$8,000 appears to be an important price area for the world’s number one cryptocurrency, Bitcoin (BTC). Since the crypto’s price breakdown from the $9,400 mark, the OG coin has shed and retested the $8,000 area on several occasions.
Bitcoin price retakes $8,000 support
At the time of writing, Bitcoin (BT) price is up by 3.18% and trading at $8,198.40 as per data from CoinMarketCap. As is usually the case, the altcoins follow Bitcoin’s lead in terms of price movements, which makes the activity of the digital asset a palpable indication of the current market state as a whole.
Following a massive $1,700 drop back on September 24, bitcoin and the rest of the cryptocurrency market seemed to have pulled back from the overall trend of exuberance found back in June 2019. As per tweets from Big Cheds, a popular crypto-Twitter analyst, the upcoming days are more than likely going to be bearish for the crypto industry in the short term. Big Cheds, however, remains bullish about the long term.
Price reversal predicted
Big Cheds notes that on October 6, bitcoin closed out with another weekly candle with a tweezer bottom. This sort of candlestick patterns happens when two price candles have lower or upper wicks which align, forming a tweezer shape, a common cosmetic indicative tool.
Cheds notes that tweezer patterns can be seen as indications of reversals of the prices of assets. Notably, candlestick patterns commonly hold power based on the candle time frame length, with larger time frame candles holding more strength.
The closing of a weekly candle in the shape of a tweezer holds notable significance as weekly candles are usually one of the higher time frame outlooks.
Furthermore, the analyst notes that the recent tweezer pattern occurred close to the bottom arm of the weekly Bollinger Band indicator, which indicates that BTC’s price is notably low.
Moreover, Big Cheds also stated that BTC’s above signs also indicate oversold conditions, but also cited that Bitcoin’s freshest weekly candle did not close with strength.
“There is support here from July 2018 as well as May 2019, so it is not unlikely that we will see a short-term bounce. In addition, there is a hidden bullish divergence with OBV’s lower low versus price, suggesting bullish continuation.”
Altcoins on the decline
Since Bitcoin’s multiple month consolidation started, the altcoin markets have suffered notably, recording lower numbers with each day.
That being said, today the altcoin markets seem to be enjoying a day in the green, for the most part. Ether (ETH) is up by 4.35%, trading at $180.76, XRP is up by 3.09%, selling at $0.275565, Bitcoin Cash (BCH) has retaken the number four spot, up by 3.22%, selling at $233.39. Tether is also up by 0.15%, Litecoin (LTC) has gained 3.87%, exchanging hands at $57.52, EOS has seen a gain of 5.51%, selling at $3.16, Binance Coin (BNB) is up by 4.01%, trading at $15.99, Bitcoin SV (BSV) is up as well, by 2.51%, trading at $84.45 and lastly, Stellar (XLM) remains at number ten, up by 3.28%, trading at $0.061799.
For the most part, the altcoin markets beyond the top ten are flashing green today. Remember to check in again at 14:00 for your daily cryptocurrency news updates and prices.