Bitcoin is currently trading at $47,540 after it was dealt a bitter rejection from the psychological level of resistance at $50,000 overnight.
There are, however, a number of warning signs on lower time frames as bulls begin to show signs of exhaustion after failing to breach $50,000.
Bearish divergence has now been confirmed on the four-hour, with the RSI printing consistent lower highs while price action formed higher highs since February 9.
A bearish cross on the 12-hour MACD also came into fruition last night after it crossed to the upside on January 28.
It’s worth noting that Bitcoin has rallied by more than 57% since the bullish cross, which suggests that a correction back down to the $41,000 region may be on the cards depending on tonight’s daily close.
Even if it corrects to the low $41,000 mark, Bitcoin would still be considered bullish on all higher time frames with the $50,000 price target becoming a realistic expectation over the next four to six weeks.
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.