Ripple (XRP) Takes a Bit Hit, But This Variable Can Trigger A New Rally

Ripple rallied to a new monthly high at $0.2358 before correcting gains against the US Dollar. XRP price is now trading above the $0.2100 support and likely to start a fresh increase. Ripple price declined sharply after it failed to surpass the $0.2350 resistance against the US dollar. It is now trading above the $0.2100 support and likely restart its increase. There is a major bullish trend line forming with support near $0.2125 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could climb back above $0.2200 and $0.2220 resistance levels in the near term. Ripple Price Holding Uptrend Support In the past two days, there was a strong surge in bitcoin, Ethereum and ripple. XRP formed a strong support base above $0.2000 and rallied above the $0.2120 and $0.2200 resistance levels. It even climbed above $0.2320 and settled well above the 100 hourly simple moving average. Finally, the price traded to a new monthly high at $0.2358 and recently started a sharp downside correction. There was a break below the $0.2200 support zone. Ripple even spiked below the $0.2100 support zone, but it remained well bid near the 100 hourly simple moving average. A low is formed near $0.2085 and the price is currently rising. It is trading above the $0.2120 level, and the 23.6% Fib retracement level of the recent decline from the $0.2358 high to $0.2085 low. There is also a major bullish trend line forming with support near $0.2125 on the hourly chart of the XRP/USD pair. Ripple Price On the upside, an initial resistance is seen near the $0.2185 level. The first major resistance is near the $0.2220 level since it is close to the 50% Fib retracement level of the recent decline from the $0.2358 high to $0.2085 low. To start a fresh increase, the price must gain momentum above the $0.2185 and $0.2220 resistance levels. The next major hurdle is near the $0.2300 and $0.2350 levels. More Downsides? Ripple is clearly trading above a major support zone at $0.2100 and the 100 hourly SMA. If it fails to stay above $0.2100, there is a risk of more downsides. The next major support is near the $0.2050 level, below which the bears are likely to aim a test of the key $0.2000 support zone in the coming sessions. Technical Indicators Hourly MACD – The MACD for XRP/USD is moving back in bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and likely to climb above the 50 level. Major Support Levels – $0.2120, $0.2100 and $0.2050. Major Resistance Levels – $0.2185, $0.2220 and $0.2300. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

from NewsBTC https://ift.tt/2xoTWvH
Find The best Lending Program Top CryptocurrencyLending Program

Ethereum Holding Key Uptrend Support And Poised To Rally Again

Ethereum surged to a new monthly high at $227 before correcting lower against the US Dollar. ETH price is now testing the $205 support zone and it is likely to start a fresh rally. Ethereum started a downside correction after a strong rally above $220. The price is currently trading above the key uptrend supports at $205 and $200. There is a short term contracting triangle forming with resistance near $210 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to start a fresh increase above $210 as long as it is above $200. Ethereum Price Correcting Gains Yesterday, we saw a sharp rise in Ethereum above the $200 hurdle against the US Dollar. ETH surged more than 10% and even climbed above the $220 level and the 100 hourly simple moving average. It traded to a new monthly high at $227 and recently started a downside correction, similar to bitcoin. There was a break below the $212 and $210 support levels. Ether price even spiked below the $205 support, but it remained well bid above the $200 support and the 100 hourly simple moving average. It is currently trading above the 23.6% Fib retracement level of the recent decline from the $227 high to $203 swing low. An initial resistance on the upside is near the $210 level. There is also a short term contracting triangle forming with resistance near $210 on the hourly chart of ETH/USD. Ethereum Price If there is an upside break above the triangle resistance, Ethereum could test the $215 resistance area. The 50% Fib retracement level of the recent decline from the $227 high to $203 swing low is also near $215. A successful break above the $215 resistance area is must to start a fresh increase and rally above the $220 resistance area in the near term. Key Uptrend Support The main uptrend supports on the downside are near $205, $202 and the 100 hourly SMA. If Ethereum fails to stay above the $200 support zone, there is a risk of a larger decline. In the mentioned bearish case below the $200 support, the price is likely to continue lower towards the $192 and $190 support levels in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is currently struggling to climb above the 50 level. Major Support Level – $202 Major Resistance Level – $215

from NewsBTC https://ift.tt/2z2aXMU
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Could Correct Further To 100 SMA at $8,200 Before Fresh Increase

