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Fibonacci Levels Key in Bitcoin Support Zones, What’s Next For BTC?

Bitcoin BTC Futures Price Prediction

All eyes are on Bitcoin and where it will go next. After
failing to retest $8,000 over the past day, a downside move is looking more
likely and Fibonacci levels could be key places to find support zones.

Bitcoin Consolidation Before a Big Move

Over the past 24 hours or so Bitcoin has started trading sideways between $7,900 and $7,500. During Asian trading this morning it had recovered slightly from that intraday low to reach $7,850 or thereabouts. Failure to retest $8k could be a signal that further losses are imminent and the next major level of support lies around $7,600.

BTC prices 24 hours –

Fibonacci levels have been key in seeking support and
resistance zones for Bitcoin, and crypto assets.  There are several pullback areas to watch and
the Fib retracement tool can point them out. Crypto trader Josh Rager has been
doing the charts and plotting them;

“Bitcoin is sitting at the 0.236 fib. The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO. Major confluence w/ previous support/resistance between $6109 to $6814. I’m personally watching for a bounce in this area with major interest near $6400.”

He added that Bitcoin is in a condensing price range which
could lead to another volatile move soon. These figures all tie in with the
30%+ correction that many analysts are now expecting. A drop from Bitcoin’s
recent high would land it right in the middle of this range at $6,300.

Trader and economist Alex Krüger concurred in an earlier tweet
commenting that anything between $6,800 and $6,200 would be a ‘gigantic buying
area’ adding;

“6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”

Crypto sentiment has now switched from uber bullish to confident
that the correction will be healthy. Many traders and analysts are actually willing
BTC to drop
so that they can load up on it at a better price. Those in it
for the long haul can buy Bitcoin now and not worry about where prices will be
later this year. The bull
run has already been established
by the positive signals on a number of
various long term technical indicators.

At the time of writing Bitcoin was trading at $7,880, back
to its daily high but still down 9 percent on the week. Moving averages and Fib
levels will be key indicators as to where it is going next.

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Bitcoin Correction Calls Mount: Will BTC Drop 30% to $6,400?

JP Morgan Bitcoin BTC Price 2019

The pullback that began after Bitcoin reached its 2019 high at the end of last week has accelerated. Since that time, when BTC traded just north of $9,000 briefly, it has fallen 13 percent and appears to be still falling.

Bitcoin Poised to Fall Further

A number of shorter term technical indicators have started
to turn red as the weekly trend changes course. Bitcoin still remains above a
number of moving averages on the day charts but on hourly ones things are
starting to look different. A death cross between the 50 and 200 moving
averages occurred on the hourly chart when Bitcoin
dumped hard yesterday
. This is a very short term indicator but lower highs
and lower lows since then also correlate with a downtrend.

An immediate bounce off $7,000 could spell further gains, but the opposite could result in that 30 percent correction analysts have been talking about. From its recent high, a correction of this magnitude could drop BTC down to $6,400 which, coincidentally, was 2018’s most traded price.

There is stronger support further down with some traders
looking at a fall back to $5,500;

Bloomberg recently reported
that their GTI Vera Convergence-Divergence indicator, which measures positive
and negative trends, has flashed ‘sell’ for the first time since April. It
added that the Bloomberg Galaxy Crypto Index dropped around 10% as the entire
crypto market retreated in the wake of Bitcoin’s movements.

First Correction of 2019

The move has initiated the first real correction of the year as Bitcoin has been on the up since February. It is the largest selloff since the massive plunge in mid-November which sent BTC sliding from $6,300 to $4,000 in just a week. This was a 36 percent fall, though not necessarily a correction as it was during a bear market.

Looking at the yearly charts it is clear to see that massive
support sits around $6,400 and $5,300 where things remained flat for several
weeks. It is also clear to see that markets are definitely
off the bottom
and even a correction to here will maintain the uptrend that
began in early April when BTC smashed through resistance at $4,200.

