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Bitcoin Price Fell to $6,200 and Goes On Falling

  • Antony Koroid
    📰 News

    The reversal of Bitcoin against the recent upward price trend is gaining the momentum, and a fall in the bearish territory below $6,200 is likely enough


Bitcoin Price Fell to $6,200 and Goes On Falling
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The reversal of Bitcoin against the recent upward price trend is gaining momentum, and a fall in the bearish territory below $6,200 is possible now, technical charts indicate.

Yesterday the leading cryptocurrency stopped below the lower limit of the ascending channel, canceling the bullish price action observed earlier this week. In fact, the rally started at Oct. 31 from a low of $ 6,201 and ended with a high of $6,540 on Nov. 7.


Analysis

BTC has recently reached a five-day low of $6,335 after a sudden $100 drop. At the time of the writing, BTC is trading at $6,404, according to Coinbase. The negative continuation of yesterday’s breakout of the bullish channel indicates that bears are likely to feel encouraged, reducing prices by 2.9 percent from weekly highs.

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As a result, support for the trendline lows from Oct. 11 may be broken in the next few hours, opening the door to a fall below the recent higher low of $ 6,200.

Hourly chart

It follows from the BTC price hourly chart analysis the cryptocurrency sets a bearish lower highs and lower lows pattern, confirming yesterday’s breakout of the bullish channel. In addition, prices seem to have found acceptance with the crucial support of the 200-hour exponential moving average (EMA), and major EMAs — 50, 100 and 200 — are starting to roll over in favor of bears.

At the same time, the 50-hour view is set to cross the 100-hour EMA from above, reinforcing the already bearish technical setup.

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A drop below the immediate support of $6,330 (61.8 percent Fibonacci retracement), however, is likely to occur after a minor consolidation fight, as the relative strength index (RSI) reports oversold conditions below 30.

Daily chart

On the daily chart, there is a symmetrical breakdown of the triangle, and the closing above the critical 50-day resistance of the EMA, which was observed earlier this week, didn’t lead to a significant increase of prices.

A failed attack often puts the bears back in the driver’s seat. Therefore, in the near future, we can expect a movement to the price of $6,200.

Forecast

The combination of a failed breakout on the daily chart and a bearish setting on the hourly chart indicates that the cryptocurrency may soon fall below $6,274 (the trend line connecting Oct. 11 and Oct. 31, which gives +76.4 percent support for Fibonacci retracement) and fall below $6,200.

A UTC close below $6,200 would cancel out the higher minimum model seen on the daily chart, shifting the risk in favor of falling below the psychological $6,000 mark. The bullish rebirth is only seen above the weekly high of $ 6,540.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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