LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
No Result
View All Result
Bitcoin News

Bitcoin Price Analysis: BTC/USD Long-Term Reversal Underway?

by Sara Jenn
August 27, 2018
in Bitcoin News, News, Trading
Share
logo

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000

Sign up

Bitcoin appears to be gaining a bit more traction on its latest bounce, possibly creating a long-term double bottom pattern. This is seen as a classic reversal signal from a downtrend, but the price would need to test and break past the neckline around $8,500 to confirm this.


The 100 SMA is still below the longer-term 200 SMA on the 4-hour time frame to signal that the path of least resistance is to the downside. In other words, this means the selloff is more likely to resume than to reverse. Price has moved above the 100 SMA dynamic inflection point, though, so a bit of bullish momentum is picking up.

The price might need to test the next inflection point at the 200 SMA from here, and it would need to sustain an upside break to confirm that a double bottom is in the works. A break past the neckline could lead to a rally that’s the same height as the chart pattern itself, which spans $5,800 to $8,500.

RSI is turning lower, though, so there may be a return in selling pressure from here. Stochastic is also pointing down and may move south, so bitcoin could follow suit.

Price did draw support from news that the SEC is reviewing its latest decision to reject several bitcoin ETF applications. This could keep traders hopeful that the regulator could be open to revisions or working with the companies involved in order to address the concerns on price manipulation and fraud mentioned.

Also, this could keep hopes up that the next batch of bitcoin ETF applications awaiting their ruling towards the end of September could see a positive decision. In any case, the turnout of their review could provide an indication of how their next decision might go.


Images courtesy of TradingView

Related Posts

Germany Says “No” to Binance, Denies Company a Crypto License
Bitcoin News

El Salvador Grants Two BTC Licenses to Crypto Exchange Binance

Binance and El Salvador are joining hands to boost the nation’s long-running bitcoin agenda. The digital currency exchange –...

by Nick Marinoff
September 23, 2023
PayPal is Now Issuing Its Own Stable Coin
Altcoin News

Charlie Shrem: The New PayPal Stable Coin Will Be Good for BTC

PayPal recently shocked the world by announcing it would be creating its own stable currency atop the Ethereum network....

by Nick Marinoff
September 23, 2023
Crypto Firm Puffer Finance Garners More Than $5 Million
Ethereum

Crypto Firm Puffer Finance Garners More Than $5 Million

Blockchain infrastructure company Puffer Finance has recently garnered more than $5.5 million through a seed round that was co-led...

by Nick Marinoff
September 23, 2023
Two Victims of Crypto Scams Lose More Than $30K
Bitcoin News

Two Victims of Crypto Scams Lose More Than $30K

Crypto scams are more prevalent today than ever. Not long ago, two residents of Southborough were scammed out of...

by Nick Marinoff
September 22, 2023

Top Casinos

Crypto Casinos
Crypto Casinos
Bonus Finder
Bonus Finder

Press Releases

  • Alaya: The Pioneer of Artificial Intelligence Data

  • Zeebu Secures $25 Million in Presale Funding for World’s First On-chain Invoice Settlement...

  • Reef Labs $10M Accelerator Program COHORT 1 Begins, Paving the Way for Web3 Innovators

  • Registration for the Finance Magnates London Summit 2023 is officially open!

  • Tapbit Introduces Contract Copy Trading: Unlocking Profits for All Investors in the Cryptocurrency...

About us:

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin…

Follow us:

  • This field is for validation purposes and should be left unchanged.

  • About
  • Partners
  • PR
  • Advertising
  • Privacy
  • T&C
  • Contact
  • Trading Software
  • Online Casinos Germany

© 2023 Live Bitcoin News. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise

© 2023 Live Bitcoin News. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.
Go to mobile version