Tag: Analysis

The market has taken a bearish turn and Bitcoin and altcoins will need strong relief rallies in order to restore their uptrends. Legacy and crypto crypto markets saw a strong correction today as traders fear that the second round of economic stimulus might be delayed as the White House, Senate and Congress could become entangled in a fight to fill the vacancy created by the passing of Supreme Court Justice Ruth Bader Ginsburg.  In addition to this, financial stocks are leading the bloodbath as reports emerged that several banks could…

Bitcoin and altcoins are facing selling near key resistance levels, but for now the possibility of a sharp fall remains low. The U.S. Federal Reserve recently hinted that it could keep interest rates near zero at least through 2023. The Bank of England went a step ahead and said that it could explore options for cutting rates below zero in order to support an economy battered by the coronavirus lockdowns and the upcoming Brexit. In other news, Kraken exchange has become the first digital asset company to receive a charter…

Bitcoin and a few altcoins have broken above key resistance levels, which suggests that the bulls are attempting to take control of the market. This week MicroStrategy, a Nasdaq-listed company, announced that it had added 16,796 Bitcoin (BTC) to its existing holding of 21,454 Bitcoin. This means in less than a year the firm has amassed 38,250 Bitcoin. This is a defining moment as MicroStrategy becomes the first public company to adopt a Bitcoin standard.  Other large companies may follow in MicroStrategy’s footsteps but they are likely to purchase at…

Bitcoin and several altcoins are trying to break out of their respective overhead resistance levels in order to restore bullish momentum. Most retail traders find it difficult to go against the herd and buy when the market is down. They generally wait for the price to recover and for improvements in sentiment before jumping in. By doing this, retail traders typically miss the larger part of relief rallies and pocket a smaller profit. On the other hand, professional investors capitalize on sharp corrective moves by purchasing if they believe that…

Although Bitcoin price is range-bound, a few altcoins have started a relief rally which could push them above key resistance levels. The President of the European Central Bank (ECB) Christine Lagarde said that the coronavirus pandemic has acted as a catalyst in boosting the adoption of digital payments in the European Union. Lagarde expects the majority of the consumers to continue using digital services even in the future. In order to support the digitalization, the ECB has formed a task force, which is “exploring the benefits, risks and operational challenges”…

Bitcoin and altcoins could consolidate in a tight range for a few days before making the next decisive move. Corrections are healthy for the strength of an uptrend because they shake out the excess exuberance and provide an opportunity to the traders who missed the bus earlier to make an entry at lower levels. About 68 crypto investors did the same thing when they used the recent dip to purchase anywhere between 1,000–10,000 Ether (ETH).  Buying against the prevailing short-term negative sentiment during a correction is not an easy task…