Ethereum Price Weekly Forecast: ETH At Potentially Significant Turning Point

• ETH price is currently trimming gains from the $158 resistance area against the US Dollar.
• The price is now approaching a couple of important supports near the $144 area.
• Earlier, there was a break above a major bearish trend line with resistance near $152 on the 4-hours chart of ETH/USD (data feed via Kraken).
• The pair is likely to bounce back as long as it is above the $142 support area.

Ethereum price is approaching a crucial support area against the US Dollar, similar to bitcoin. ETH price must hold the $142 support to climb towards $160.

Ethereum Price Weekly Analysis

This past week, Ethereum started a solid recovery above the $142 resistance area against the US Dollar. Furthermore, ETH price surpassed a major resistance area near the $150 level.

More importantly, there was a break above a major bearish trend line with resistance near $152 on the 4-hours chart of ETH/USD. Besides, the pair surpassed the $155 resistance area, but it struggled to gain momentum above $158.

A swing high was formed near $158 and the price remained well below the 100 simple moving average (4-hours). Ethereum is currently correcting lower below the 23.6% Fib retracement level of the upward move from the $131 swing low to $158 high.

The price is now approaching the broken trend line and the $145 support area. Additionally, the 50% Fib retracement level of the upward move from the $131 swing low to $158 high is near the $145 level.

The main support is near the $142 area. It is near the 61.8% Fib retracement level of the upward move from the $131 swing low to $158 high. Therefore, a downside break below the $142 support area could reduce chances of another upward move in the near term.

In the mentioned scenario, the price is likely to revisit the $134 and $132 support levels. On the upside, the first key resistance is near the $152 level. The key resistance area is near the $158 and $160 levels.

Thus, a clear break above the $160 level and the 100 simple moving average (4-hours) may perhaps push the price back into a positive zone.

Ethereum Price

The above chart indicates that Ethereum price is clearly approaching a couple of important supports near $145 and $142. As long as the price is above $142, it could bounce back. If not, the bears are likely to aim $132 or $125.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is currently gaining strength in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently declining and it is near the 40 level.

Major Support Level – $142

Major Resistance Level – $160

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Bitcoin Weekly Forecast: BTC Eyeing Last Line Of Defense

• After a decent recovery, bitcoin price faced resistance near the $7,880 level against the US Dollar.
• The price is currently correcting gains and it is trading near the $7,300 support area.
• There is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The price might test $7,200 or $7,000 before a fresh wave towards the $7,700 resistance.

Bitcoin price is struggling to continue higher above $7,500 and $7,800 against the US Dollar. BTC is approaching the $7,000 support and it could bounce back.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin started a decent recovery wave from the $6,521 low against the US Dollar. BTC price gained pace above the $7,000 resistance area. Moreover, there was a break above the key $7,400 resistance area.

Finally, the price rallied above the $7,600 level, but it struggled to test the $8,000 resistance area. It seems like the price formed a short term top near the $7,880 area and the 100 simple moving average (4-hours).

More importantly, there is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC/USD pair. Bitcoin price is currently correcting lower below the $7,500 level.

Besides, the price is now trading below the 23.6% Fib retracement level of the recent wave from the $6,521 low to $7,873 high. On the downside, an immediate support is near the $7,200 level.

Additionally, the 50% Fib retracement level of the recent wave from the $6,521 low to $7,873 high is near the $7,197 level to provide support. If there are more downsides, the price could test the main $7,000 support area in the near term.

Therefore, a daily close below the main $7,000 support could start a fresh bearish wave. In the mentioned case, the price is likely to break the $6,500 support in the near term.

On the upside, the price is facing a lot of hurdles near the $7,700 and $7,800 levels. However, the price must settle above the $8,000 resistance area, the trend line, and the 100 simple moving average (4-hours) to start a strong rise in the coming weeks.

Bitcoin Price

Looking at the chart, bitcoin price is facing a fresh round of selling below $7,500. Though, the price is approaching a couple of important supports near $7,200 and $7,000, where the bulls are likely to take a stand.

Technical indicators

4 hours MACD – The MACD for BTC/USD is currently gaining bearish momentum.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now declining and it is well below the 50 level.

Major Support Level – $7,000

Major Resistance Level – $7,700

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Party is Over: Bitcoin Slips to $7,400, Making $6,000s a Possibility Again

After hitting $6,600, Bitcoin (BTC) saw a strong price bounce, returning to $7,800 just yesterday. This marked an increase of nearly 20% from the bottom, making some convinced that the bottom is in. Though, over the past 12 hours, the cryptocurrency has started to slip once again, eliciting bearish responses from an array of industry analysts.

Related Reading: Quitting Crypto Now is Akin to Selling Amazon in 2003: Analyst

Bitcoin Slips to $7,400

As of the time of writing this article, Bitcoin is trading for $7,400 on many major exchanges, having shed 3% of its value in the past 24 hours. While this wasn’t a decisively bearish movement that implies new lows are coming, analysts are convinced that it’s a precursor of pain to come.

Popular trader Inmortal Technique recently observed that the uptrend from the $6,600 level has been increasingly bearish, with each impulse higher (of which there were three) having less buying volume, implying bulls were losing momentum. That’s not to mention that the three impulses higher fell short of a clear support zone close to the $8,000s. He thus claimed that the “party is over.”

The party is over $BTC pic.twitter.com/9feMeiFQUP

— Inmortal technique (@inmortalcrypto) November 30, 2019

Jonny Moe noted that the recent price action satisfies a rising wedge he drew out on his chart. Rising wedges are bearish chart patterns seen in financial markets that often reject lower. A loss of the triangle could imply that BTC will reenter the $6,000s.

