Bitcoin price corrected lower sharply below $5,200 and tested $4,960 against the US Dollar.
The price bounced back after trading as low as $4,966 and rebounded above $5,220.
There was a break above a key bearish trend line with resistance near $5,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
The pair is back in an uptrend and it could continue to rise towards the $5,400 and $5,550 levels.
Glencore PLC Is to Use Responsible Sourcing Blockchain to Track Cobalt
Friday December 13, 2019
Coinspeaker Glencore PLC Is to Use Responsible Sourcing Blockchain to Track CobaltGlencore PLC, one of the world’s largest cobalt producers and a public traded company announced its plan to join the Responsible Sourcing Blockchain Network (RSBN). Glencore will use the Hyperledger Fabric Platform for Cobalt production to track its cobalt production.RSBN is particularly an industrial […]
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Bitcoin price corrected lower sharply, but bounced back recently against the US Dollar. BTC is trading above $5,240 and it could continue to grind higher towards $5,550 or even $5,650.
Bitcoin Price Analysis
This past week, there was a sharp downside correction in bitcoin price below $5,300 against the US Dollar. The BTC/USD pair traded below the key $5,220 and $5,150 support levels. There was even a break below the $5,000 support and the 55 simple moving average (4-hours). More importantly, the price broke a major bullish trend line on the 4-hours chart to enter a bearish zone. The price traded close to the $4,940 support area and formed a swing low at $4,966.
It seems like bitcoin completed a downside correction as it bounced back above $5,200. There was a break above $5,260 and the 23.6% Fib retracement level of the last decline from the $5,643 high to $4,966 low. Moreover, there was a break above a key bearish trend line with resistance near $5,200 on the same chart. The pair even climbed back above $5,300 and the 55 simple moving average (4-hours). It is currently trading just above the 50% Fib retracement level of the last decline from the $5,643 high to $4,966 low.
Therefore, there are chances of more gains above $5,350. An immediate resistance is near the $5,385 level. It represents the 61.8% Fib retracement level of the last decline from the $5,643 high to $4,966 low. A convincing break above $5,385 and $5,400 may set the tone for a strong rally towards $5,500. In the mentioned case, the price may even attempt to surpass $5,550 and $5,600.
Looking at the chart, bitcoin price cleared bounced back above $5,200 and $5,300. However, a successful close above $5,385 and $5,400 is needed for further upsides. If there is no upside break, there could be a fresh downside correction below $5,300. The main supports on the downside are near the $5,260 and $5,220 levels. Only a close below $5,125 might negate the current bullish view.
4 hour MACD – The MACD is gaining momentum in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently well above the 50 and 60 levels.
Key Support Levels – $5,260 and $5,125.
Key Resistance Levels – $5,400, $5,500 and $5,550.
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Keenan Allen Injury: Updates & Week 16 Outlook for Chargers WR
Friday December 14, 2018
The Los Angeles Chargers victory over the Kansas City Chiefs on Thursday Night Football in Week 15 was impressive for a variety of reasons. Along with the fact that running back Melvin Gordon sat out with a knee injury, the Chargers also lost top wide receiver Keenan Allen to an apparent hip injury. Allen’s absence […]
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