Corrections are not a bad thing; they are a natural part of
market cycles and price action is not linear. Following the epic two month run
for Bitcoin and crypto this year there will be no shortage of retail traders
and investors waiting to get in at lower prices … and this is all before the
big institutions arrive at the scene.

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Crypto Markets See Red as Bitcoin (BTC) Plunges in $12 Billion Purge

Bitcoin market capitalization has just been blitzed by $12
billion as it failed to hold support and fell back below $8,000. This has led
to a market wide rout of $25 billion as altcoins start to bleed again.

Bitcoin Below $8k

For the past day or so Bitcoin has remained around $8,500. A couple of hours ago that support zone failed and BTC plunged to $7,980 in an 8 percent slide. The candle stack up has started to look ominous and the close below $8,200 yesterday could lead to a wider scale market rout. The recent lower high and today’s lower low could be the beginnings of the big correction everyone has been expecting.

Day trader ‘Jonny Moe’ has noticed that the move has taken
BTC back to the 30 day simple moving average;

Continuing on the theme of moving averages, ‘CryptoFibonacci’
sees them still being a big part of the support zones that Bitcoin could see
this month and possibly beyond, depending on how
deep the correction runs

“$BTC Daily moving average chart. Still one of my more favorite charts. All the moving averages are still providing support, but as said a while back, price would come back to retest. We are heading there now. Volatility is UP. Big price swings coming.”

Fellow trader ‘Credible Crypto’ has posted a number of corrective patters for multiple crypto assets, adding; “The running flat could very well be playing out, sending us up for that final leg to 9.2k+ BEFORE we come down to the 6.5k and 7.2k levels that I am interested in buying. If we take back 8.6k, I am bullish to 9.2k+.”

A pullback has been expected and always happens after
markets go parabolic so there should be no concern. That is unless Bitcoin
prices fall way below $6k which at the moment appears unlikely. It could be that
the 30 percent pullback figure comes into play, and a correction of this
magnitude from Bitcoin’s recent high would drop it to $6,300.

Altcoins Offloaded

Asian traders are offloading altcoins at the moment with
Ethereum sliding 8 percent below $250, XRP dropping 9 percent to $0.41, Bitcoin
Cash getting smashed 10 percent to $395, and EOS losing out to Litecoin in a 12
percent dump below $7.

Other altcoins in double figure pain today include Cardano, Tron, Monero, IOTA, Tezos, NEO and NEM. Total market cap has shed more than $25 billion over the past 24 hours in a dump equaling last Friday’s purge of similar magnitude.

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Bitcoin Pullback Fears Accelerate Crypto Market Losses, $28 Billion Dumped

Fears of a wider market correction have accelerated today as
traders dump altcoins en masse following another minor pullback by Bitcoin.

Cryptocurrency markets are sliding during Asian trading
today as altcoins bear the brunt of another Bitcoin bounce off resistance. BTC
finally topped $9,000 a few hours ago but instantly retreated following a huge
fake out. In what appeared to be a massive trading bot triggered event, prices plunged
over $1,000 in a matter of hours as BTC finally settled at just over $8,000.

reported that fundamentals are still strong and institutional investment has
yet to gather momentum so this movement could be considered a minor blip. These
patterns are not unusual and have happened countless times in the volatile
world of crypto markets.

Altcoins Bleeding Again

As usual, a cascade effected rippled through altcoin markets
as they dumped even harder. Bitcoin seems to have recovered a little and is
only down 6 percent on the day according to The
same cannot be said for the rest of them as the avalanche gathers momentum.

Ethereum has dumped 11 percent back to the $250 level.
Following recent
ETH was also due a correction and this still proves how hopelessly
tied to Bitcoin it still is. If this is the beginning of an expected 30 percent
pullback, Ethereum will be back below $200 in no time.