$BTC watching this possible rising wedge pic.twitter.com/EQ8mVWAuIf

— Jonny Moe (@JonnyMoeTrades) November 30, 2019

Related Reading: “All-Knowing” Bitcoin Fractal That Predicted Drop to $6,600: BTC to Fall 20%

Fundamentals Back Bearish Narrative

It seems that the fundamentals back the bearish narrative, unfortunately enough. Earlier this week, Korean exchange UpBit revealed in an announcement that a 342,000 Ethereum (then valued at $50 million) transaction was suspicious. The translated version of a related release did not contain the word “hack,” though many have taken the statement as a sign that the $50 million worth of cryptocurrency has been misplaced and is currently unretrievable.

Upbit has confirmed that it will cover the funds with up to $51 million worth of its corporate funds, and has also revealed that it has moved all cryptocurrencies into its cold wallet to protect its customers.

Some suggest that the selling pressure from this event could depress the cryptocurrency market in the coming weeks.

Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”

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Will Ethereum’s Fundamentals Propel it Higher? Analysts are Conflicted

Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, with BTC leading ETH to put some significant distance between its current price levels and recent lows, but the aggregated crypto markets now appear to be at risk of incurring further near-term downside.

Analysts are now debating whether or not Ethereum’s robust fundamentals will be enough to help propel the cryptocurrency higher, or if it will post further losses as Bitcoin’s recently incurred momentum begins stalling.

Ethereum Drops 2% as Analysts Target Further Losses

At the time of writing, Ethereum is trading down 2% at its current price of $152, which marks a notable decline from its daily highs of $157 that were set yesterday when bulls attempted to spark another rally.

In the near-term, ETH has been able to find some support in the lower-$150 region, as it has bounced multiple times this morning after visiting these levels.

It is important to note that Ethereum is currently trading significantly off of its recent lows of $130 that were set during the recent sell-off concurrently with Bitcoin’s downwards movement towards $6,500.

Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Ethereum will drop slightly lower to $150 in the near-term, which could come about as a result of further BTC downside.

“Send $ETH to 150 posthaste,” he concisely noted in a tweet while referencing the chart seen below.

Send $ETH to 150 posthaste. pic.twitter.com/oNT5BbKylj

— Hsaka (@HsakaTrades) November 30, 2019

Will Fundamental Strength Help Propel ETH Higher?

One factor that analysts and ETH bulls alike have been closely watching is the DeFi trend’s impact on Ethereum, with a significant amount of the cryptocurrency being locked up as more individuals utilize DeFi initiatives.

Spencer Noon, a popular figure within the crypto industry, spoke about this in a recent tweet, noting that Ethereum’s year-over-year price gains do not match the amount of ETH that has been locked up in DeFi over the past year.

“Thanksgiving Price of $ETH: 2018: $121. 2019: $154 (+27%). The market can stay irrational longer than you can remain solvent, but I’m personally betting that price won’t lag fundamentals this good for much longer,” he explained in reference to a previous tweet that shows the meteoric growth of DeFi.

Thanksgiving Price of $ETH

2018: $121
2019: $154 (+27%)

The market can stay irrational longer than you can remain solvent, but I’m personally betting that price won’t lag fundamentals this good for much longer.

— Spencer Noon (@spencernoon) November 28, 2019

The coming months will likely offer the markets significant insight into whether or not Ethereum’s strong fundamentals will help propel it higher in the mid-term.

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Crypto Tidbits: Bakkt’s Bitcoin Futures Surge, UpBit Hacked for $50 Million in Ethereum, US Arrests Blockchain Researcher

Another week, another round of Crypto Tidbits. Surprisingly, Bitcoin (BTC), saw some relatively strong performance over the past seven days, gaining 2% according to Coin360. This came after the leading cryptocurrency tapped $6,600 in a surprise flash crash late last week, shocking investors the world over.

The past week was an interesting one for the industry at large: an Ethereum Foundation researcher was arrested by the U.S. for purportedly supporting North Korea, Bakkt’s Bitcoin futures saw an absolutely colossal week in terms of adoption and usage, and the chief executive of a Chinese exchange went missing, leaving the company without access to its cryptocurrency holdings.

Related Reading: Crypto Tidbits: Bitcoin Dives Under $8,000, Fidelity Bags Trust License, SEC Takes Second Look at ETF