Bitcoin rallied to $9,500 before starting a downside correction against the US Dollar. BTC price might dip towards the $8,200 support zone before a fresh increase. Bitcoin jumped more than 20% and tested the main target of $9,500 (as discussed yesterday). The price is down more than 8% and it is now trading well below the $9,000 level. There is a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct further towards $8,400 or $8,200 before a fresh increase. Bitcoin Correcting Gains Yesterday, we saw a strong pre-halving rally in bitcoin above the $8,000 and $8,500 resistance levels against the US Dollar. BTC price gained more than 20% and it even tested the main target of $9,500 (as discussed yesterday’s analysis using the daily chart). A new monthly high is formed near $9,498 and the price recently started a substantial downside correction. There was a break below the $9,200 and $9,000 support levels. Bitcoin even dived below the $8,800 level and tested the $8,400 support area. A low is formed near $8,405 and the price is currently trading above the 23.6% Fib retracement level of the recent decline from the $9,498 high to $8,405 low. On the upside, an initial resistance is near the $8,800 level. There is also a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC/USD pair. Bitcoin Price Above the channel resistance, the next resistance is near the $8,950. It is close to the 50% Fib retracement level of the recent decline from the $9,498 high to $8,405 low. To start a fresh increase, the bulls need to push the price above the channel resistance and then clear the $8,950 resistance. A successful follow through above the $9,000 level could pump the price towards the $9,200 and $9,500 levels in the near term. Downside Thrust On the downside, the first major support for bitcoin buyers is near the $8,400 level. The next major support is near the $8,200 level or the 100 hourly simple moving average. It seems like the price might dive towards the $8,400 support or the 100 hourly SMA to complete the current wave. Later, it is likely to start a fresh increase above $9,000 unless there is a close below $8,200. Technical indicators: Hourly MACD – The MACD is about to move into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is near the 50 level. Major Support Levels – $8,400 followed by $8,200. Major Resistance Levels – $8,800, $8,950 and $9,000.

from NewsBTC https://ift.tt/2SqST5L
Find The best Lending Program Top CryptocurrencyLending Program

Myriad of Bearish Signs Flash for Bitcoin as Analysts Eye S&P 500 Futures

Bitcoin’s insane rally yesterday that allowed it to climb nearly $2,000 at its peak has stalled, with the retrace from its daily highs of $9,500 printing a massive wick that has made its daily candle look quite bearish. Analysts are now noting that a myriad of different technical factors suggest that the cryptocurrency may be poised for a pullback in the near-term. There are a few key levels that analysts are closely watching, and how the crypto reacts to these levels in the hours and days ahead could be quite telling for just how high its current strength will lead it in the long run. Bitcoin Flashes Bearish Signs as Analysts Watch for Reaction to Key Resistance At the time of writing, Bitcoin is trading up marginally at its current price of $8,850, which is around the price level it has been trading at for the past day. Overnight the crypto was able to significantly extend its recent uptrend when bulls pushed it to highs of $9,500. This is where it faced a dire rejection that ultimately lead it to decline to its current price levels. Although Bitcoin has yet to post a sustained decline in the time since this rejection occurred, it is important to keep in mind that a failure for BTC to surmount $9,300 in the coming hours could be dire, leading the crypto to retest its support at $8,400. One popular crypto analyst on Twitter spoke about the bull and bear cases in a recent tweet, explaining that multiple indicators signal that a pullback is imminent, but that BTC is flashing some positive technical signs on lower time frames. “BTC: Bullish – price bounced hard off $8400 support and could have a run-up to retest $9000s again, looks good on LTF. Bearish – if unable to break $9300 4hr close, this could make a new lower-high, overbought on oscillators, BTC hit key levels & 7 weeks of green, pullback time?” Image Courtesy of Josh Rager Analysts Watching S&P 500 Futures for Insight into Near-Term Trend  Although this latest upwards movement has led Bitcoin to significantly outperform the traditional markets, analysts are still noting that a strong correlation remains. Another analyst mused the possibility that the S&P 500 futures’ price action tonight will set the tone for where BTC goes next, explaining that there are striking similarities between the two asset’s bidding behaviors. “Well that is one ugly daily candle considering the leg that got us here. Keep eyes on ES, what bitcoin has done is not suddenly independent of the same bidding behavior seen in traditional markets,” he said while referencing the S&P 500’s futures ticker – ES. Image Courtesy of Cantering Clark How the crypto trades in the several hours following its recent daily candle close will offer significant insights into which direction it may trend in the days ahead. Featured image from Unplash.

