A New Record Level for BTC : Technical Analysis ( Daily Chart )

-

By Deya Hroob


The price of Bitcoin  rose to a new record on Thursday, and reached 48,481 .

MasterCard, said the company would allow transactions using specific digital currencies and communicate with central banks that are working to develop their own digital currencies.


Bitcoin, the world's oldest and most popular digital currency, benefited from the MasterCard announcement, in addition to the electric car maker Tesla's announcement earlier this week to purchase Bitcoin worth $ 1.5 billion and its intention to allow its customers to use this currency to buy Its future cars.


And the value of the cryptocurrency rose after the US electronic payment card issuer, MasterCard, pledged to accept cryptocurrencies on its electronic payment network.


BTC Technical Analysis ( Daily Chart )


Bitcoin is trading on a resistance line. If the bulls can push the price above this line the uptrend may resume, with the next target at $50,000.

However, what is the most concerning issue is that the bearish divergence on RSI chart. It occurs when price forms higher highs  while the RSI forms lower highs. This indicates a correction is close to happen.

If the price turns down from this resistance , BTC may drop to support level at $41,500


Trade Wise and Good Luck


Comments

Post a Comment

Popular posts from this blog

How, Where To Stake XRP? Is It Profitable?

-
Image
By Deya Hroob The popularity of staking is growing nowadays. You can easily stake various coins in different exchanges such as Binance , Bitrue and Cex.io . How to Stake On CEX.IO Exchange What is Staking? It is the process of holding a coin to receive rewards. Your funds are frozen and for this, you receive passive income in the form of interest. The staking profit depends on the chosen coin. Where To Stake XRP?   You can stake XRP in Bitrue exchange. There are two ways to stake XRP in Bitrue exchange.      1. Hold XRP and earn Interest Rate: 5.3%. Once participated, you will be able to receive your coin interest every day, until you opt out. Holders will earn XRP at 5.3 annual interest as a reward. For every 10,000 XRP put into the program, you will earn 1.45 XRP per day. Your coins will not be locked so you can opt out anytime you want. Minimum amount to join is 10 XRP 2.  Hold XRP for 30 days and earn Interest Rate: 10.2%. Y o
Read more

How Can You Buy and Stake Shiba Inu Coin?

-
Image
By Deya Hroob Shiba Inu is one of the most popular digital currency in the world. Learn more about this coin and how to buy it and stake it as well. Table of Contents 1.    What is Shiba Inu Coin (SHIB)? 2.    Where to Buy Shiba Inu Coin (SHIB)? 3.    Can you Stake Shiba Inu? 4.    What is Crypto Staking? 5.    Best Place to Stake Shiba Inu? 6.    How much Shiba do you get for Staking? 7.    How to Stake Shiba Inu? a.       WhiteBit Exchange b.      Bitrue Exchange c.       Binance Exchange d.      ShibaSwap DEX 8.    Can I Stake Shiba Inu on Crypto.com? 9.    Is it Safe to Stake Shiba Inu?   What is Shiba Inu Coin (SHIB)? According to Shiba Inu website SHIB is an experiment in decentralized spontaneous community building.  Shiba token ( Shib ) is the first cryptocurrency token to be listed and incentivized on   ShibaSwap , our decentralized exchange  " they said" . They also claimed that they l
Read more

Two Days Before The 2016 Halving Bitcoin Plunged 11%

-
Image
Bitcoin Halving The Bitcoin Halving is an event that takes place every 210,000 blocks or roughly every four years, where the number of Bitcoin awarded per block mined is cut in half. Over the last three months leading up to this halving, Bitcoin has experienced increasing levels of volatility. Just two days before the third halving in May 2020, Bitcoin experienced a 20% drop in price which was similar to the second halving in 2016 when BTC dropped 11% two days before. History On Track In 2016 and 2020 Bitcoin underwent a halving event in May 2020, reducing the rewards miners receive for successfully completing a block by half. This halving event also had a large impact on the price of Bitcoin, as it halved the number of new Bitcoins that can come into circulation at any given time. As such, this created an increased demand for Bitcoin, resulting in its impressive surge to $10,000 earlier today before dipping below $8,000. After a 20% dip in price, Bitcoin has since reco
Read more

Where to Buy and Get Free Hedera Hashgraph ( HBAR )

-
Image
 By Deya Hroob Discover the best places to buy Hedera Hashgraph (HBAR), plus learn about ways to get HBAR for free with this easy-to-follow guide. What is Hedera Hashgraph ( HBAR )? Hedera Hashgraph is a smart contract platform that enables developers to build decentralized applications (DApps) with confidence and speed. It is powered by a hashgraph distributed ledger technology which provides a superior consensus mechanism for secure and efficient transactions. The platform also offers over 40 native network services and APIs to create powerful distributed applications with low fees and energy consumption compared to other popular blockchains. HBAR token roles is to power Hedera services like smart contracts, file storage and regular transactions.  Hedera Coin Where to Buy?   You can buy HBAR in many different exchanges like Bitrue , Binance and Huobi . In this post I will focus on buying HBAR in Bitrue Exchange since you can earn free HBAR tokens there. How to Get Hedera ? You can
Read more

