In January, Tesla CEO Elon Musk mentioned Bitcoin in an innuendo-filled tweet that went viral on Twitter and within the media in the industry. At the time, the technologist wrote that BTC “is *not* my safe word” in a seeming attempt to rile up the crypto community.On May 1st, Musk continued his attempts to play…
The stock market’s striking correlation to Bitcoin throughout the past few months still appears to be holding strong, even despite Bitcoin’s intense rally seen over the past couple of days.It now appears that this correlation could once again prove to be highly negative for the benchmark cryptocurrency, as some major components of the market that…
The cryptocurrency margin trading platform that once enjoyed the crown across the industry, has just reached a historical low on the platform’s now-notorious Bitcoin open interest.According to data, the once industry leader has been on a downward trajectory ever since the Black Thursday collapse that not only crushed Bitcoin prices, but may have put a…
Last night’s Bitcoin monthly April candle closed as a bullish engulfing, often considered a reversal candle by traders and analysts.Bulls must beware, however, as one of the most respected top technical analysts recommends not trading this setup when the primary trend is down, as more often than not it leads to another devastating crash.Bitcoin April…
Bitcoin rallied to $9,500 before starting a downside correction against the US Dollar. BTC price might dip towards the $8,200 support zone before a fresh increase.Bitcoin jumped more than 20% and tested the main target of $9,500 (as discussed yesterday).The price is down more than 8% and it is now trading well below the $9,000…
Bitcoin’s insane rally yesterday that allowed it to climb nearly $2,000 at its peak has stalled, with the retrace from its daily highs of $9,500 printing a massive wick that has made its daily candle look quite bearish.Analysts are now noting that a myriad of different technical factors suggest that the cryptocurrency may be poised…
Bitcoin has seen some immense bullishness throughout the past couple of days, with the benchmark cryptocurrency incurring a notable uptrend that allowed it to climb from lows of $7,700 to highs of $9,500.This upwards momentum has marked a significant extension of that which was first incurred when BTC dipped to lows of $3,800 in mid-March,…
The latest rally in Bitcoin has caused the Relative Strength Index to reach shocking highs. Such a reading would typically indicate a pullback is due, however, it can also be a signal that the bull market is back in full force.Comparing the RSI to past Bitcoin bear and bull cycles, provides clues as to what…
Bitcoin popped towards its two-month high early on Thursday, breaking above $9,400 amidst halving hype.But the cryptocurrency failed to secure its intraday gains as it corrected lower by about $937 from the local top.The pullback started at the same level that has been capping bitcoin’s upside attempts since the 2017 bull run.It was a glorious…
A reoccurring theme in many Bitcoin analyses over the past few weeks has been mentions of a “rising wedge.”For those unaware, a rising wedge is a common chart pattern marked by a strong uptrend. Although this uptrend may seem bullish from a top-down perspective, rising wedges are textbook reversal patterns.Per Investopedia, this form of technical…