from NewsBTC https://ift.tt/2yTS3aN
Find The best Lending Program Top CryptocurrencyLending Program

Chainlink Nears Key Support After Being Battered by Overnight Decline

Although Chainlink has been one of the most bullish cryptocurrencies throughout 2019 and 2020, its short-term price action has lagged against that of Bitcoin and many of its other peers. The crypto is flashing some signs of immense short-term weakness after its bullish divergence was “destroyed,” leading some analysts to now watch for a significant pullback. This potential decline could result in especially notable losses against its Bitcoin trading pair, but could be closely followed by another notable uptrend. Chainlink Shows Signs of Weakness as Analysts Watch for a Movement to Key Support At the time of writing, Chainlink is trading down just under 3% at its current price of $3.71, marking a notable decline from daily highs of nearly $4.00 that were set overnight. LINK has also declined nearly 6% against its Bitcoin trading pair today, severely underperforming the benchmark crypto as it begins stabilizing within the upper-$8,000 region. Analysts anticipate this weakness to persist in the near-term, as one pseudonymous trader explained in a recent tweet that previous bullish divergence that was bolstering Chainlink’s buyers has since been “destroyed,” thus opening the gates for further downside. “Well, the bullish divergence got destroyed last night… Still thinking we’ll see a decent bounce on LINK soon,” he stated while pointing to support at 0.0004 BTC and 0.00036 BTC. Image Courtesy of Crypto Michael Both of these support levels sit well below its current price of 0.000423 BTC, and continued weakness against Bitcoin could create some serious drag that also leads its USD trading pair to decline lower. Analysts Concur: Short-Term Retrace Likely to Lead LINK Lower  Others are offering similar short-term targets for the cryptocurrency while looking towards its BTC trading pair. One such analyst explained that the two key support levels he is watching sit at roughly 0.00037 and 0.000315, with a decline below the latter level being enough to invalidate its mid-term strength. “Not all heroes can break rising wedges upwards. Ultimate long entry would ‘level A’ also 0.786 of latest price structure invalidation below,” he said while offering a chart showing the rising wedge that sparked this decline. Image Courtesy of Teddy Another trader offered similar short-term downside targets, but he emphasized that Chainlink’s macro outlook is still incredibly bright. “LINK on a macro is level is a bullish chart without a doubt. But short term we’ll probably see a retrace. Rounded top and confirmed sell signal on The Alpha,” he explained, referencing the chart and indicator seen below. Image Courtesy of Byzantine General As long as buyers step up and defend these levels, it is highly probable that Chainlink’s intense technical strength seen throughout the past year will be enough to continue pushing it higher. This future uptrend could also be further bolstered by the growing strength seen across the aggregated market. Featured image from Unplash.

from NewsBTC https://ift.tt/3d4wH9k
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Shaping up to be a “Higher Gold 2.0” as Bullishness Grows