XRP has fared no better dumping 9 percent back to $0.416
while Bitcoin Cash has been trounced 10 percent to $420. Even EOS did not escape
the purge and a Coinbase listing could not keep the token above the red tide.
Dropping a similar 9 percent, EOS is back to $7.30 today but hopes are that the
B1 event
and much hyped announcements can keep momentum going.

Following its scam induced pump yesterday, Bitcoin SV has slumped a whopping 20 percent falling back to $180. There is no escape and several are in double digit pain including Cardano, Tron, IOTA, and Tezos. The only altcoin surviving the bloodbath is Cosmos which is actually up 5 percent on the day.  

Total market cap 24 hours –

The Friday correction has seen $28 billion exit the space as
total market capitalization dumped from a new ten month high of $286 billion
down to $258 billion where it currently sits. Daily volume has surged over $100
billion but it is all flowing outwards at the moment. Things are likely to
settle soon but further losses could be on the cards if the 30 percent
correction theory is accurate.

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Bitcoin Correction Sends Crypto Markets Into The Red With $12 Billion Dumped


A massive move during trading in Asia this morning saw
Bitcoin finally pullback from the $8,000 zone and drag the entire crypto market
down with it once again.

Dropping over $12 billion, total crypto market
capitalization has been crushed by almost 5% as it fell from $250 billion to
$238 billion over the past 12 hours. The altcoins are bleeding at the moment
shedding gains from a couple of weeks of upwards momentum.

Bitcoin Drops 4%

Bitcoin has played the digital pied piper once again as it failed to break resistance over $8,000 for the third time in less than two weeks. It started to slide from a high of $7,965 a few hours ago, dropping 4.2% to a low of $7,625 according to On some exchanges BTC fell as low as $7,500.

The move follows the formation of a double top with the
neckline just over $7,000. The first significant level of resistance for
Bitcoin is $7,400, a fall through that could see it drop to $6,800 and then
things may
turn south very quickly
. The $6,400 price has been mentioned many times
over the past month or so as it was 2018’s most frequently traded price, hence
a huge support level.

Trader, Josh Rager, is not worried and maintains that the
current formation is neither bullish or bearish.

“$BTC still in this condensing formation and held by horizontal supports. Not a lot has changed which shows that you don’t have to stare at charts all day – waiting for that next massive candle. The Formation is neither bullish nor bearish. It’s there to show price is condensing & a volatile move will likely follow …”

Altcoin Avalanche

The same could not be said for the altcoins which are all
getting smashed at the moment. Ethereum
has lost over 5% as it falls back to $240, and XRP has fared even worse with a
6.3% dive back to $0.375. Bitcoin Cash has dumped 6% causing it to fall back
below $400, and EOS
has dropped below $6 with a similar loss.

Stellar and Cardano are getting hit hard with 8% declines,
and BSV after surging yesterday has dumped 11% back to $100. There is no escape
at the moment as the profit taking exodus accelerates. Markets are still up
though compared to a couple of months ago and the correction is natural process.
When the digital dust finally settles more accumulation is likely to take place
in preparation for the next leg up in the already established bull market.

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Markets Dump $30 Billion In Massive Crypto Correction

The crypto correction that everyone has been waiting for has
finally kicked in today. Markets are a sea of red and Bitcoin tumbles ten
percent and altcoins get hammered. The move is not entirely bearish however and
will present new support zones and entry levels for traders and investors.

What Goes Up Must Come Down

Bitcoin and crypto markets have been on fire in May. Since
the beginning of the month markets have surged
over 50 percent
to reach a ten month high of $264 billion. This epic rally
has been largely driven by Bitcoin which has dominated markets as it surged
above $8,000
when most expected it to stop at $6,000.

With such rapid gains come equally violent dumps as day
traders take profits and sell orders are triggered. This is exactly what has
just happened to Bitcoin a few hours ago. During early Asian trading BTC dumped
from just below $8,000 down to $7,175 according to The
ten percent slide has pulled the entire market down with it as total capitalization
shrunk by $30 billion.

