{"id":56037,"date":"2019-09-01T07:49:29","date_gmt":"2019-09-01T05:49:29","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=56037"},"modified":"2019-09-01T07:49:30","modified_gmt":"2019-09-01T05:49:30","slug":"bitcoin-price-lull-9500-analysts-breakout","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-lull-9500-analysts-breakout\/","title":{"rendered":"Bitcoin In Price Lull at $9,500, Yet Analysts Are Expecting a Breakout"},"content":{"rendered":"\n<h2><strong>Analysts Expect Bitcoin Bounce<\/strong><\/h2>\n\n\n\n<p>There is no doubt that Bitcoin is in a price lull. As of the time of writing this, the cryptocurrency is trading at $9,600, having fallen by 6% in the past week and 0.1% in the past 24 hours. This short-term downtrend in the cryptocurrency market has purportedly resulted in Bitcoin&#8217;s lowest trading volume day since April 16th, <a href=\"https:\/\/twitter.com\/CanteringClark\/status\/1167953262013632513\" rel=\"nofollow noopener\">according to Cantering Clark<\/a>.<\/p>\n\n\n\n<p>For those unaware, on April 16th, Bitcoin was trading at around half of the current price, $5,000, having just surged by $1,000 in a day&#8217;s time on the 2nd, which is a move that <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-echo-bubble-indicator-bull-run\/\">kicked off the bull run<\/a>. This lack of trading activity seems to stem from a number of factors: it being a holiday weekend in the United States, there being little fundamental news to catalyze buying or selling pressure, the CME&#8217;s Bitcoin monthly futures contracts recently expiring, and BitMEX being under pressure from regulators, <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Bitcoin had its lowest volume day since April 16th.<\/p>&mdash; Ryan \ud83d\udc0e Cantering Clark (@CanteringClark) <a href=\"https:\/\/twitter.com\/CanteringClark\/status\/1167953262013632513?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 1, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Per Cantering Clark, a prominent trader, Bitcoin&#8217;s &#8220;obviously weak&#8221; price structure, which has only been underscored by the lack of volume and the directionless movement, has him suspicious. Citing his experience eyeing charts, he remarked that &#8220;many times Bitcoin has been leveled while looking strong, and has knocked everyone off their feet when it appeared weakest.&#8221; <\/p>\n\n\n\n<p>Indeed, back in June, when Bitcoin was consolidating in the $9,000 range, many analysts were eyeing a pullback to at least $7,000, but then a surge to $14,000 took place. And, when every analyst and their mom was calling for $2,000 in December 2018, BTC rapidly pumped, hitting $4,000 in a bear market recovery.  <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I am always suspicious of price structure that looks so obviously weak. <br><br>Many times Bitcoin has been leveled while looking strong, and has knocked everyone off their feet when it appeared weakest.<\/p>&mdash; Ryan \ud83d\udc0e Cantering Clark (@CanteringClark) <a href=\"https:\/\/twitter.com\/CanteringClark\/status\/1167957405474246658?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 1, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>While the analyst didn&#8217;t explicitly state if he expects for Bitcoin to soon resume his uptrend, the technicals and fundamentals are supportive of a cryptocurrency bounce. <\/p>\n\n\n\n<p>Crypto Michael, a full-time trader at the Amsterdam Stock Exchange,\u00a0<a rel=\"noreferrer noopener nofollow\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1167857820823252992\" target=\"_blank\"><a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1167857820823252992\" rel=\"nofollow noopener\">recently remarke<\/a><\/a><a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1167857820823252992\" rel=\"nofollow noopener\">d<\/a> that the 21-week exponential moving average acted as support throughout the last bull market after BTC tested it January 2016. Indeed, as he depicts in his chart below, Bitcoin had a tendency to fall by 33% to 39% to hit the moving average, then rocket back to fresh all-time highs in the coming weeks.<\/p>\n\n\n\n<p>Right now, the cryptocurrency is around $500 away from the moving average, which is currently 37% lower than BTC local peak of $14,000. History repeating would see BTC fall to flirt with $9,000, then rebound into the end of 2020 and the subsequent block reward reduction.<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#BITCOIN<\/a><br><br>The two levels to watch;<br>\ud83d\udd38$9,000 (around) for the 21EMA bounce, which provided support all bullmarket (and first tested in January 2016). <br>\ud83d\udd38If not, then the 100 Weekly MA -&gt; also a test happened there.<br><br>If either of these provide support -&gt; fun times. <a href=\"https:\/\/t.co\/u6jMJgFOod\" rel=\"nofollow\">pic.twitter.com\/u6jMJgFOod<\/a><\/p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1167857820823252992?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">August 31, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>And, to put a cherry on the proverbial cryptocurrency cake, analyst Filb Filb has <a href=\"https:\/\/en.ethereumworldnews.com\/now-good-time-buy-bitcoin-analyst\/\">stated <\/a>that Bitcoin&#8217;s four-hour chart is bullish, noting that the four-hour on-balance volume (OBV) indicator has trended higher, despite a drawn-out downtrend in the price of BTC.\u00a0This bullish divergence is purportedly the first on Bitcoin\u2019s four-hour chart since the $3,350 price bottom seen in December.<\/p>\n\n\n\n<p>Also, the negative peaks in the four-hour Moving Average Convergence Divergence (MACD) have become increasingly higher, implying that bears are losing steam.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@thoughtcatalog?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Thought Catalog<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/search\/photos\/bitcoin?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Analysts Expect Bitcoin Bounce There is no doubt that Bitcoin is in a price lull. As of the time of writing this, the cryptocurrency is trading at $9,600, having fallen by 6% in the past week and 0.1% in the past 24 hours. This short-term downtrend in the cryptocurrency market has purportedly resulted in Bitcoin&#8217;s lowest trading volume day since April 16th, according to Cantering Clark. For those unaware, on April 16th, Bitcoin was trading at around half of the [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":56038,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,7298,83],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56037"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=56037"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/56038"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=56037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=56037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=56037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}