Bitcoin has seen some immense bullishness throughout the past couple of days, with the benchmark cryptocurrency incurring a notable uptrend that allowed it to climb from lows of $7,700 to highs of $9,500. This upwards momentum has marked a significant extension of that which was first incurred when BTC dipped to lows of $3,800 in mid-March, and the crypto has now erased virtually all of the losses that were incurred during this meltdown. Analysts are now growing increasingly bullish on the cryptocurrency, explaining that its extreme strength in the face of a backdrop of global bearishness is allowing it to quickly becomes a higher version of gold. There are, however, a few key hurdles Bitcoin must first jump over in order for this possibility to be validated. Bitcoin’s Uptrend Highly Bullish Despite Retrace from Daily Highs; Claims Analyst At the time of writing, Bitcoin is trading up just under 6% at its current price of $8,900, marking a massive climb from recent lows of $7,700 and only a slight retrace from daily highs of $9,500. These highs were set last night when bulls overextended themselves, propelling the crypto before quickly losing their momentum. Bitcoin’s ability to hold strong within the upper-$8,000 region does appear to be an overtly bullish sign, as it indicates that bulls have begun establishing some notable support within this area. One analyst on Twitter explained why the benchmark crypto is still highly bullish even in the face of this morning’s retrace, pointing to its low open interest and only minor uptick in funding rates to justify this notion. “Despite the morning crash, the BTC move was very bullish. Funding barely increased, aggregated OI didn’t increase by much, and Bitmex OI decreased. That speaks of the move driven by spot buyers rather than excessive leverage. The 50% retracement was welcome after +20% in 24H,” he explained. BTC’s Strong Performance Against Global Markets Bolsters “Gold 2.0” Narrative The “digital gold” narrative that many investors had subscribed to throughout the past few years is finally showing some signs of being validated, as Bitcoin is now trading up significantly against virtually all major assets. Another respected analyst mused this narrative’s validation in a recent tweet, explaining that all BTC needs to do now is capture more market-share, and then it will be well on its way to becoming a “higher beta gold 2.0.” “Even with this recent correlation, Bitcoin is still making quite a case for itself as a higher beta gold 2.0. All it needs to do is capture a bit more market-share. I think over the next 10 year period it is one of the best performing assets,” he explained. Image Courtesy of Skew If this trend of outperformance in spite of the global turbulence persists, BTC could quickly validate that it is largely decoupled from the traditional markets. Featured image from Unplash.

from NewsBTC https://ift.tt/3f6u6xs
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin RSI Hits Highest Since June 2019 Top, May Signal Bull Market

The latest rally in Bitcoin has caused the Relative Strength Index to reach shocking highs. Such a reading would typically indicate a pullback is due, however, it can also be a signal that the bull market is back in full force. Comparing the RSI to past Bitcoin bear and bull cycles, provides clues as to what may happen next for Bitcoin price, as the asset inches ever closer to its block reward halving. Bitcoin Price RSI Reaches Insanely Overbought Conditions Following Latest Rally After a chaotic collapse in mid-March on a day now known as Black Thursday, Bitcoin plummeted to under $4,000. The drop caused shock and awe across the crypto space, as the record-breaking collapse wiped out all of 2020’s gains and then some. Once the low was hit, Bitcoin price has been on a strong and steady rise ever since. The first-ever cryptocurrency is up nearly 150% from the lows, rocketing to over $9,400 in an overnight push last night. The explosive rally has caused the RSI to reach the highest level since the June 2019 top when Bitcoin reached $14,000. Such an overbought reading on the technical analysis indicator created by J. Welles Wilder Jr. who also created the Parabolic SAR, and Average Directional Index, would normally suggest a pullback or reversal is due. But when it comes to Bitcoin, RSI readings that high may be a sign the bull market is back. Relative Strength Index Remains Overbought in Bull Markets The Relative Strength Index – or RSI for short – is a momentum indicator that measures the strength of price action, letting analysts understand when assets become highly overbought or oversold. The indicator provides a visual representation on a line chart that oscillates back and forth. When an asset reaches 70, it is considered overbought, and 30 represents oversold levels. Traders can adjust this according to risk appetite, but the idea remains the same: any extreme deviations above 70 or below 30 mean a change in direction is likely. Related Reading | Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017  But when it comes to Bitcoin during a bull market, the RSI can reach wild extremes, and the price can keep rising for a lot longer than expected. In the chart above, each red verticle line represents a large spike in RSI during a bull market. Notice how each peak in RSI rises far above the 70 mark, and oftentimes, the price keeps on rising, even if the RSI is dropping. RSI peaking ahead of the price of an asset often signals a divergence and is a more accurate sign of a reversal during a bull market than simply reaching overbought conditions. At the top of the 2017 bull market, RSI peaked ahead of the $20,000 top, and RSI never reached that high again, until the 2019 June top, and again now. Is the bull market truly back for Bitcoin?

