Bitcoin Daily Logo 01 800x500 - Daily Bitcoin Price Report September 13 — Bitcoin Holds While Alts Crash, Dominance Rises But No Recovery Yet In Sight

Daily Bitcoin Price Report September 13 — Bitcoin Holds While Alts Crash, Dominance Rises But No Recovery Yet In Sight

The 1-day range for BTC/USD is $6333.4 – $6443.6 — showing consolidation in this tighter range. It’s been as low as $6200 on some exchanges, but as the price tightens expect to see a breakout soon. It is currently down 5.4% in the last 7 days and down 9.2% over 14 days. Still, the coin is up 64% since this time last year.

BTC has gained in market dominance mostly by staying stagnant while altcoins fall. Many altcoins are sold back for BTC, keeping the latter’s price in check against sellers. Still, shorts are piling up as many bet against Bitcoin; and with consolidation coming there should be a sharp price break in the next day or two. It looks like that may head downward.

Below we’ll examine Bitcoin Price news and technical analysis.

Bitcoin Price Headlines

Bitcoin Dominance Eyes 60%

  • “Since then, bitcoin was able to regain market dominance of 65.18% by Dec. 2017, when its price was at record highs, while second place ethereum was at 9.71%s serious questions”

Cryptocurrencies Are In A Bear Market, But Bitcoin Is Holding Steady

  • “Ethereum is being particularly affected as all those initial coin offerings (ICOs) funded in Ethereum have to, and are right to, sell their crypto-funding and get it into fiat. Sadly, it’s hard to pay salaries in crypto and impossible to pay rent, etc. in anything but fiat”

Bitcoin Price Should Stabilize Near $5000: Allianz Chief Economist

  • “The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.”

BTC/USD Trading Technicals

The technicals for Bitcoin look like the beginning of August all over again—with nearly every signal at the SELL stage. This includes short and long term oscillators and moving averages—all of which point to an oversold and overvalued asset. Based on these, the technical signal is overwhelmingly on the SELL side.

Screen Shot 2018 09 13 at 12.01.43 PM - Daily Bitcoin Price Report September 13 — Bitcoin Holds While Alts Crash, Dominance Rises But No Recovery Yet In Sight

BTC/USD Trading Charts

Our first chart shows a series of support and resistance areas that BTC price has not broken, showing a supported trading range. As it has stayed within this range, it’s formed a negative triangle pattern. The chart’s author shows BTC continuing downward but shows a strong support at $6250 that BTC will test as it heads here. Will it break it? We’ll have to see.

BITCOIN – 7 Failed Attempts To Break The Support Area! by VaidoVeek on TradingView.com

This second chart seems that same negative triangle pattern with BTC as its consolidated near $6350-$6400. This author, however, sees the current trend taking BTC price all the way down to $5900 before recovering

Bitcoin technical analysis, September 12 by DianKemala on TradingView.com

Bitcoin will need some positive news—which it’s getting a minor dose of with some mainstream publicitiy—to see a recovery. At this point, though, it is withstanding the crash of altcoins, particularly Ethereum and remaining a port in the storm that is the bear market. Still, how long can BTC handle the selling and shorting pressures? Analysis has the coin going down to the $6250 or $5900 area, which may happen before it can see any bounce back to $7000.

 

Eric is a cryptocurrency writer and editor. He has written on emerging technologies for over seven years and has accrued over 2 million page views. He also runs the paid Coin Agora community. He is currently working on his first novel, which involves a cryptocurrency start-up.

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