Tag: Bullish

Research Firm: Cardano (ADA) Is One of the “Most Bullish” Crypto Assets

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Aside from Bitcoin, Cardano (ADA) has rapidly become one of the most popular cryptocurrencies over recent weeks by investors and traders alike. The prominent altcoin, which has re-entered the top-10, has recently been subject to a strong boost. Data indicates that ADA is up 150% since the start of 2020, outpacing Bitcoin by around five times and other mainstream assets by many times more. Despite its already-strong outperformance, a top research firm in the cryptocurrency market has suggested that Cardano has room to run. Related Reading: Crypto Tidbits: Bitcoin Stalls…

Analyst Who Predicted Bitcoin’s V-Shaped Reversal at $3,700 Is Bullish

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It’s been a tough past few weeks for the Bitcoin market. Some are skeptical that the cryptocurrency is in a bull trend after BTC has sustained multiple rejections at $10,000. Yet a trader that nailed a bold prediction remains optimistic, sharing a number of signals indicating imminent upside. Bitcoin Could Soon See a Bounce, Says Crypto Trader In March, Bitcoin plunged from the $9,000s to $3,700 in the matter of a week. Considering the severity of the drop, coupled with a collapse in the traditional economy, few expected a rebound.…

Bitcoin Breaks Below $9,000 as Sellers Invalidate Bullish Technical Pattern

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Despite seeing a swift rebound, Bitcoin bears were able to push the cryptocurrency below its crucial $9,000 support just minutes ago. This breakdown has come about following a recent rejection posted by the crypto at $9,300, which appears to have become a resistance level. The latest decline below $9,000 indicates that the buying pressure that has been holding the crypto above its lower range boundary is dissolving. Analysts are now noting that the benchmark digital asset’s bears have been able to invalidate a bullish technical formation that buyers were attempting…

Risk of Bullish Breakout Grows

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Ripple is currently consolidating above the $0.1720 support against the US Dollar. XRP price seems to be preparing for a bullish break above the $0.1800 resistance region. Ripple price is facing a couple of important hurdles near the $0.1780 and $0.1800 levels against the US dollar. The price is trading well below the 100 simple moving average (4-hours) and $0.1900. There is a crucial bearish trend line forming with resistance near $0.1780 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely to start…

The Ongoing Miner “Feeding Frenzy” Is Bullish for Bitcoin in the Long Run

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After fears of “capitulation” passed over the market, Bitcoin miners are back in the game, activating new hardware once again after May’s block reward halving. There’s been such a high amount of activity in the mining space that according to Bitcoin data analyst Digitalik.net, blocks are being mined (on average) at their fastest rate since June 2014. We are currently in the fastest difficulty era since jun 2014. Current block interval 8min 5sec.#bitcoin #btc #halving #stocktoflow — digitalik.net (@digitalikNet) June 7, 2020 The excitement among miners has been echoed by…

The Ongoing Miner “Feeding Frenzy” Is Bullish for Bitcoin in the Long Run

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After fears of “capitulation” passed over the market, Bitcoin miners are back in the game, activating new hardware once again after May’s block reward halving. There’s been such a high amount of activity in the mining space that according to Bitcoin data analyst Digitalik.net, blocks are being mined (on average) at their fastest rate since June 2014. We are currently in the fastest difficulty era since jun 2014. Current block interval 8min 5sec.#bitcoin #btc #halving #stocktoflow — digitalik.net (@digitalikNet) June 7, 2020 The excitement among miners has been echoed by…

Investors Turn Bullish as Bitcoin Exchange Reserves Drop to 1-Year Low

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According to data from glassnode, Bitcoin reserves on cryptocurrency exchanges fell to a 12-month low. This coincides with a reported mass outflow of BTC from Coinbase. On June 6, various media outlets reported that Coinbase may sell its blockchain intelligence arm Coinbase Analytics to the Internal Revenue Service (IRS) and the Drug Enforcement Agency (DEA). Following the reports, there was a surge in BTC outflow from the exchange. Investors withdraw Bitcoin as a precautionary measure Like any other regulated exchange, Coinbase holds a trove of user data due to its…

Same Indicator That Predicted Bitcoin Rally Would Top at $10,500 Flips Bullish

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On June 1st, Bitcoin surged just under $1,000 in mere hours, rallying from $9,500 to a high of $10,400. It was a move that made analysts immediately flip bullish on the flagship cryptocurrency. Chief executive of Real Vision Raoul Pal shared the below chart in the wake of the move with the following comment: “Here it is on a log scale… this is the biggest chart pattern break out thus far…” Crucial Bitcoin breakout chart shared by Real Vision CEO Raoul Pal (@RaoulGMI on Twitter). At the time, few expected the…

‘Bullish’ — Struggling Miners Done Selling Their Bitcoin, Says Analyst

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Bitcoin (BTC) miners are setting up a bullish trend despite large sell-offs around the halving, a new data metric suggests.  According to Glassnode’s Miner Outflow Multiple (MOM), outflows from mining pools compared to their one-year moving average are nearing all-time lows. Demeester “bullish” on BTC miner data MOM calculates coins leaving mining pools and compares them to the yearly moving average as a ratio.  As of June 3, that ratio was 0.534 — less than half its value one day before the halving on May 10. By comparison, December 2018…

Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish

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Another week, another round of Crypto Tidbits. The past seven days have been volatile days for Bitcoin and other cryptocurrencies. The cryptocurrency on June 1st rallied past $10,000 for the first time in many weeks, reaching as high as $10,400. It was an explosive move that had many expecting more upside. One Wall Street analyst went as far as to say that the breakout past $10,000 was the biggest in BTC’s storied history. But just as fast as Bitcoin rallied, the asset tanked. Just 24 hours after the asset moved…