from NewsBTC https://ift.tt/2zLC4Mu
Find The best Lending Program Top CryptocurrencyLending Program

Altcoins Face The Most Important Weekly Close in Crypto History

Two separate charts taking a top-down view across the wider crypto market may provide clues as to where the altcoin asset class is headed. Each chart shows that altcoins are at potentially their most critical moment yet, and are facing the most important weekly close yet at the end of this week. Altcoins Start 2020 Strong, But Black Thursday Crypto Collapse Backtracked Breakout As 2020 first got underway, altcoins broke out from two-year downtrend lines and carried on into the stratosphere with powerful recovery rallies. The likes of Ethereum, Tezos, and Chainlink greatly outperformed Bitcoin, but eventually, all assets were caught up in the Black Thursday destruction that occurred in mid-March, wiping out all of the early 2020 gains and sending these assets tumbling back to extreme lows. Related Reading | Buy Signal on Litecoin Paves Way For Astronomical Crypto Altseason  While many individual assets had broken out of long-term trendlines, the overall altcoin market cap paired with USD was showing that the downtrend line was still intact, and could be partly responsible for cryptocurrency falling back to lows. However, during the collapse, the breakout of the altcoin/BTC chart, depicting Bitcoin‘s dominance over the altcoin market, has held. Coinciding with another potential, and this time sustainable breakout of the altcoin market cap, a downtrend line on Bitcoin dominance is also holding as support, potentially signaling that this weekly close could be the most critical for altcoins ever. In the chart above, the downtrend line has been pierced by the most recent price action. The push higher from altcoins was driven largely in part by a massive XRP pump this week, along with another Ethereum rally. The same downtrend line on the total crypto market cap minus Bitcoin, showing just altcoin market cap only, clearly rejected buyers in early 2020, but the recent price action has resulted in another attempt, that thus far is holding. In the chart below, which represents the altcoin market cap trading against BTC, also known as BTC dominance, the downtrend line was already broke through and is being retested currently on weekly timeframes. The line holding for alts could mean that an alt season is just around the corner, and these alternative crypto assets could soon outperform Bitcoin. But with Bitcoin’s halving, many analysts think that altcoins could get crushed by the volatility in Bitcoin, which would suggest this line does not hold and a fall deeper for alts against BTC is likely. Related Reading | Altcoins Could Get Crushed By BTC Halving Volatility, Here’s Why  However, if the BTC dominance downtrend line holds, altcoins would have no further diagonal resistance to contend with, and would have a lot larger of a chance of reclaiming higher horizontal support levels, and pushing much higher. But it all depends on this weekly close, which is critical for both Bitcoin and alts.

from NewsBTC https://ift.tt/2SnxPNq
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Price Working on Monthly Bullish Engulfing: What It Means

