Subscribe
September 14, 2026
Sign In

Capitalizations Index – B ∞/21M

Menu
Breaking
The Reality of Bitcoin Theft: Guard Your Private Keys Vigilantly Understanding the Bitcoin Hash: The Cryptographic Core of Transactions and Mining The 10-Minute Rule: Understanding Bitcoin’s Block Time Direct Bitcoin Transactions: The Power of Peer-to-Peer Currency Exchange Understanding Bitcoin Forks: When Blockchain Splits into Two Paths

Bitcoin Price Analysis: BTC At Potentially Significant Turning Point

Bitcoin price analysis: btc at potentially significant turning point

Bitcoin Price Analysis: BTC At Potentially Significant Turning Point

  • bitcoin price declined heavily after it failed to break the $4,200 resistance against the US Dollar.
  • The price moved below the $4,000 support and settled below the 55 simple moving average (4-hours).
  • There is a short-term contracting triangle formed with resistance at $3,840 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to make the next move either above $3,875 or below $3,710 in the near term.

bitcoin price declined below $4,000 and tested the $3,710 support against the US Dollar. BTC is approaching a crucial juncture and it could either break $3,875 or decline once again.

bitcoin Price Analysis

This past week, we saw a strong rally above the $3,710 resistance in bitcoin price against the US Dollar. The BTC/USD pair traded above the $3,900 and $4,000 resistance levels. There was even a close above the $3,900 level and the 55 simple moving average (4-hours). However, sellers fought near the $4,200 resistance and pushed the price lower. A swing high was formed at $4,192 and later the price declined below the $4,000 support.

Moreover, there was a break below the 50% Fib retracement level of the last wave from the $3,564 low to $4,192 high. The decline was strong as the price broke the $3,875 support and the 55 simple moving average (4-hours). The price tested the $3,700-3,710 support area, where buyers emerged. Besides, the 76.4% Fib retracement level of the last wave from the $3,564 low to $4,192 high also acted as a support. Later, the pair started consolidating losses and corrected above the $3,800 level.

At the outset, there is a short-term contracting triangle formed with resistance at $3,840 on the 4-hours chart of the BTC/USD pair. The pair seems to be preparing for the next break either above $3,875 or below $3,710 in the near term. If there is an upside break above $3,840 and $3,875, the price may resume its upward move. On the other hand, if there is a downside break, the price could slide below the $3,710 support.

Bitcoin price analysis btc chart

Looking at the chart, bitcoin price seems to be approaching a crucial juncture it could either break $3,875 or decline once again. The current price action is slightly positive, but a break above the $3,875 resistance won’t be easy. More importantly, a close above the 55 SMA is needed for an upside accelerate towards $4,000.

Technical indicators

4 hour MACD – The MACD is slowly moving into the bullish zone, with a few bearish signs.

4 hour RSI (Relative Strength Index) – The RSI is currently flat and it is well below the 50 level.

Key Support Levels – $3,760 and 3,710.

Key Resistance Levels – $3,875 and 3,900.

Tags: bitcoin, BTC

Published at Wed, 27 Feb 2019 09:00:36 +0000

Previous Article

Electroneum Unveils Low-Cost Groundbreaking Cryptocurrency Mining Smartphone  

 Next Article

Electroneum Unveils Low-Cost Groundbreaking Cryptocurrency Mining Smartphone   – BTCMANAGER

You might be interested in …

Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’

Russia has announced plans to launch a nationalized cryptocurrency called CryptoRuble, citing competitive advantage by being the first of its kind in Europe, and as state-controlled digital money in the light of an increasingly digital economy.

Russia has announced, via communications Minister Nikolay Nikiforov, that the country will begin experimenting with a nationalized cryptocurrency. Exact facts are scarce, and most of the information comes directly from quotes from Nikiforov, although it is believed that once the CryptoRuble is introduced, all other cryptocurrency mining for coins such as bitcoin will be banned. That Russia is taking these steps indicate a pressing need for governments to somehow financially oversea and realize returns from the digital economy.

After a recent closed-door meeting, Nikiforov stated:

I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don’t, our neighbors in the Eurasian Economic Community will do it in a couple of months.

A Taxable Currency

The Russian government has made it clear that if a CryptoRuble owner cannot account for where they got it, they will be subject to a 13% tax. The online economy has made it difficult and a concern for governments to collect taxes on an increasing digital sales industry.

“When buying and selling a CryptoRuble, the rate will be 13 percent from the earned difference. If the owner cannot explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total,” Nikiforov said.

Online Reception

Online reception to the news has been mixed, with some claiming that it is simply “digital fiat” as opposed to a true cryptocurrency. Others see it as a shrewd move, capitalizing on what could become a trend for the rest of Europe.

//platform.twitter.com/widgets.js

Reddit user JeremyBF commented:

Wow, is there a legit source for this? I expect all governments to eventually do this, but this fast, awesome. This is actually great for bitcoin. Let the governments educate the people on the advantages of cryptocurrencies, the learning curve into bitcoin is then nearly complete!

The Russian move seems as much a response to engaging with the digital economy as it does to countering any competitive threat bitcoin might pose.

In the words of Nikiforov:

This mustn’t be a private currency, but the one, which is issued by the state, controlled by the state and enable to provide circulation of digital money in light of the digital economy.

Could a nationalized, centralized, government-controlled cryptocurrency work? Let us know what you think in the comments below.

Images Courtesy of Pexels, Wikimedia Commons

The post Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’ appeared first on Bitcoinist.com.

FUTURE OF MONEY – RiCh MaKeR – Medium

FUTURE OF MONEY – RiCh MaKeR – Medium Not only WoToken is the Superior Technology Leader, WoToken has also the best Distribution Network Income Dimension in the industry. Join the WoToken World Team today and […]

Close Menu