Bitcoin Price Stuck at 2018 Downtrend Resistance

Heading into the weekend, Bitcoin (BTC) is having real trouble getting past a key resistance zone, and leaving a sideways ranging zone.

A few days ago, on March 20, it seemed as if Bitcoin might break higher after a weeklong consolidation in what resembled a bear flag or pennant, within the range roughly between $3,940-4,000 against USD (not USDT).

But the break up came more like a slow grind up, on unimpressive trading volume. What’s more, Bitcoin was put on a collision course with an extremely robust downtrend resistance zone - with no less than a full year of deflecting of the leading crypto.

Against this obstacle BTC failed to hold the meager gains above the key $4,200 point - crashing back all the way through previous support and down toward the next support, in the mid $3,800’s. But this dump was quickly bought up, leaving BTC ranging in the exact same consolidation zone from last week.

The renewed sideways ranging is again colliding with the downtrend, unable as of yet to push or break through - already being rebuffed once as of morning (UTC) of March 23 (see below).

bitcoin price 23 march(source: TradingView.com)

Should Bitcoin continue to be rebuffed at this downtrend, it could continue to be squeezed into the local uptrend support (the green field), and break up or down. The recent uptrend has been fueled by the powerful buying strength whenever BTC has dumped in previous weeks, seen in the blue circles below.

bitcoin price 23 march(source: TradingView.com)

The full magnitude of this downtrend cannot be taken lightly, as it can be traced back all the way back to March, or even January of 2018. A failure to break it now will only mean a re-confrontation with this trend, in a month or so, as Bitcoin’s current ascending triangle pattern - a bullish pattern - is tested. As mentioned in yesterday’s analysis, this seeming ascending triangle could just as easily turn into a giant bear flag, and break down to new lows for a final (hopefully) BTC capitulation.

bitcoin price 23 march(source: TradingView.com)

(The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research)

Crypto Market Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).

BTC-USD

BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:

ETH-USD

ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.

BCH-USD

BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), Bitcoin.com announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the Bitcoin.com wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):

BNB-USD

BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:

XMD-USD

XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.

DASH-USD

DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

Featured Image Court: Photo via Pixabay.com