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  • Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

    Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

    • Bitcoin was steady below $17,000 on Tuesday

    • A crypto analyst suggests a crossing of price above the 200-day as a bull signal

    • Bitcoin still lacks a directional movement, and further decline is possible

    Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially losing an opportunity to claim $19,000. A technical outlook shows that BTC has successfully defended $16,000 against the bears, signalling a potential reversal zone. But as the price once again stabilises, one key analyst recommends that investors wait for a key bullish signal.

    Renowned crypto trader and analyst Kaleo tells Bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, Bitcoin initiates a bull market each time the price crosses above the 200-day moving average. He says although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to remain patient until the key signal pops up. 

    But the analyst holds the view that Bitcoin could fall further. He sees a scenario where BTC consolidates and then declines to another low in a bear market. Kaleo says a bullish spike could occur somewhere in June 2023.

    BTC gets rejected at the 50-day MA 

    BTC/USD Chart by TradingView

    On the technical front, BTC is steadying after a correction. The price was rejected at the 50-day MA, with the cryptocurrency lacking a directional bias in a bear market. The RSI has again fallen below the midpoint, signalling the entry of bears or bull exhaustion. 

    Applying the 200-day MA on the daily chart, BTC trades way below it. It could take several months to see the price crossing above it. 

    Which way is the BTC price?

    From the technical outlook, BTC price could struggle for a while before we see a sustained bullish surge. If, indeed, BTC will become bullish when the price crosses above the 200-day MA, then we could wait longer for it to happen. Still, there is no indication that the bear market is nearing an end, although bulls remain strong at $16,000.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Shiba Inu (SHIB) Price Approaches Oversold Levels per This Indicator

    Shiba Inu (SHIB) Price Approaches Oversold Levels per This Indicator

    Shiba Inu (SHIB) lost the key $0.000010 level on Oct. 19, thus adding an extra zero to its price as the $0.000009 range was reached. At the time of publication, SHIB was changing hands at $0.00000978, down 2.26% in the last 24 hours.

    The year 2022 saw a widespread meltdown in the markets, cryptocurrencies included. Shiba Inu has not been excluded from the bearish action as it is now down 88.91% from the all-time high of $0.000088 reached in October 2021.

    However, zooming in on the short-term price action, SHIB might be a potential candidate for a surprise bounce or a relief rally. This is as its daily RSI approaches the 30 oversold levels following a steady price decline since August.

    An instance was recorded in June when the RSI reached deeply oversold levels as the price fell to lows of $0.00000714 on June 18. A subsequent recovery culminated in a 157% rise to a high of $0.000018 on Aug. 14.


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    However, in the event of a further drop, SHIB might eye the $0.0000092 level in the meantime. Further declines may force SHIB to retest the $0.000007 level. On the contrary, SHIB might erase a zero from its price if a relief rally to $0.000010 ensues. The next barrier might be the $0.0000113 level, just ahead of the $0.0000135 level.

    SHIB lists on yet another crypto exchange

    Shiba Inu has now been listed on the Swiss cryptocurrency platform Swissborg, according to a recent announcement.

    The platform, which operates a hybrid cryptocurrency service for its large user base, revealed that the decision to list SHIB was spurred by the demand of its growing community.

    As reported by U.Today, SHIB was recently listed by Seychelles-based cryptocurrency exchange BitMEX.



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