Bitcoin & Crypto Tidbits

• Bakkt’s Bitcoin Futures See Amazing Week: When crypto exchange upstart Bakkt launched its Bitcoin futures contract in September, few institutional investors were using the product. Bakkt’s market saw less than $5 million worth of daily volumes for weeks on end, with little sign of improvement. Though, over the past few weeks, the futures have seen a strong uptick in adoption. In fact, on Wednesday, Bakkt’s Bitcoin futures saw nearly $40 million worth of volume trade. And while Bakkt’s volumes are a sign of institutional trading interest, Bakkt’s open interest metrics are signs of institutions’ propensity to hold Bitcoin. Cryptocurrency data Twitter page Ecoinometrics recently noted that the open interest in the Bitcoin futures contracts has surged by hundreds of BTC over recent days. This implies that “some people are seeing the price dip as a good occasion to get in long.”
• IDAX CEO Goes Missing, Crypto WIthdrawals Halted: The chief executive of IDAX, a lesser-known cryptocurrency trading platform purportedly in Shanghai, has disappeared off the face of the Earth. The exchange announced this in an announcement published on Friday morning, in which it was written that “since November 24th, IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with him.” The exchange added that as a result of this, it will be halting all deposits and withdrawals as IDAX’s access to its cold wallet, which “stored almost all cryptocurrency balances for IDAX (including Bitcoin, Ethereum, and other assets),” has been “restricted.” Henceforth, the exchange has “drawn up and emergency plan about platform services, including our deposit/withdrawal service.”
• U.S. Arrests Ethereum Proponent for “Assisting” North Korea: On Friday, the U.S. Attorney of the Southern District of New York State revealed something astounding: it, alongside individuals from the FBI and other authorities of the U.S. government, had arrested Virgil Griffith, a United States citizen at the Los Angeles Airport. As to why the individual was arrested, a press release indicated that the individual had “violated the  International Emergency Economic Powers Act (“IEEPA”) by traveling to the Democratic People’s Republic of Korea (“DPRK” or “North Korea”) in order deliver a presentation… [on how to use technology] to evade sanctions.” Griffith, whose LinkedIn claims he is a research scientist for the Ethereum Foundation, was there for a state-sponsored blockchain event. Prominent members of the Bitcoin and cryptocurrency community have mixed reactions to this case.
• HSBC to Use Blockchain to Manage $20 Billion Worth of Assets:According to a report published Wednesday by Reuters, HSBC will be using a blockchain-based custody platform dubbed “Digital Vault” to manage $20 billion worth of assets in “one of the biggest deployments yet of the widely-hyped but still unproven technology by a global bank.” HSBC representatives said that the company intends to have this done by March. This new HSBC platform will effectively bring formerly paper-based records of private placement investments onto a blockchain, reducing the “time it takes investors to make checks or queries on holdings.”
• UpBit Hacked for $50 Million in Ethereum: Earlier this week, blockchain analytics services picked up on an interesting set of transactions from the wallets of UpBit, a Korean exchange. The transactions include multi-million transfers of Ethereum, Tron, EOS, and other top cryptocurrencies (not Bitcoin though) from UpBit-owned wallets to exchanges and “unknown wallets,” addresses left unmarked by these analytics firms. Eventually, UpBit came out to speak on the matter, revealing in an announcement that a 342,000 Ethereum (then valued at $50 million) transaction was suspicious. The translated version of the release does not contain the word “hack,” though many have taken the statement as a sign that the $50 million worth of cryptocurrency has been misplaced and is currently unretrievable. Upbit has confirmed that it will cover the funds with up to $51 million worth of its corporate funds, and has also revealed that it has moved all cryptocurrencies into its cold wallet to protect its customers.

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Bitcoin at Risk of Reversing Upwards Momentum as Bears Fight Back

After making a strong attempt to break above $8,000 yesterday, Bitcoin (BTC) lost the momentum that it had been gaining over the past couple of days and has begun to descend back down towards the lower-$7,000 region.

The cryptocurrency’s inability to break above $8,000 has led analysts to conclude that BTC could be at risk of reversing its recent uptrend, meaning that significantly further losses could be imminent.

Bitcoin Loses Momentum as Bears Defend $8,000 Resistance

At the time of writing, Bitcoin is trading down just over 2% at its current price of $7,600, which marks a slight retrace from its daily highs of just under $8,000 that were set at the peak of the recent rally that was first sparked when BTC bounced from $6,500.

If Bitcoin fails to garner any upwards momentum in the near-term, it is highly probable that it will see further downside in the coming hours and days, as it may signal that $8,000 is an insurmountable resistance level that will suppress any potential bullishness.

CryptoBirb, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, telling his followers that BTC must break and hold above $7,960 in order for it to have a chance at moving up towards $7,960.

“$BTC must reclaim 7960 to swing 9.1k (note bullish divergence). Early signal is 3D close above MA100. Anything below is MTF~5.4k-oriented,” he noted while referencing the chart in the below tweet.

$btc must reclaim 7960 to swing 9.1k (note bullish divergence)
early signal is 3D close above MA100
anything below is MTF~5.4k-oriented
you are welcome pic.twitter.com/2nATQ8emDe

— Crypto₿irb (@crypto_birb) November 30, 2019

Will Further Downside Reverse the Recent Uptrend? 

Assuming that Bitcoin faces further near-term downside, the recent uptrend experienced by the crypto in the time since it surged from lows of $6,500 may be in peril of being reversed.

Josh Rager, another popular cryptocurrency analyst on Twitter, mused this possibility in a tweet, telling his followers that BTC’s recent highs could mark a local top.

“$BTC could be reversing here after a short term uptrend. Remember, the overall trend has been down, though price can’t move straight down and this relief was needed short term. Price could have certainly hit local top here as we move closer to the weekly close,” he bearishly noted.

$BTC could be reversing here after a short term uptrend

Remember, the overall trend has been down, though price can't move straight down and this relief was needed short term

Price could have certainly hit local top here as we move closer to the weekly close pic.twitter.com/2RrAMLWulD

— Josh Rager (@Josh_Rager) November 30, 2019

Although it does remain unclear as to whether or not this bearish possibility will play out in the coming hours and days, an inability for Bitcoin’s bulls to propel it back up towards $8,000 could mean that further downside is inbound.

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“All-Knowing” Bitcoin Fractal That Predicted Drop to $6,600: BTC to Fall 20%

Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life. Few predicted the subsequent bounce to $7,800, where BTC sits as of the time of writing this, too.

Though, one trader has been calling the moves all along, using a lesser-known and slightly unorthodox method of analysis to predict the directionality of the Bitcoin and cryptocurrency market.

Related Reading: Make or Break: Bitcoin Price Closing In On Key Monthly Support Level

Bitcoin Fractal Implies Impending Doom

Over the past few months, a popular trader on Twitter, NebraskanGooner, has been touting what is known as a “fractal” via his social media pages.

A quick aside for those unaware of what a fractal is: a fractal, in financial markets, is when the historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset. While some analysts see them as pure coincidences, analyses have found that fractals can work well for Bitcoin and other cryptocurrencies, potentially due to the inherent cyclicity of this market.

Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”

Nebraskan’s fractal has been extremely accurate over the past few weeks. In fact, it predicted Bitcoin’s dramatic price drop to $6,600 weeks before it took place, and the subsequent recovery to nearly $8,000 seen over the past few days.

The same fractal, which is an overlay of one of Bitcoin’s previous market cycles, suggests that Bitcoin’s trend line breakdown retest, which took place in the previous market cycle that is being fractaled, is complete, implying that BTC has found a local top at $7,800. Should the fractal continue to play out, BTC will head towards the $6,200-$6,300 region in the coming two-odd weeks, which would mark a drop of 20%.

