Bitcoin price analysis
Bitcoin price had a massive pullback today following a surge that has been explained to have been caused by a short squeeze. Experts and well-calculated investors say that the bulls took advantage of the scheduled maintenance on BitMEX cryptocurrency exchange platform liquidating most traders who could not change their positions within the window. Bitcoin market capitalization grew by at least $5.2 billion at the end of the surge that lasted for less than one hour. However, this short-squeeze is not as significant as the previous one experienced in mid-April where BTC added $16 billion to its market capitalization.
In the meantime, Bitcoin price is trading at $6,677 after correcting lower from the intraday high at $6,875.10. The trading yesterday saw Bitcoin decline towards the support at $6,200 but formed a low at $6,231. The buyers entered pushing the price past the broke support areas at $6,300 and $6,400 respectively.
Bitcoin opened the trading today trading at $6476.97. It then embarked on an upward roll that is said to have coincided with the maintenance on BitMEX exchange. Bitcoin surged added more than $400 in less than one hour but lost moment short of $6,900 forming a high at $6,875.10. The bears pushed for lower corrections but BTC/USD downside has been protected at the 61.85% Fib retracement level of the last drop from $6,887.64 and a low of $6,238.28. The price is currently correcting higher towards $6,700 while the bulls have eyes set on $6,800. The chart shows positive signs, similarly, the MACD is in the bullish region and the stochastic ranging at 50%.
Dash (DASH) Price Analysis
At the time of writing Dash is up 5.29% on the day after the surge that correlated with Bitcoin (BTC) spike. The drop during the trading session yesterday had broken below $142 and $140 support zones. It recorded a low at $138 before the bulls revamped the trend leading to higher corrections above $140 but were limited at the 23.6% Fib level with the last swing high of $154.23 and low of $137.92 marginally below $142.
The surge today, using the $140 support cleared the short-term hurdle at $142 and stepped above $150 before coming to a halt at $152.00. The price is currently making bear corrections below $150 but the 61.8% Fib level at $148 is holding ground prevent a further drop.
A look at DASH/USD chart shows that the digital asset’s price has moved into a negative zone. The stochastic is retracting from the oversold while the MACD is on the positive side but the slope is downwards. On the other hand, a break above $150 will open the door for higher movement above the resistance at $152 and beyond towards $160.
VeChain Price Analysis
VeChain buyers have staged a significant recovery after the price dipped to lows at $0.65 on August 14. The price surged against all odds above $1.00 and eventually stepped above $1.5. The bears took over control slashing below the short-term support a $1.40 and the next support target at $1.2 and formed a low at $1.1.
The buyers regained control at this point but the bullish trend lost momentum slightly above $1.40. The declines on Monday 21 found a support at the trendline support which also coincided with the 23.6% Fib level with the last swing high of $1.555 and a low of $1.13. VeChain is currently trading at $1.3 (above both the 50 SMA and the 100 SMA on the one hour chart).
It is trading in a contracting triangle pending a breakout. The RSI is ranging at 60% while the gap between the moving averages is narrowing to show that the buyers still have the control. A break above $1.40 could see VeChain break the resistance at $1.5 and $1.60.