin

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Bitcoin Price Key Highlights

  • Bitcoin price appears ready for another selloff as price has formed a head and shoulders pattern on the 1-hour chart.
  • Price has yet to break below the neckline around the $14,000 major psychological support.
  • The chart pattern is approximately $3,000 tall so the resulting drop could be of the same height.

Bitcoin price is forming yet another selloff signal on a short-term time frame, but technical indicators are looking mixed.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on this time frame to suggest that the path of least resistance is to the upside or that the rally could continue. However, the gap between the moving averages has narrowed significantly to show that a downward crossover and and pickup in bearish momentum is imminent.

A break below the neckline could take bitcoin price down to the $10,000-11,000 region next while a bounce could lead to a move up to $15,000 then the highs at $17,000.

Stochastic is pulling up from the oversold region to signal a return in buying momentum while RSI also appears to be slowly heading north as well.

Market Factors

Dollar demand has once again ticked higher on record high Treasury yields, as well as record closes for equity indices. Traders are now looking ahead to a positive earnings season scheduled to start on Friday, and these upbeat expectations are likely to be sustained as tax reform kicks in.

Meanwhile, bitcoin price continues to reel from the hesitation among ETFs facing SEC regulation. A couple of funds withdrew their applications, citing pushback from the financial watchdog. Direxion Shares ETF Trust secretary Angela Brickl wrote:

“On a call with the Staff on January 5, 2018, the Staff expressed concerns regarding the liquidity and valuation of the underlying instruments in which the Fund intends to primarily invest and requested that the Trust withdraw the Amendment until such time as these concerns are resolved. In response to the Staff’s request, the Trust respectfully requests withdrawal of the Amendment.”

This cryptocurrency is also losing ground to its altcoin rivals, as well as equities that are performing better.

 

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Comments 1

  1. kalani cripto says:
    8 years ago

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Comments 1

  1. kalani cripto says:
    8 years ago

    Join US in our new private Telegram channel which will show you how to make real money from the Crypto Markets!
    We are not a Pump and Dump channel and we do not support them as most members in there lose money. We are limited to 5000 members and after this the invite link will expire.
    All details will be shared inside the channel
    Join us here: https://t. me/joinchat /AAAAAEW fPN6QN9-wVIukIA

    Reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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