#bitcoin

The all knowing fractal says the top is likely in for now.

Trend line breakdown retest looks completed.

$6,300 incoming?

Will be interesting to see if this continues to play out. pic.twitter.com/Bs1xQHZdoV

— NebraskanGooner (@nebraskangooner) November 29, 2019

What’s interesting is that the drop has already started to take place. As of the time of me updating this piece, the leading cryptocurrency has slipped to $7,400, putting in a local top right where the fractal said that a top would be put in.

Related Reading: Altcoin Returns to ICO Price After 11,100% Run: Bitcoin Dominates Crypto Market

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Quitting Crypto Now is Akin to Selling Amazon in 2003: Analyst

There is no doubt that the crypto industry hasn’t been doing too hot over recent months.

Since topping in June, Bitcoin (BTC) has collapsed by over 40%, falling from $14,000 to $7,800, where the cryptocurrency sits as of the time of writing this. This price collapse has been marked by a capitulation in investors and other industry participants, with many throwing in the towel as they believe that Bitcoin’s price qualms are a sign that the future of blockchain and cryptocurrency remains in disarray.

Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”

A former partner at Indus Capital and Goldman Sachs, however, believes that this harrowing sentiment is irrational, quipping that quitting crypto now is ” akin to selling Alibaba and other internet startups in 2000-2003.”

Don’t Quit Crypto, Analyst Asserts

A partner of The Spartan Group, a blockchain advisory and investment firm, recently released an extensive Twitter thread regarding their latest thoughts on the crypto industry.

The thesis of the individual, who goes by “SpartanBlack” on Twitter, is that there is a growing sense of despondency spreading amongst industry members, and is “putting crypto’s long-term growth” trajectory at risk.

0/ I used to think that crypto people are crazily optimistic, but lately a sense of despondency seems to be spreading. Even some of the early crypto diehards are sounding the industry’s death knells. This gloomy narrative is wrong and puts crypto’s long term growth at risk.

— SpartanBlack (@SpartanBlack_1) November 29, 2019

Indeed, he went on to explain that there are clear reasons for the pessimism spreading among the market: 1) despite 10 years of development, people within Bitcoin and cryptocurrency are still waiting on the “killer app that brings the industry and technology mainstream; and 2) funding for blockchain startups has collapsed due to a confluence of factors.

Related Reading: Going to Talk Bitcoin at Thanksgiving? Here’s a Good Strategy

Although what Spartan said may induce anxiety in investors, the analyst asserted that what is going on is healthy and that there remains an opportunity for much growth in crypto.

“Many projects are either dead or dying a slow death… This is the law of natural selection and is a healthy development. Investors now play a critical role in identifying who will be the long term winners. Our job is to find the Amazon and Alibaba of crypto out of the wreckage, rather than write-off the whole industry,” Spartan wrote in a seeming bid to reassure his followers.

Spartan continued by likening the current state of the crypto industry to that of the Dotcom industry in the wake of the blow-off top seen at the turn of the millennia, during which Internet stocks shed a majority of their value, projects died, and funding from external entities neared zero.

Should history repeat, the next cycle of innovation, which the analyst claimed will be driven by institutional investors looking to implement crypto into their portfolios, will identify killer use cases for this industry at long last.

Related Reading: Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600

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Why Expiry of CME Bitcoin Futures Suggests BTC Price to Soon Pass $8,000

On Friday, the Chicago Mercantile Exchange’s cash-settled Bitcoin futures contract for the month of November was reported to have expired by a number of analysts. While these financial derivatives are cash-settled, analysis by a top cryptocurrency trader suggests that the expiry of the monthly futures means that BTC has a positive price trajectory into the coming two weeks.

CME #bitcoin futures expiry today expecting volatility

— Cryptoboy (@Crypto_Boy1) November 29, 2019

Related Reading: Eerie Bitcoin Fractal Suggests Bottom in at $6.6k, Surge to $8k Likely

Why BTC Price Likely to Surpass $8,000 Next Week

Popular CNN-featured trader Luke Martin recently released an analysis about the expiry of CME monthly futures and their effect on the BTC price. He found in his research (which factored in data going back to the June 2018 expiry) that BTC largely trends positively in the one or two weeks after the expiry of a future; Bitcoin sees a 2.9% average gain one week after expiry, and a 3.9% average gain two weeks after expiry.

Next $BTC CME expiration is on Friday 11/29.

I charted out price returns before & after expiration since the contracts started trading.

Takeaway: Generally experience selling pressure before and positive returns after. pic.twitter.com/bK6gp2h4sH

— Luke Martin (@VentureCoinist) November 25, 2019

Yes, an average 2.9% gain in a week isn’t that much by cryptocurrency standards, but these statistics show that Bitcoin’s directionality in the coming weeks should be positive should history repeat itself.

Martin’s analysis of the CME expiries corroborates other bullish analyses that have been proposed by investors in the industry. For instance, Velvet, a trader who partially foresaw the decline of BTC to under $8,000, then $7,000, wrote that he thinks Bitcoin is looking extremely bullish right now.

Per previous reports from NewsBTC, he remarked that BTC  has finished a five-phase wave pattern, has bounced off the golden Fibonacci Retracement level at the 50-day moving average, and is in the midst of a giant falling wedge — all telltale signs that the cryptocurrency is about the surge higher. His chart implies a move to $8,600 in the coming days.

CME Futures Net Negative for Bitcoin?

While the expiry of the futures may be a net positive in the short term for the price of Bitcoin, some analysts are certain that the CME’s contracts are actually suppressing BTC from a long-term perspective.

Speaking to popular industry content creator Ivan on Tech, renowned Bitcoin educator Andreas Antonopoulos, said that the CME futures market likely has much to do with the decline in the price of BTC over the past two years:

“We know for a fact that when the Bitcoin bubble started to go up really fast in 2017, the U.S. Treasury decided to fast-track the deployments of futures markets in order to stop that bubble.”

