Category: Analysis

Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next

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Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared its intraday gains ahead of Donald Trump’s retaliating press conference on China’s national security law for Hong Kong. Its downside move laggingly tailed a similar price action in the S&P 500. The U.S. benchmark closed Thursday down 0.2 percent. Bitcoin traded lower on Friday as traders refrained from taking more significant risks amid escalating geopolitical tensions between the U.S. and China. The benchmark cryptocurrency was down 1.18 percent at $9,467.04 as…

Bitcoin Breaking $10,500 Will Set the Stage for a Massive Reversal: Here’s Why

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Bitcoin has been on an impressive rally over the past two months. From the $3,700 lows seen on March 13th, the asset has rallied over 150%. This 150% performance means BTC has outperformed basically any other multi-billion-dollar asset over the same time period. This strong surge to fresh highs hasn’t convinced everyone that Bitcoin is in a bull market though. Analyst “PlanB,” for instance, recently noted that Bitcoin is not yet in bull market territory as per the weekly relative strength index. Chart from “PlanB” The relative strength index (RSI)…

Ethereum Rallies Above $220 And Likely To Continue Higher To $240

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Ethereum is up more than 8% and it broke the key $215 resistance zone against the US Dollar. ETH price is trading nicely above $220 and it could continue to rise above $230. Ethereum is showing a lot of positive signs and it rallied above $215 and $220. The price is likely to continue higher towards the $230 and $240 levels. There is a connecting bullish trend line forming with support near $212 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains well supported on dips…

Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000

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Bitcoin is up more than 4% and it broke the key $9,500 resistance zone against the US Dollar. BTC price is currently correcting lower, but dips remain supported near $9,350. Bitcoin gained traction above the $9,300 and $9,500 resistance levels. The price traded as high as $9,624 and it is currently correcting lower. There is a major ascending channel forming with support near $9,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct further, but dips are likely to remain supported near $9,350…

Derivatives Data Shows That Even After 150% Rally, Bitcoin Is Far From Topping Out

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Over the past few weeks, analysts have said Bitcoin is finally finding a local top. For the third time in a matter of months, the cryptocurrency was rejected in the $10,000 range. It was a rejection that caused many to reconsider their bullish stance on BTC due to the level’s importance. Though derivatives data and simple technicals suggest that Bitcoin is far from topping out. The data shows this even after a more than 150% rally from March’s capitulation lows. Bitcoin Is Unlikely to Top Here, Data Shows Financial derivatives…

Millions Upon Millions of BitMEX Shorts Liquidated as Bitcoin Surges to $9,600

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Just a day after Goldman Sachs came out with a scathing presentation on Bitcoin, the asset is rallying. Investors are clearly shaking off the “FUD” the multinational bank through the cryptocurrency market’s way. Just minutes ago as of the time of this article’s writing, BTC shot higher to cross $9,600. It reached a local high of $9,625. This is the highest price Bitcoin has traded at in the past seven days. Though, prices remain a few percentage points shy of the May highs of $10,000. Bitcoin price chart from TradingView.com…

Ethereum Whales Accumulate As Bullish Momentum Builds Up

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Ethereum appears to have entered a stagnation phase without giving any clear signals of where it is heading next. Its price action has been mostly contained within a narrow trading range over the last couple of weeks. But a decisive price movement that defines the direction of its trend has yet to occur. Spencer Noon, the head of DTC Capital, believes that despite the lackluster there are different factors that suggest that Ether is poised to rally. The renowned analyst maintains that the growth of the Grayscale Ethereum Trust (ETHE)…

Failed H&S Pattern Puts This Cryptocurrency En Route to Record Levels

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XTZ, the native cryptocurrency of the Tezos blockchain platform, recently defeated a long-standing Head & Shoulder pattern. If successful, the bearish technical indicator could have crashed XTZ to as low as 523 sats. Its failure now puts the crypto en route to record highs. XTZ is trading almost 28 percent lower from its all-time high at 4,073 sats, but the cryptocurrency has enough fuel to retest the top. The upside sentiment for the Tezos blockchain’s native asset takes cues from its recent response to a bearish technical indicator. Since it…

Bitcoin At Risk of Correction at $9.1k as U.S. Futures Hint a Sell-Off

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Bitcoin is holding its intraday gains above $9,100 on Thursday. But the cryptocurrency risks downside correction as the U.S. futures hint at a shaky start after New York opening bell Thursday. The unsteadiness surfaced as China approved a proposal for a national security law in Hong Kong, raising possibilities of a new geopolitical conflict with the U.S. Bitcoin was trading steadily above $9,100 on Thursday but risked breaking below the level as it heads into the U.S. trade session. The downside sentiment grew stronger as traders failed to push the…

Ethereum Could Rally Significantly And Only 1 Thing is Holding it Back

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Ethereum is showing positive signs and it broke the $205 resistance against the US Dollar. ETH price could rally significantly if there is a clear break above the $210 resistance. Ethereum gained traction and managed to climb above the $205 level and the 100 hourly SMA. The price is still struggling to clear the main $210 resistance zone. There is a key bearish trend line forming with resistance near $209 on the hourly chart of ETH/USD (data feed via Kraken). The pair could either rally above $210 or it might…