How to use RSI effectively in Trading

-
Image
  By Deya Hroob  Relative Strength Index (RSI) is a well-known technical indicators among traders. However, some of traders use it in a traditional way or use it wrongly. In this topic we will cover some profitable ways to use RSI.   What is RSI?  Relative Strength Index (RSI) was developed by J. Welles Wilder in 1978. It is a momentum indicator that measures the speed and change of price movements. Many traders use it to spot the overbought and oversold state of the market to initiate long or short position. The readings of the indicator fluctuate between 0 and 100. The RSI is considered overbought when above 70 and oversold when below 30. How to use RSI profitably? 1) Chart Pattern There are numerous chart patterns like Head and Shoulders, Double Tops , Pennants , Flags and many more. We see them forming in price charts. Amazingly, they are also forming in RSI even if they don't show up in price charts. Let's take an example:   This is AUD
Read more

Dead Cat Bounce Trading Strategy

-
Image
  By Deya Hroob Dead Cat Bounce Strategy - An Explanation And Examples The dead cat bounce trading strategy is designed to help traders accurately anticipate market movements and maximize their profits. Dive in to learn more!  To summarize the strategy: Identify a pair in a bearish trend. Spot a correction in price. Wait the price to break the last low.   Open short position. Place stop loss above the last high. What is A Dead Cat Bounce Trading Strategy? The Dead Cat Bounce Trading Strategy is an investment technique that traders use to try to profit from the market continuing downward after a short-term price rebound. The strategy is based on the assumption that after such a sharp market decline, the market will only make a temporary recovery before resuming its downward trajectory. So, traders open short positions to benefit from the continuation of the falling trend.    Traders must be careful not to confuse this temporary bounce for an actual reversal trend and open long po
Read more

NEO fights recovery: Technical Analysis

-
Image
Like other Cryptos NEO/USD has declined more than 50%  since June 26. It fell below the moving averages. The pair is trading now at $11 just above the 200-day SMA. The first resistance can be seen at $11.35, it's the 61.8 Fibonacci retracement level. An upside break up can trigger rise towards next resistance at $13.19. On the other hand, if NEO/USD slips below the 200-day SMA, it may plummet to $8.75 support level. RSI is close to oversold territory which shows that the power of the bears.
Read more

Bitrue lists 27 new XRP-based trading pairs

-
Image
By Chayanika Deka In another boost for the XRP ecosystem, Bitrue , a Singapore-based cryptocurrency exchange announced that it will soon list 27 new XRP pairs on its platform. With XRP as the base pair, the first 14 coins to be paired with it will be opened for deposits and withdrawals starting on 23rd December. The official blog post also revealed that the trading for the pairs will go live on 25th December. For the remaining 13 XRP-paired coins, deposits and withdrawals will begin on January 9th, 2020 following which trading going live on January 13th.     Bitrue’s official tweet  [New XRP Pairs] Just went live @BitrueOfficial ! More to come, happy trading. 🥰 💫 $ZIL / $XRP 💫 $IOST / $XRP 💫 $GNT / $XRP 💫 $ICX / $XRP https://t.co/jo35csRoeP https://t.co/N6Mmj42ttA https://t.co/eMCipgBD7O https://t.co/IYfl85SvX2 pic.twitter.com/tKJmhz1I5Q — Bitrue (@BitrueOfficial) March 27, 2019 Read The Whole Story in AMB CRYPTO
Read more

Ethereum Price Analysis: Ethereum Struggles to Recover

-
Image
    As the sentiment in the whole Cryptocurrency is weak at least in a short term, Ethereum couldn't scale above the moving averages. Both the 50-day EMA and 20-day EMA make it hard for ETH/USD to advance. Moreover, Ethereum lost the battle with moving averages and breaks down the uptrend line 1 and $190 level. It's a 61.8% Fibonacci level of the rally from $80 to $363. The price has tested and rebounded from the main uptrend line, it's the main and only major support for Ethereum, but if that support also breaks down, the fall can extend to $150 level. RSI confirms the weakness of the bulls. The trend line 1 and the 20-day EMA are at the same level,therefore, traders should expect  strong resistance from them. Traders should be on the sideline at the moment until a clear buy setup appears.
Read more

Bitcoin Price Surges Above $6.7K

-
Image
By Horus Hughes Since topping out at $6,500 on March 31, Bitcoin ( BTC ) price had spent the majority of Wednesday in a steady slump which saw the price drop from $6,494 to $6,147. The pullback mirrored the poor performance in traditional markets where the S&P 500 and Dow dropped by 4.41% and 4.44% respectively.  The slump in traditional markets appeared to be a reaction to dismal news that the United States surpassed more than 200,000 Coronavirus cases. Earlier this week the White House also stated that it concurs with the estimate that up to 240,000 Americans could die from COVID-19 within the next 3 weeks.  If true, this would likely extend the time social distancing and mass quarantine policies stay in effect, leading to additional damage to the economy. As advised by many market analysts, global markets are unlikely to show signs of bottoming until the Coronavirus pandemic is brought under control.  Bitcoin Price Chart Source: CoinGeck
Read more