Bitcoin price recently exploded from under $7,800 to over $9,400, just twelve full days before the asset’s block reward halving. The powerful push from last month’s extreme low set during Black Thursday, to current levels, has caused a bullish engulfing candle to form on monthly Bitcoin price charts. But what exactly does this mean for the asset if tonight’s critical monthly closes as a bullish engulfing? Bitcoin Price Could Close Monthly With Powerfully Bullish Statement At the start of 2020, the stage was set for Bitcoin and the rest of the cryptocurrency market’s next bull run. Bitcoin price had rallied from $6,800 to over $10,000, and altcoins everywhere broke out from downtrend lines and went on explosive uptrends of their own. But the coronavirus caused a massive asset selloff and liquidity crisis now dubbed Black Thursday, which resulted in an epic stock market crash and Bitcoin plummeting to under $4,000. Related Reading | Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017  From the low, Bitcoin price has now risen nearly 150% to over $9,400 at the peak. The powerful surge from the lows, has resulted in a bullish engulfing candle on monthly Bitcoin price charts. If tonight’s daily close – also the monthly timeframe candle close – the bullish engulfing will forever be left on the Bitcoin price chart as a reminder to buy even the most extreme dips in crypto. What Is a Bullish Engulfing Candle and What Does It Mean for Crypto Investors? Bullish engulfing candles are typically a powerful statement from bulls, that bears are no longer in control, and bulls will soon show their true power. These Japanese candlestick formations are often reversal signals, although they can also mean continuation mid-trend following short-term pullbacks. Related Reading | All Bitcoin Fundamentals Scream “Buy” Says Prominent Market Researcher  When bullish engulfing candles are confirmed, they are usually followed with additional candles in the bull’s favor. However, not all bullish engulfing candles confirm, even if the monthly candle closes as one. In the below examples, a number of other bullish engulfing candles have been highlighted. The most recent bullish engulfing candle, prior to the current April candle, was in January as Bitcoin price touched over $9,000. The next candle, was rejected, and it caused the Black Thursday collapse in the following month. But the rebound as been nearly as dramatic as the fall itself, and with the halving in just twelve days, there is a far higher likelihood the bullish engulfing candle is confirmed with further upside and green candles form crypto bulls ready to embark on the next bull run. But before this happens, Bitcoin price must close tonight’s daily and monthly candle as over $8,750. Given the momentum the asset currently has, it is highly possible, unless bears step in within the next few hours and manage to push Bitcoin back down to recent lows for yet another retest.

from NewsBTC https://ift.tt/3bXB7Pu
Find The best Lending Program Top CryptocurrencyLending Program

Fears of Bitcoin Dump Intensify as Price Fails to Break 2017-2020 Resistance

Bitcoin popped towards its two-month high early on Thursday, breaking above $9,400 amidst halving hype. But the cryptocurrency failed to secure its intraday gains as it corrected lower by about $937 from the local top. The pullback started at the same level that has been capping bitcoin’s upside attempts since the 2017 bull run. It was a glorious morning for bitcoin as its price rocketed past $9,400 for the first time in two months. The top cryptocurrency was itching to make a comeback ever since it crashed by more than 50 percent in mid-March. A price rebound that ensued in the latter half of March, followed by an extended upside move throughout April, helped bitcoin recover fully – from $3,880-low to $9,478-high established April 30. Nevertheless, the cryptocurrency’s uptrend is hinting to run out of fuel as it flirts with its long-term technical resistance. Descending Trendline The thick descending trendline stopped bitcoin from closing above $20,000, its all-time high, in December 2017. It again spoiled the cryptocurrency’s bullish attempt above $14,000 in August 2019. And the same level served as a no-entry zone to bitcoin’s advances above $10,500 in February 2020. BTCUSD tests its long-term resistance trendline | Source: TradingView.com, Coinbase Even today, the bitcoin price reversed wildly after testing the same descending trendline, falling back to as low as $8,541 on Coinbase crypto exchange. What It Means for Bitcoin Technical levels are psychological – places where a majority of traders tend to express a unified market bias. So far, traders have treated the Descending Trendline as their cue to exit their long positions. They have been unable to breach above the level since 2017. Bitcoin could either break above the trendline to begin a new bull run or extend its downside pullback to start a deeper correction towards a similarly strong, blacked Ascending Trendline. Given the prevailing fundamentals, traders are more likely to hold their positions near the Descending Trendline. It is due to bitcoin halving, an event that will slash the cryptocurrency’s daily mining reward rate from 1,800 BTC to 900 BTC on March 12, 2020. Most analysts see it as a long-term bullish sign, given how the last two halvings followed more substantial price rallies in the bitcoin market. At the same time, the fast-spreading Coronavirus pandemic could prompt investors to exit their risk-on positions to seek safety in cash, as had happened in March 2020. That would decrease the short-term demand for the cryptocurrency, drawing it away from the Descending Trendline. A drawback could crash bitcoin to as low as $5,000 before it bounces again to retest the Descending Trendline. Photo by Kevin Butz on Unsplash Since you’re here… Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

from NewsBTC https://ift.tt/2KMLpG2
Find The best Lending Program Top CryptocurrencyLending Program