As expected the altcoins have been hammered even harder with
many dropping double figures. Following a couple of days of solid gains, XRP,
Stellar and Cardano have dumped around 14 percent each today. Bitcoin Cash,
Litecoin, EOS and Binance Coin are not faring much better as the all lose over
9 percent on the day.

Total market capitalization dropped from its 2019 high of
$264 billion to around $230 billion as the exodus accelerated.

A number of industry observers are still bullish though and
see this correction as a healthy part of market cycles. Many are looking for
new buying opportunities at BTC support levels. Analyst fil₿fil₿ said;

“Would like a bounce at $6.4k but i fully expect a 61.8% retracement from top which may present the last great buying op. @ c.$5.2k”

$6,400 was the most traded price of 2018 so a major
correction could find support at this level. Moving averages have traditionally
served as levels of support and resistance and the 50 day one sits at $5,500 at
the moment. On the lower side the 200 day MA is at $4,400 but a drop to here
would be extreme.

At the time of writing Bitcoin had already started to
recover from its intraday dip and was trading at $7,300. Further losses are
expected though as Europe and America wakes up to a red Friday in crypto land.

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Will Bitcoin Follow Fibonacci And Correct Back to $4,300?

Bitcoin Institutional Investors 2019

There is no denying that Bitcoin has had an epic bull run
over the weekend. It has rallied to new highs not seen for nine months and
surged through several levels of resistance. Analysts are now expecting a pullback
but how low will BTC go this time around?

Thousand Dollar Bitcoin Weekend

Bitcoin had its first thousand dollar weekend since 2017
according to Bloomberg.
After defying all expectations and remaining above $6,000 for the best part of
last week BTC smashed through resistance at $6,400 and surged higher. By Sunday
afternoon BTC had reached a new 2019 and nine month high of $7,500 according to

Daily volume surged to record highs of $30 billion which is
double that of the entire crypto market a couple of months ago. BTC market cap
is now at $125 billion which is the highest it has been since early September
2018. Market dominance also hit
a 17 month high of 58%.

So far this year Bitcoin has notched up an impressive 90
percent gain, outperforming pretty much every other traditional asset class. The
move has been extremely bullish as full time crypto trader and self-styled ‘financial
revolution prepper’ ‘Financial Survivalism’ pointed out, this is the second
largest three month candle that Bitcoin has ever had;

A correction has already started late Sunday and has
continued into Monday morning’s Asian trading session. BTC has fallen back 2.3%
on the day and is currently trading at $7,090. Following the 2019 peak it fell
back to $6,830 pretty sharply before slowly recovering to current levels.

Analysts are expecting a larger pullback now and, as reported
by EWN in early April
, one thinks Bitcoin may follow Fibonacci levels all
the way back to $4,300. Primary Fib ratios for key levels of support and
resistance are 23.6%, 38.2% and 61.8%.

Crypto tech analyst ‘CryptoHamster’ predicted the run up to
$7,500 where the 0.618 level is. This is exactly what has just happened but the
next prediction is not so pretty. A correction back to the 0.786 Fib level will
send BTC back to around $4,300. A similar large shakeout happened during the
previous bear market of 2014-15 after a similar surge.

It is clear that aside from this guy, nobody expected Bitcoin to rally up as high as it did yesterday. Most had predicted a bounce off major resistance at $6,400. Either way the news is good for Bitcoin and crypto markets in general. A further move higher will initiate the next big bull run, but a correction lower will provide opportunity for more accumulation during this final shakeout.

Big things are in store for Bitcoin and its brethren in 2019
and they have only just begun.

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Most of the World's Biggest Cryptocurrencies Are Down Today

The top 20 cryptocurrencies by market capitalization are all down today in excess of 10 percent, market data reveals.

According to, those cryptocurrencies have fallen by at least 13% – and in excess of 25% in the case of XRP – since the start of the day. At one point, within the 24-hour period, the overall market capitalization for all tokens had lost nearly $200 billion, falling from $710 billion to $536 billion at its lowest.

