Bitcoin Trading Volume Tops $11 Billion For First Time In Nearly a Year

Bitcoin Trading Volume Tops $11 Billion For First Time In Nearly a Year 1  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Bitcoin Trading Volume Tops $11 Billion For First Time Daily trading volume for the world’s largest cryptocurrency bitcoin exceeded $11 billion Friday, the most observed in a 24-hour period since April 25 of last year. At that time, the average price of bitcoin was $8,845, while today the crypto asset is listed for less than half the price, currently trading at $3,951 as per CoinMarketCap. However, the return in volume is potentially a sign investors aren’t losing interest in bitcoin despite the less than favorable market conditions. Interestingly, the amount…

Strong Bitcoin Volumes Bode Well for Price Breakout

Strong Bitcoin Volumes Bode Well for Price Breakout 3  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Strong Bitcoin Volumes Bode Well for Price Breakout View Bitcoin’s daily trading volume remains elevated at highs above $10 billion, going against the technical theory that investor interest tends to drop during periods of consolidation. Therefore, the ongoing sideways trading near $3,900 may end with a bull breakout toward the recent high of $4,207. Trading volumes have been strong since the corrective rally kicked off in early February, so a range breakdown looks unlikely. Prices could first see a drop below $3,865 (March 12 low) due to the extended consolidation.…

Bitcoin Price Trapped in Key Make-or-Break Trading Range

Bitcoin Price Trapped in Key Make-or-Break Trading Range 4  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

  View Bitcoin is trapped in a trading range defined by the 200-week simple moving average and the 200- week exponential moving average, currently at $3,404 and $4,106, respectively. Therefore, the outlook as per the weekly chart is neutral. A weekly close (Sunday, UTC) above $4,106 would confirm a longer-term bearish-to-bullish trend change and could fuel a rally toward $5,000. A weekly close (Sunday, UTC) below $3,404 could revive the sell-off from November highs above $6,500 and allow a drop to levels below $3,000. The odds of a drop to…

4 Crypto Assets Break Above Key Moving Average, Leaving Bitcoin Behind

4 Crypto Assets Break Above Key Moving Average, Leaving Bitcoin Behind 6  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

  Several well-known cryptocurrencies are trading above their 200-day moving averages, a development typically considered a sign of a healthy market. A moving average (MA) is simply an ongoing calculation of the closing prices of an asset over a specified period of time, but is also a tool traders use to gauge the asset’s trend direction as well as support and resistance levels. While a moving average of any length can be used, the 200-day moving average is a standard in financial analysis. Put simply, if an asset trading above the…

Bitcoin Struggles to Pass Price Hurdle But Bull Outlook Intact

Bitcoin Struggles to Pass Price Hurdle But Bull Outlook Intact 7  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Bitcoin Struggles to Pass Price Hurdle But Bull Outlook Intact View Bitcoin’s short-term outlook remains bullish while prices are held above $3,658 (the low of the long-tailed doji created on Feb. 27). A break above $4,000, however, could be preceded by a pullback to $3,750 if another rejection at a newfound resistance of $3,900 ends up breaching the bullish higher low of $3,826 on the hourly chart. A UTC close below $3,658 would confirm a short-term bearish reversal, although that looks unlikely. Bitcoin’s (BTC) repeated failure to beat resistance at…

Three Price Resistance Levels to Beat for Bitcoin’s Bulls

Three Price Resistance Levels to Beat for Bitcoin's Bulls 9  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Three Price Resistance Levels to Beat for Bitcoin’s Bulls View Bitcoin’s bull revival, as signaled by the weekly chart indicators, is still in the nascent stage and will likely become more entrenched if and when prices clear the resistance levels at $4,190, $4,236 and $4,388. A high volume break above the three resistance levels could be followed by a rally to highs above $5,000. Bitcoin could challenge resistance at $4,190 in the next few days, as a strong bounce from the ascending 5-week moving average (MA) seen earlier this week…

Bitcoin Seeking Gains After Retaking Key Price Support

Bitcoin Seeking Gains After Retaking Key Price Support 13  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Bitcoin Seeking Gains After Retaking Key Price Support View Bitcoin’s immediate outlook will remain neutral while prices are trapped in the range of $3,658-$3,900. If the bulls can keep prices above the 5-week MA support at $3,703, we could see a rally above $4,000. The average is reporting bullish conditions for the first time since August. On the downside, a UTC close below $3,658 (Feb. 27 low) would revive the bearish view put forward by the high-volume sell-off on Feb. 24 and open the doors for a drop to levels…

Bitcoin’s MACD Prints Strongest Bull Signal In Over a Year

Bitcoin's MACD Prints Strongest Bull Signal In Over a Year 15  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Bitcoin’s MACD Prints Strongest Bull Signal In Over a Year The moving average convergence divergence (MACD) has become the latest charting indicator to signal bitcoin may soon see a trend reversal that could put an end to its months-long price decline. As reported, the money flow index (MFI), an indicator used to identify buy and sell pressure, created a divergence Sunday widely considered to be an early sign of a bearish-to-bullish trend change, while last week, bitcoin saw a bearish crossover of its 50- and 100-week moving averages, a first…

Bitcoin Price Drop Puts a Dent in Short-Term Bullish Outlook

Bitcoin Price Drop Puts a Dent in Short-Term Bullish Outlook 17  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Bitcoin Price Drop Puts a Dent in Short-Term Bullish Outlook View Bitcoin’s drop to six-day lows below $3,700 has taken the shine off the bullish “long-tailed doji” created on Feb. 27. A bearish reversal would be confirmed if prices see a UTC close below $3,658 (low of long-tailed doji) and could yield a sell-off to recent lows near $3,300. A bearish move below $3,658, however, may not happen or could be short-lived, as a number of technical indicators on the weekly chart are flashing early signs of bullish reversal. On…

Another Bitcoin Indicator Signals Price Bottom May Be Forming

Another Bitcoin Indicator Signals Price Bottom May Be Forming 19  PASSIVE INCOME IDEAS BITCOIN AND BLOCKCHAIN

Another Bitcoin Indicator Signals Price Bottom May Be Forming A technical indicator that incorporates both bitcoin’s price and trading volume is signaling the cryptocurrency may have bottomed in December. The money flow index (MFI), also known as the volume-weighted relative strength index, is used to identify buying and selling pressure and oscillates between zero to 100. A rising MFI indicates an increase in buying pressure, while a falling MFI is considered a sign of increasing selling pressures. Essentially, the MFI validates or confirms price trends. Many times, however, the indicator diverges from…