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

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…

Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges

Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it seems like there is a key double bottom pattern forming near $192. Ethereum declined more than 5% and it tested the main $192 support zone. It seems like there is a double pattern forming near the $191-$192 zone. There is a key bearish trend line forming with resistance near $202 on the hourly chart of ETH/USD (data feed via Kraken). The pair could either fail near $202 or start a major…

Bitcoin Prepares to Rally to $12,000 as Price Forms Historically Bullish Pattern

After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days. The tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support. Prominent analysts, however, have begun to spot silver linings in Bitcoin’s chart that are suggestive of a reversal to the upside, not an extension to the downside as some analysts have come to expect. …

This Simple Breakout Pattern Suggests Ethereum Could Rally To $230

Ethereum is currently trading inside a crucial breakout pattern against the US Dollar. ETH price is likely to start a strong increase once it clears the $205 resistance zone. Ethereum is still struggling to clear the key $205 and $206 resistance levels. The price is trading in a range above the $197 support and the 100 hourly simple moving average. There is a major breakout pattern forming with resistance near $205 on the hourly chart of ETH/USD (data feed via Kraken). There are chances of a strong rally if there…

This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000

Bitcoin declined heavily from the $10,000 resistance against the US Dollar. BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000. Bitcoin found support above the key $8,200 and $8,000 pivot levels. A low is formed at $8,267 and the price is currently correcting higher. There is a short term bearish trend line forming with resistance near $8,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). It seems like there is an inverse head and shoulders…

Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K

Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200. Bitcoin is facing an increase in selling pressure below $9,200 and $9,000. The price is trading below the 100 hourly simple moving average and it could dive towards $8,400. There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but…

Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K

Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200. Bitcoin is facing an increase in selling pressure below $9,200 and $9,000. The price is trading below the 100 hourly simple moving average and it could dive towards $8,400. There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but…

Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern

Ethereum, like most of its peers, has incurred a slight amount of selling pressure today that has led it to decline from highs of just under $200 that were set yesterday. This tempered move lower comes as the crypto is caught within a firm mid-term uptrend. It does appear that this uptrend may be short-lived, however, as analysts are now widely pointing to the existence of a massive rising wedge pattern that it is currently caught within, as a bearish resolution to this pattern could lead to significant losses. This…

Historical CME Pattern Suggests Bitcoin Rally to $7.7k is Likely to Brutally Reverse

The Bitcoin price rose to as high as $7,770 on major cryptocurrency exchanges on April 23. The abrupt upsurge coincided with the expiration of CME’s BTC futures contracts for April. Data from Skew indicates that the CME Bitcoin futures volume and open interest spiked to a monthly high. The surge in trading activity preceded the fast increase of the BTC price to above $7,000. CME Bitcoin futures saw monthly high volume on April 23 (Source: Skew) Bitcoin price historically sees large movement on the 24th of every month The CME…

Chart Pattern Resurfaces That Saw Bitcoin Plunge From $10K to $3.6K

The Bitcoin (BTC) price remains vulnerable to a pullback after ranging between $6,900 and $6,500 for the past four days. Traders say that the pattern that caused BTC to plunge from $10,500 to $3,600 is playing out again. In the immediate-term, technical analysts foresee a retest of $7,200 after bullish divergences at lower times frames have indicated a relief rally to take place. Bitcoin fractal suggests a severe correction, but not in the magnitude as early February In mid-February, the Bitcoin price started to pull back when it hit $10,500…