• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF

Moving Averages Will Be Key In Bitcoin’s Next Move, What Are The BTC Pullback Prices?

Martin Young by Martin Young
5 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 2 mins read

Nobody could have predicted what has happened to Bitcoin over the past month. A break past $4,200 was inevitable, but a surge past $8,000, doubling its price, has shocked the nascent crypto space. Where BTC goes next will be paramount and moving averages will play a big role as they have done before.

Correction is Coming

Markets always correct and now that the ice from the crypto winter has finally melted, investors and traders will be looking for new entry points. Technical indicators are all flashing over bought for Bitcoin at the moment. For the third day in a row BTC hit a new high for the year. Just a few hours ago during Asian trading Bitcoin touched $8,320 adding over 5 percent on the day.

Daily volume is still holding record levels at over $30 billion and the parabola has extended on Bitcoin charts. It has even become something of a joke on crypto twitter;

Guys I hate to break it to you but the #bitcoin parabola is simply out of room.

We're going to have to attempt a warp jump through space and time to continue this.

Target $20k+, February 2019. pic.twitter.com/Vt9ppMTDEU

— moon (@MoonOverlord) May 16, 2019

As we know from previous market cycles this action cannot be sustained and Bitcoin will fall back, guaranteed. When it does there will be an influx of buyers loading up on what could be its lowest price for quite a while.

During the bull run of 2017 Bitcoin pulled back and tested the longer term moving averages several times. Long term trader ‘CryptoFibonacci’ has charted this showing the points where BTC returned to support at the MA levels; “Things will retrace and test the moving averages.  Count on it!”

$BTC Daily moving average Chart.

Things will retrace and test the moving averages. Count on it!#BTC #bitcoin pic.twitter.com/9uXf1huLdR

— CryptoFibonacci (@CryptoFib) May 16, 2019

Looking at the chart it is clear that a pullback from current levels will send Bitcoin back to around $6,400 on shorter term moving averages. If BTC retraces to longer term support zones it could go all the way back down to $5,500 at the 50 day or even $4,300 again at the 200 day.

These will form new support and buying zones and, now that the uptrend has been established, could well send Bitcoin back up into five figures again before the end of the year.

CNBC, who have made a name as counter trade indicator for crypto, has called for a pullback as charts continue skywards reminiscent of December 2017. Anthony Grisanti of GRZ Energy told the outlet;

“We had rallied above [key resistance] but then failed on two different occasions, [Bitcoin] has doubled in the last five months, so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,425.”

Renewed Optimism

The recent rally has renewed optimism and ‘hopium’ within the community with several big industry names have spoken out on Bitcoin’s movements and the end of the crypto winter. Gemini exchange co-founder Tyler Winklevoss stated;

“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning!”

Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it's only the bottom of the first inning! ??

— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019

Market corrections are a natural thing and the number waiting for this one with fingers poised on the ‘buy’ button is growing.

Image from Shutterstock
Tags: bitcoinbtccorrection
Tweet123Share196ShareSend
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Dogecoin Small

Dogecoin Marks Two Consecutive Green Monthly Closes, What Happened The Last Time?

28 mins ago
Terra Classic Price Pumps a Further 17% as This Altcoin Also Sees Positive Growth

Terra Classic Price Pumps a Further 17% as This Altcoin Also Sees Positive Growth

31 mins ago
Cardano

Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

1 hour ago
Dogecoin

300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells

2 hours ago
CoinTR’s 2024 Goal: To Be Among the Global Crypto Giants

CoinTR’s 2024 Goal: To Be Among the Global Crypto Giants

5 hours ago
Etheeum

Ethereum ATH: Exploring The Possibility Of Ether’s New Peaks In 2024

5 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • GoMining Unveils The West NFT Collection

    4 hours ago
  • Where to Invest in Crypto? Experts Highlight Top Picks...

    5 hours ago
  • Investors’ New Favorite: BorroeFinance Surges Past...

    6 hours ago
  • Maximizing Profits in Forex: Raw Spread Forex Brokers’...

    7 hours ago
  • Rebel Satoshi’s Next Stage Excites Market: A Fresh...

    7 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.