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No Bitcoin Capitulation This Year Could Indicate BTC Bottom Is In

Bitcoin continues to crank higher as we end the weekend rounding out a week of gains. The move has led analysts to question whether the dump to $6,500 was the bottom and a trend reversal has finally begun.

Bitcoin Edges Towards Resistance

There is still a long way to go before any measurable trend reversal can be confirmed. Today has been another of gains as BTC topped out at $7,850 a few hours ago. Glancing at the five day chart would paint a very bullish picture.

Zooming out to look at the whole month however tells a completely different story. Bitcoin has dumped almost 30% in November to bottom out in the mid-$6k zone. Since that trough on Monday it has recovered almost 20% but still has a lot of work ahead.

The next significant resistance zone is around $8,200 and beyond that it needs to push above $9k for technical indicators to start turning bullish.

Analysts have noted that unlike in 2018 when BTC dumped 50% in a matter of days, there has been no capitulation this time around, just a steady sell off over five months.

“Bitcoin has been down 50% since June, but there has not been any type of capitulation (like what we saw last November/December)”

Bitcoin has been down 50% since June, but there has not been any type of capitulation (like what we saw last November/December)

That’s something to always be prepared for in the back of your mind

Even another 40% down would set BTC up for a really nice higher low on weekly

— Crypto Capital Venture (@cryptorecruitr) November 29, 2019

A further 40% down from these levels would put Bitcoin in the $4,600 area which is still higher than the 2018 bottom. This would entail a total correction of 67% however and cause a lot of anxiety within the industry.

Still, this correction would not be as heavy as last year’s when BTC dumped 84%. The crypto winter instilled a stronger sense of hodling which may be why the asset will not repeat those lows and could well have been at the bottom already for this bear run.

Day traders are enjoying these short term pump and dumps but those in it for the long run are looking for accumulation areas.

Elsewhere on Crypto Markets

Since Monday’s seven month low, total crypto market capitalization has grown by $30 billion, or 17%. While this sounds impressive, the overall trend is still bearish since markets have lost 24% since the beginning of November.

Since the beginning of the year things are still in the positive zone but that is largely due to Bitcoin. Most of the altcoins have lost all of their gains this year falling back to January levels. Some, such as XRP are at their lowest levels for two years.

Ethereum is another lack luster crypto asset as it fails to gain any independent momentum despite a network upgrade next weekend and a growing DeFi ecosystem. ETH prices are still low at $155 which is where they were back in early January during the depths of crypto winter.

This year’s bottom could have been in this week, but Bitcoin’s next direction will confirm it.

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XRP May Target Short-Term Gains Against Bitcoin; Here’s Why

Bitcoin has been incurring some decent upwards momentum in the time since it visited $6,500, which has allowed major altcoins like XRP to similarly put some distance between their current prices and their recent lows.

Importantly, analysts are noting that XRP may see some short-term gains against its Bitcoin trading pair, which could come about as a result of the aggregated crypto market incurring momentum against BTC.

XRP Posts Strong Bounce from Recent Lows of $0.20

At the time of writing, XRP is trading up 1% at its current price of $0.23, which marks a slight climb from its daily lows of roughly $0.22.

XRP has put a significant amount of distance between its recent lows of $0.20 that were set concurrently with Bitcoin’s drop to $6,500, and the drop to this level nearly instantly sparked the bout of extreme buying pressure that has helped lead it higher over the past several days.

Bitcoin’s price action has been heavily influencing XRP, and it does appear that the near-term BTC resistance level that will likely determine whether it – and ergo other major altcoins – see further upwards momentum exists at $8,000.

Bitcoin Jack, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes XRP may soon surge against its BTC trading pair, but also noted that the poor support at its current price levels may mean that further losses are imminent before this surge commences.

“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he said while referencing a chart showing the levels he is targeting.

Let's give $XRP another go

Support here looks like shit, if it breaks this is where I want to get long

Looks like a decent opportunity to trade it back towards range high pic.twitter.com/C6H8dT1uPg

— //Bitcoin 𝕵ack (@BTC_JackSparrow) November 29, 2019

Major Altcoins May Surge as Much as 100% Against BTC in Near-Term

If Bitcoin does break above its near-term resistance level, the aggregated crypto markets may post a major bounce, with Bitcoin Jack also telling his followers this past week that further momentum could mean that altcoins will surge as much as 100% against Bitcoin.

“If we print a signal of strength, you better be paying attention because things could start moving like before. Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadruple this quickly,” he noted while pointing to the chart seen in the below tweet.

If we print a signal of strength, you better be paying attention because things could start moving like before

Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadrupple this quickly pic.twitter.com/xpBdEAiULC

— //Bitcoin 𝕵ack (@BTC_JackSparrow) November 26, 2019

The coming few hours and days will likely shine a light on where Bitcoin and major altcoins like XRP are heading next, as any further upwards momentum could mean that the market’s recent lows are a long-term bottom and that significantly further gains are imminent.

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Bitcoin is a Clear Long After Forming Textbook Bottom, Claims Analyst

It is looking increasingly likely that Bitcoin’s recent dip to lows of $6,500 will mark a long-term bottom for the cryptocurrency, as its bulls have been able to propel its price higher and sustain their momentum, with BTC now targeting a movement to $8,000.

Analysts are now noting that Bitcoin is clearly shifting its recent downtrend in favor of its bulls, which may mean that significantly further upside is imminent for the cryptocurrency.

Bitcoin Surges Towards $8,000 as Bulls Build Momentum 

At the time of writing, Bitcoin is trading up over 2% at its current price of $7,800, which marks a notable climb from its daily lows of $7,300 that were set yesterday when bears attempted to thwart the momentum that bulls have been building over the past several days.

