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6K support loosing strength

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$6000 support level for Bitcoin is holding pretty well since Feb 2018, but every time price bounces off from 6K level it marks a lower top

Bitcoin support level is losing its strength day by day, traders expect a nice bounce from this level and strength in the rally to breach the $10000 mark but its not happening and now price is making lower tops every time there is a small rally.

Take a Look at the one week chart of Bitcoin at Bitfinex

According to many Technical analysts, weekly chart is looking scary and they are expecting as massive crash in prices if price breaks below the $6000 level and stays there.

Low volumes 

Another alarming situation for Bitcoin is low volumes, Bitcoin ‘s trading volume has dropped significantly in the last few months , in fact this month has been the lowest in more than 1 year and that shows investors are taking a back seat in this market, institutions are not yet ready to jump into the market and without money from big investors, it is not possible for Bitcoin  to rebound or reach All-Time-High levels in near future.

$6000 support history 

$6K support for Bitcoin started in Feb 2018, when Bitcoin crashed from $12000 to $6000 within few days after a wild crash. But price rebounded once it touched the $6K level and then after that it started making lowers highs (lower tops) and price rejected from $10K level then $9K and then $8K , made it ever so difficult for Bitcoin to rebound, but one thing was there all the way through, $6000 support level, although price broke below this level 1 or 2 times but not for long, price stayed above $6000, but now as the time is passing by it is getting more and more difficult for Bitcoin to keep this level of support as there is massive pressure from the bears and they can take the price down anytime in near future and if that happens, there will be panic in the market and selling pressure can take price down to  $5000 or even $4000 as well, on the other side Bulls must be hoping that $6000 support is protected once again.

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Weekly chart of Ethereum shows serious concerns

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World’s second biggest cryptocurrency, Ethereum showing no signs of recovery on the weekly chart as price is making lower highs and lowers lows.

2017 saw a boom in crypto market, leading cryptocurrencies like Bitcoin, Ethereum and XRP jumped more than 500% within a year.  Ethereum was one of the biggest gainers in the booming market. ETH jumped from $10 (15 Jan 2017) to $1380 (15 Jan 2018), a staggering boom which left everyone speechless, But

It’s always hard to maintain such growth for a longer period of time, and that’s what happened with Ethereum as well. The price reached a low of $85 in December 2018, more than 90% of correction in the price. Price did make a recovery in 2019 but still lagging way behind industry leader Bitcoin.

Price Chart 

Technical Analysis 

Let’s discuss the weekly chart of Ethereum which shows serious concerns about the price growth in future.

ETH on the weekly chart seems like a delight for short sellers, price has been making lower lows in recent weeks. The price dipped below the 50 period moving average last week and currently hovering around the crucial price level of $184, if price falls below $180, then it will open new doors for bears in the market.

RSI and Momentum 

RSI is currently below 50 level which shows that there is negative sentiment in the market. Current RSI level stands at around 42.6

Momentum is also an important indicator, which shows the trend in the market, a reading below 100 shows that bearish view is stronger. Current momentum level of Ethereum on the weekly chart stands at around 78.5, which is way below 100.

Overall, key indicators like Moving Average, RSI and Momentum shows that Ethereum on the weekly chart is a serious concern for buyers in the market as bearish outlook is getting stronger by the time.

 

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Morning Crypto Roundup

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  1. Crypto market cap dropped below $260 billion as fight between bulls and bears getting intense
  2. Ukrainian Miner got arrested for using Nuclear Power facility to mine Bitcoins
  3. G7 will discuss Bitcoin and cryptocurrencies in general next week
  4. US & Germany dominating the Bitcoin Nodes community, latest data compiled by Coin360 shows that top 2 countries account for almost 45% share of Bitcoin Nodes community.

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Bitcoin Bulls vs Bitcoin Bears: The fight at $10,000

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Crypto market lost more than $10 billion in just 12 hours as the biggest cryptocurrency dropped more than 5% on 21 August. There’s a big fight going on between Bitcoin Bulls and Bitcoin Bears at $10,000 level.

Overall, 2019 has been a year of revival for the crypto market, market cap rose from $125 billion at the start of 2019 to $265 billion as of 21 August. Bitcoin has been the biggest gainer this year, while growth from other cryptocurrencies like Ethereum and XRP slowed down, Bitcoin gained the market cap from altcoins. Current market dominance of Bitcoin stands at around 69%, the highest level in more than 2 years.

The Importance of $10,000 Level

$10,000 is probably the most important price level for Bitcoin as far as price action is concerned. Many analysts believe that if Bitcoin stays above $10k, there is more potential for an upside move as market sentiments will change from Bullish to Bearish below $10K.

Hourly price chart of BTC/USD shows that the price is well below the 50-Period Simple Moving Average with negative MACD, both supports the bearish sentiment in the price. However, RSI reading on the hourly chart is below 30 which shows that the Bitcoin is oversold on the hourly chart and it can reverse the trend at any point of time.

The fight between Bulls and Bears is gaining strength as volume has started to pick up.

Strong Fundamentals for Bitcoin 

Fundamentals for Bitcoin are getting stronger and stronger by the time, yesterday we reported that

Bitcoin Network Hash Rate Hits Record High

Bitcoin reached an all-time high for hash rate, a whopping number of 82.5 TH/s.

Coinbase recently reported that they are getting $200-$400 million in crypto deposits every week and large part of that is Bitcoin. All these indicators are pointing towards a positive picture for the future of Bitcoin, which makes Bitcoin Bulls happy but in this market, nothing is 100%, bears will keep their pressure as well with market corrections.

 

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