As of press time, that figure had bounced back somewhat, hovering around $573 billion.

The drop illustrates the turbulence in cryptocurrency markets today, with bitcoin, the world’s largest cryptocurrency by market cap, having fallen by 14 percent in 24 hours, bottoming out at $11,182 before recovering slightly.

Indeed, only several of the 100 cryptocurrencies listed on CoinMarketCap’s main page are reporting price gains, with assets like siacoin and Bitcoin Gold reporting losses in excess of 30% over the past 24 hours.

On the brighter side, today’s market correction is not as severe as the one that occurred late in December 2017, when the overall market value fell more than $200 billion. At the time, bitcoin had fallen to $10,800.

Further, today’s slump still leaves the market well up year on year. On Jan. 16, 2017 the combined value of all crypto tokens was under $16 billion. Today’s low is at roughly similar levels to those seen a month ago, when the market cap stood at around $554 billion, according to CoinMarketCap.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Down graph image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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Bitcoin's Recent Drop “Normal Correction”: Adam Sharp

Adam Sharp, the co-founder of Early Investing, is unperturbed by the recent fall of Bitcoin by over 20 percent. Rather, he is calling it a normal, and expected, correction.

There have been a number of catalysts that are being pinned to the drop that saw Bitcoin tumble from a recent high of $5,000, bottoming out at just above $3,000. However, Sharp is of the opinion that it has all been one big correction.

Still a bullish market

The recent drop of Bitcoin has been reported far and wide, especially as it coincided with the news that China would be first banning ICOs, and then putting a halt on its Bitcoin exchanges. There was also the vitriol spouted from JP Morgan’s CEO Jamie Dimon.

Sharp puts some perspective on the 20 percent drop, maintaining that Bitcoin is still in a very strong Bull market and that this movement, as a correction, is not even that big.

“First and foremost, I think this was just a normal correction,” Sharp said plainly. There are catalysts that people are blaming, but really we’d just gone up from $1,000 at the beginning of this year to as high as $5,000 recently.”

“So it’s just natural and normal for a market to have a correction after a run like that. Historically, Bitcoin corrects anywhere from 30 percent to 50 percent. But the long-term trend is still strongly bullish. We’re up from $0.0033 in 2009 in the very early days to close to $4,000 today.”

Get used to volatility

Sharp goes on to echo lessons on cryptocurrency that are well-known, but not very well heeded. Volatility is part of the game, and it does not matter if it is Bitcoin, or any of the multiple altcoins out there – the market moves like a rollercoaster.

“It’s a little bit nauseating if you’re a holder to sit through days and weeks like this. But I’ve been in Bitcoin and other cryptocurrencies since 2013,” Sharp added. “After a while you just get used to it, kind of. You realize that this is just extremely volatile – it’s something you don’t want to check every day.”

“It’s a roller coaster – an emotional roller coaster as well. If you just try to realize: ‘This is a speculative investment; I’m not going to look at it every day.’ That’s kind of the mantra that I try to repeat to myself during corrections – which are, like I said, natural and necessary.”

What’s the deal with Dimon and China?

Sharp delves deeper into what people are calling the catalysts for the recent plummet in price; China’s deepening regulation and JP Morgan’s Jamie Dimon’s attack on Bitcoin.

“China is eyeing more regulation on the cryptocurrency space. Honestly, I don’t think it’s that big of a deal, but I think the market was kind of looking for an excuse to sell off. And the ‘shaky hands’ – the holders who aren’t totally sold on this thing yet – they had a gut reaction; the market sold off.”

As for Dimon:

“The whole idea of cryptocurrencies is that they can disrupt the current monetary system and the current financial order. So obviously banks like JPMorgan have a lot to lose in this scenario. Dimon is not only the CEO of JPMorgan, but also a Class A director on the board at the New York Federal Reserve. This is the epitome of the current financial status quo – the establishment kind of trying to push back against these new upstarts.”