Bitcoin’s surge that first started when it tapped $6,500 last week has been surprisingly strong and marks the first time that bulls have sustained an upwards movement over an extended period of time in the month since BTC retraced from its late-October highs of $10,600.

In the near-term, analysts anticipate the cryptocurrency to see further gains, with HornHairs – a popular cryptocurrency analyst on Twitter – telling his followers that he believes Bitcoin will tap $8,000 next.

“$BTC gameplan remains the same. I won’t be shorting these levels blindly, rather waiting for support to fail on a retest. On the other hand, expectation for longs to be the higher probability play remains intact. Next target = $8k,” he noted while pointing to the chart seen below.

$BTC gameplan remains the same

I won't be shorting these levels blindly, rather waiting for support to fail on a retest. On the other hand, expectation for longs to be the higher probability play remains in tact.

Next target = $8k pic.twitter.com/9Gu5EOgc3Q

— HornHairs (@CryptoHornHairs) November 29, 2019

BTC a Clear Long as it Shows Signs of Bottoming 

Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, explained in a recent tweet that he believes Bitcoin is currently expressing signs of showing a clear long-term bottom.

“My current $BTC roadmap. Should be obvious why I believed $8000 “will trade again soon”, it’s where downtrend accelerated. The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive. Nothing to chase if not long IMHO,” he explained while pointing to a couple charts seen in the below tweet.

My current $BTC roadmap. Should be obvious why I believed $8000 "will trade again soon", it's where downtrend accelerated.

The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive.

Nothing to chase if not long IMHO. pic.twitter.com/uPzJpKqd6f

— Alex Krüger (@krugermacro) November 29, 2019

If Bitcoin is able to reclaim $8,000 as a level of support in the near-term, it is highly probable that the cryptocurrency will be able to further extend its upwards momentum and post significantly further gains in the near-term.

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Bankers Might Not be as Clueless on Crypto as You Think, Says Analyst

Cryptocurrency naysayers associated with global finance may not be as misinformed about the industry as some observers might like to think. One popular analyst says those he encounters have researched crypto assets and often provide well-reasoned criticism.

However, others disagree, saying that there is a divide in the banking industry between those that don’t get it and are interested to know more and those that don’t get it and don’t want anything to do with it.

Bankers a Mix of Ignorant, Dismissive, Interested, and Critical of Crypto

Thanks to outbursts like those of JP Morgan CEO Jamie Dimon and billionaire investor Warren Buffet over the years, there seems to be a widespread belief around the crypto asset industry that people affiliated with the existing financial system are completely clueless about crypto. Dimon famously called Bitcoin a “fraud” without really saying why in September 2017 and Buffet later called it “rat poison squared” in a similarly amusing rant.

Such outlandish statements have been the subject of much ridicule and speculation in the crypto industry. Just how much research are they based on though? If they’re informed, are these and similar attacks based on a fear of an alternative system rendering the institutions they uphold obsolete, or do they have genuine criticisms? Of course, a lot of people like to stick with the assumption that bankers are just ignorant or stupid.

Crypto market analyst and partner at Castle Island Ventures Nic Carter believes that the banking industry is more informed than is popularly thought when it comes to crypto assets. In a recent post to Twitter, he describes his own interactions with bankers, saying that they have generally “done their homework”:

most actual bankers I talk to have done their homework on crypto. it's a mistake to think their dismissals come universally from a place of ignorance. some have very good critiques of a bearer-style /tokenized financial system

— nic carter (@nic__carter) November 29, 2019

Carter outlines some of the more convincing critiques he’s heard of a tokenised financial system in a subsequent post:

“- bearer style assets are user hostile and wont catch on

– conflating settlement and payments is bad news

– final settlement not required for payments

– hard to financialize something which resists regulation”.

However, others argue that the popular conception of bankers still holds some truth. Founder of DTAP Capital and Bitcoin proponent Dan Tapiero says he is yet to find much of merit in the banker critiques of crypto assets or decentralised finance that he’s heard.

Supporting Tapiero is Swiss crypto think tank 2B4CH founder Yves Bennaïm. He describes his own experience with bankers after learning that most of Carter’s interactions with the banking industry have been in a “crypto context”. He argues that in both a crypto and non-crypto context, bankers he’s spoken to have been “almost completely ignorant” and either “optimistic” or “dismissive” respectfully.

"Crypto context" helps a lot. My personal experience, in crypto/blockchain context they are mostly interested but almost completely ignorant (ie optimistic), and out of crypto/blockchain they are very ignorant and not at all interested (dismissive).

— ¥ves ₿ennaïm (@ZLOK) November 29, 2019

It would be naive to think that no bankers had read up on decentralised finance and crypto assets. Yet, it’s also clear that there remains a lot of cluelessness around the topics in the banking industry. Some intrigued bankers, like those referenced by Bennaïm seem optimistic about the two industries coexisting. Meanwhile, many of cryptocurrency’s staunchest proponents are waiting for the days when digital asset and decentralised finance has completely replaced the current system.

 

Related Reading: DeFi Don’t Care: Ethereum Investing Reaches Record Levels

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Perceived Bitcoin Value Outpaced Peak Crypto Bubble Mania

It’s been an interesting and confusing year for Bitcoin price, with the crypto asset bottoming out in $3,100 at levels of extreme fear and panic, then in just a few months growing 350% and once again causing talk of moonshots and Lambos across the market.

In fact, during the most recent “echo bubble” as it’s being called, the perceived value of Bitcoin exceeded that of the peak 2017 crypto bubble mania. However, price fell short of setting new high alongside the lofty price perception, and one analyst says that data point looks “bad” for Bitcoin, and says that prices of $2020 in the year 2020 aren’t that “crazy.”

Bitcoin Perceived Price Value Reaches Crypto Bubble Levels

After a stellar year for Bitcoin, bringing investors who bought the bottom over 350% in gains from trough to peak, the crypto market has once again turned bearish. Following the top of the 2019 parabolic rally back in June, the market has slowly returned to a state of fear, panic, and despair.

Related Reading | Give Thanks For These Crypto and Bitcoin Black Friday Deals 

But it was only a short time ago, that Bitcoin was trading above $10,000 and talk of riches and $1 million dollar BTC became commonplace once again. It was as if crypto investors suddenly forgot about a full year of bear market, and all of the pain it caused.

The irrational exuberance can be seen via the sentix Strategic Bias index, which assigns a score measuring the perceived price value of Bitcoin. The metric outpaces the hype and bias surrounding the peak of the 2017 crypto bubble, however, price failed to set a new high as well.

This looks bad…

The perception of value for #bitcoin exceeded the 2017 mania this year but price did not.

A change in perception like 2018 will likely drag the price down much further than the majority expect.

$2020 in 2020 doesn't seem crazy to me. pic.twitter.com/8G8vQWxaQA

— EX (@icoexplorer) November 29, 2019

The analyst who first called attention to this “bad” looking metric says that for “perception of value to exceed the previous levels and price fall short” it says “that selling pressure was so high,” and claims that that “hopium addict” crypto investors “provided liquidity” for boomers to unload their bags at a lot higher prices.

Because price perception so greatly outpaced the actual price in 2019, the analyst says that seeing prices of $2020 per BTC in the new year wouldn’t be “crazy.”

Calls For New Lows At Recent Top Would Be Called “Crazy,” Not So “Crazy” Anymore

Given how exuberant crypto investors were at Bitcoin’s recent peak, any talk of prices of $2,000 Bitcoin would have been met with much confrontation, calling such claims “crazy,” especially considering how quickly the first-ever crypto-asset ran up from the then bottom at $3,100.

Related Reading | Should Bitcoin Investors Be Thankful It’s Thanksgiving? 

Now, that fear has returned to the market, and Bitcoin is trading at prices back around the $6,000 range it has already once broken down from, thinking that the bottom isn’t in and Bitcoin could reach prices around $2020 in 2020, doesn’t sound so crazy anymore.

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Bitcoin Price Attempts to Reclaim ‘Mega Bull Run’ Moving Average

Bitcoin price has been falling steadily for months now back into a deep downtrend, that’s putting the asset at risk of erasing all of the gains from the 2019 parabolic rally, and putting any chance of a new bull run in Bitcoin in jeopardy.

However, if Bitcoin price can reclaim a very important moving average that last time around sent the leading crypto asset by market cap into a “mega bull run,” one analyst says it would be “very bullish” and potentially lead to a repeat of another bull market for the asset and the rest of crypto.

Mega Pull Run Possible If Bitcoin Price Can Reclaim 2-Year Moving Average Multiplier

Bitcoin price has been in an ongoing bear market over the course of the last two years, even despite making a strong attempt at breaking out of it throughout the course of 2019.

Related Reading | Give Thanks For These Crypto and Bitcoin Black Friday Deals 

After the crypto asset bottomed out at $3,100 back in December of 2018, Bitcoin price had been on a steady climb upwards until it eventually met resistance just shy of a new all-time high, where it was rejected back into a downtrend.

Following Bitcoin’s fall through support at $6,000 in November 2018, it also fell below a 2-year moving average multiplier. In May, it then reclaimed the moving average multiplier, and it supported the crypto asset for the rest of its 2019 rally.

1/ Looks like Bitcoin is trying to get back above the 2yr MA after it dipped below it in the past week when price capitulated.

Would be very bullish if we can get a few days closing back above that level. 

Until then, cautious optimism (as it was a promising capitulation). pic.twitter.com/nk1njCZusk

— Philip Swift (@PositiveCrypto) November 29, 2019

A retest of the moving average multiplier is right where BTC bounced to coincide with the China pump – news that the country would be supporting the blockchain technology many cryptocurrencies are built on.

Bitcoin broke below the moving average multiplier once again recently and is now making yet another attempt at breaking back above it.

If Bitcoin price reclaims the moving average multiplier, according to crypto analyst Philip Swift, it would be bullish for BTC, and could potentially send the crypto asset back into a new “mega bull run.”

Can History Repeat Itself Once Again For First-Ever Cryptocurrency?

In past Bitcoin market cycles, after Bitcoin price retested and closed above the 2-year moving average multiplier, it has “historically signaled the start of a mega bull run,” and the analyst has shared a zoomed out price chart depicting the last two instances of such an event occurring.

If Bitcoin price can hold above the moving average, the correction could come to an end, and the cryptocurrency could once again embark on a bull run, taking the price of the crypto asset to the enormous expectations of $100,000 per BTC or higher.

Related Reading | Should Crypto Investors Be Thankful It’s Thanksgiving? 

But if it doesn’t, Bitcoin price’s historical cycle could be broken, and the recent talk of Bitcoin’s bottom not actually being in, and the possibility of prices below $3,000 becomes very realistic.

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Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry

It’s almost been two full years since the crypto hype bubble, and the leading crypto asset by market cap, Bitcoin is trading at roughly 35% of the price it reached during that peak, while the rest of the asset class is in many instances still down 99% from their all-time high.

However, one crypto trader and market analyst who has accurately called the breakdown of Bitcoin’s support at $6,000 in 2018, the asset’s bottom in December 2018, and its parabolic rally in April 2019, is now saying that Bitcoin must reach $1,000 next, and completely destroy the crypto industry before the asset can experience a healthy rebound.

Bitcoin Will Go To $1,000 Range, According to Trader With Accurate Calls

The crypto market is in a state of chaos after failing to rally into another bull run. Investors are still stuck holding extremely heavy bags of altcoins that have struggled to regain any lost ground.

Related Reading | Give Thanks For These Crypto and Bitcoin Black Friday Deals 

Those who were burned by the crypto bubble weren’t lured once again by Bitcoin over $10,000, causing the crypto asset to collapse in price. Others blame altcoins for the collapse of Bitcoin.

Whatever the case may be, one crypto analyst who has made a string of accurate calls in the past, is now saying that Bitcoin will go “to the $1,000 range.” The analyst explains that this would be “good for crypto” as it would “destroy investors and projects,” claiming that’s exactly what the space needs.

I think BTC is going to the 1000 range. It will probably take a while to get there, but based on everything I see right now, I think that is the most likely target. That would be great for crypto too. It would destroy investors and projects, and that's exactly what we need.

— MAGIC (@MagicPoopCannon) November 28, 2019

The analyst says he forces “extreme danger” in Bitcoin’s future, as the asset’s long-term logarithmic growth channel would be put in jeopardy if such a drop occurs, putting the asset’s longevity in question with investors expecting it to eventually reach prices of $100,000 or more per BTC.

Have Complacent Crypto Investors Yet To Capitulate?

Markets are cyclical, and it often takes investors capitulating before a market can experience a healthy enough shakeout for the cycle to begin once again. Because so many crypto investors were once again overly bullish on the asset class at the first sign of a rally, it drove the asset’s price up too quickly and it is now crashing down once again.

This could be a signal that crypto investors never actually capitulated, and such an event may be necessary for another bull market to occur.

Bitcoin’s price chart, when viewed on the linear scale, looks eerily like a popular schematic depicting a market cycle, and would suggest that Bitcoin is only at the area of complacency on the chart, which could mean that anger, depression, despair, and finally, capitulation may be ahead.

According to the analyst, such a drop would decimate all projects and investors in this industry, allowing Bitcoin to emerge from the ashes once again.

Related Reading | Should Bitcoin Investors Be Thankful It’s Thanksgiving? 

Don’t let the analyst’s name fool you, the outspoken trader has also perfectly called Bitcoin’s bottom, the prior breakdown from $6,000, and the rally to $14,000 this past April. Before the rally topped out, the analyst had been calling for a major crash, and is now looking to $1,000 as the ultimate target.

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Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600

It may have been Thanksgiving on Thursday, but Bitcoin (BTC) held its ground, managing to make a number of key time frame closes above the key $7,400 support level. As of the time of writing this, CoinMarketCap reports that the cryptocurrency is trading for $7,550, up a mere 0.12% in the past 24 hours. Altcoins have posted similar bouts of non-action, with a majority of top digital assets posting gains or losses of under 1%.

Despite this non-action, analysts are starting to get bullish vibes when it comes to Bitcoin. One analyst, in fact, remarked that he expects for the cryptocurrency to see a 15% jump to $8,600 in the near future.

Related Reading: Eerie Bitcoin Fractal Suggests Bottom in at $6.6k, Surge to $8k Likely

The analyst in question is Velvet, an up-and-coming trader who called the fact that Bitcoin would fall much lower than $8,500 nearly two weeks ago. While he was bearish earlier, there is a confluence of technical factors hinting at a bounce in the coming weeks.

Bitcoin Preparing to Bounce, Analyst Proposes

Velvet recently noted that Bitcoin has finished a five-phase wave pattern, has bounce off the golden Fibonacci Retracement level at the 50-day moving average, and is in the midst of a giant falling wedge — all telltale signs that the cryptocurrency is about the bounce higher. While he didn’t give a concrete target, his chart suggests that a move to $8,600 — 15% higher than current prices — will likely take place in the coming weeks

$BTC is looking so Bearish… this is totally not a falling Wedge @ E wave @ Golden fib @ 50MA$BTC is definitely going to sub 1k now! it's over! No one expecting a bounce here, certainly not me! I'm short!

(Guys, youaredoingawonderfuljob! keep *cough pretending *cough https://t.co/K5zCrCGFua pic.twitter.com/VoMvJUaW6E

— 𝓥𝓮𝓵𝓿𝓮𝓽 丝绒 (@888Velvet) November 29, 2019

It isn’t only Velvet that thinks BTC is ready to head back into the $8,000 range.

A trader going by “George” earlier Thursday noted that Bitcoin’s price action over the past few days eerily resembles the price action that was seen from Monday to Wednesday this week, which was marked by a downward consolidation, then an upward breakout. This short time frame and simple fractal suggests that Bitcoin will surge around 8% to $8,000 in the coming days, potentially by the end of the month.

Probably nothing… pic.twitter.com/MpN0SOjqAk

— George (@George1Trader) November 28, 2019

Related Reading: Give Thanks For These Crypto and Bitcoin Black Friday Deals

Long-Term Bull Intact Too

Velvet isn’t only short-term bullish, for he’s also developing a long-term bull bias as well. Per previous reports from NewsBTC, the analyst posted a chart that suggests Bitcoin sees a bear trap play out at each market cycle’s bottom. After that, there’s a short impulse wave up, taking the price of the cryptocurrency above the 20-week simple moving average which acts as a mid-line to the Bollinger Bands technical indicator. There, in what is expected to be the next phase in price action, the asset begins to trade sideways before the full bull run begins.

#BTCUSD $BTCUSD $BTC #BITCOIN

BULL ANNOUNCEMENT:

NOVEMBER = IMPORTANT MONTHLY CLOSE!

DEFEND:
DIAGONAL BULL CHANNEL
TRIANGLE
RSI +50
20SMA (BB band)

IF YOU SUCCEED YOU WILL BE REWARDED WITH A BULLCROSS NEXT WEEK 50MA/100MA =

Then Bears can BTFO!

Drop MIC
pic.twitter.com/Yez8xFf4Uf

— 𝓥𝓮𝓵𝓿𝓮𝓽 丝绒 (@888Velvet) November 25, 2019

Technical lingo aside, what he is suggesting is that if Bitcoin closes the month above the $7,000 range, there is a high likelihood that BTC is on the verge of entering the next parabolic phase of the bull run, a bull run that could bring the cryptocurrency to fresh all-time highs, analysts say. 

Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”

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