Crucial Bearish Factor That Haunted Bitcoin Since $5ks Was Just Invalidated

A reoccurring theme in many Bitcoin analyses over the past few weeks has been mentions of a “rising wedge.” For those unaware, a rising wedge is a common chart pattern marked by a strong uptrend. Although this uptrend may seem bullish from a top-down perspective, rising wedges are textbook reversal patterns. Per Investopedia, this form of technical analysis wedge is often seen amid bear markets, and often result in the asset falling, especially if volume across the period analyzed consistently trends lower. Ever since Bitcoin started to form an uptrend in the wake of the mid-March crash to $3,700, analysts have asserted that the asset is forming a textbook rising wedge, likening BTC’s chart to classic rising wedges. There was even one analysis by a crypto trader that accentuated that BTC’s structure looked exactly as it did prior to the start of the dump from the $9,000s to $3,700 over the span of a week. This analysis, which depicted the cryptocurrency trading in a steep rising wedge, can be seen below. Chart from @CryptoDonAlt (Twitter) But amidst the surge that transpired on April 29th, Bitcoin invalidated this bearish factor, only adding fuel to the cryptocurrency bull case. Bitcoin Invalidates Crucial Bearish Sign, Setting Stage for Strong Rally During the surge over the past two days, BTC has decisively broken above the rising wedge, beating out the high probability it had of breaking below this classic chart formation. As a crypto trader pointed out below, the rising wedge that had constrained Bitcoin’s price for the past six weeks has been decimated, with clear invalidation to the upside. What’s especially notable about this formation of BTC breaking above a rising wedge after a bear market, this is the exact same market structure that marked the start of 2019’s bull run, which brought prices from the $4,000s to $14,000 in three months’ time. Chart from @RookieXBT (Twitter) History rhyming, as the trader’s chart seen above shows, will see Bitcoin rally past $14,000 by the start of June. What’s Behind the Explosive Move?  With the cryptocurrency market somehow beating the odds to break a rising wedge to the upside, some have been left wondering what has managed to push Bitcoin higher. Executives recently had an answer to this pressing question, sharing their opinions with Bloomberg. Roch Rosenblum, the co-head of trading at GSR, remarked that the ongoing BTC rally is predicated on the macroeconomic environment: “This latest run past $8,000 is as much about positive macro sentiment as it is about the upcoming halving. We’re starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May.” This optimism was echoed by Zac Prince, a co-founder of BlockFi, who said that the “current market dynamics are driving a bolstered interest [for] digital currency.” These dynamics he was referencing was the Federal Reserve’s commitment to money printing and the growth in stablecoins. Photo by Liza Rusalskaya on Unsplash

from NewsBTC https://ift.tt/3f1asTE
Find The best Lending Program Top CryptocurrencyLending Program

Ripple (XRP) Defies Gravity: Main Reasons $0.25 or $0.26 Are Likely Targets

Ripple extended its rally above the $0.2200 resistance against the US Dollar. XRP price is showing many positive signs and it could continue to rise towards $0.2500 or $0.2600. Ripple price is up close to 10% and it climbed above the $0.2300 level against the US dollar. It tested the $0.2350 resistance and currently consolidating gains. There is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair remains in a nice uptrend and it could continue to rise towards the $0.2500 resistance level. Ripple Price Breaks Key Hurdle This week, there was a strong uptrend in ripple above the $0.2000 resistance. Yesterday’s XRP price fueled bitcoin and it rallied more than 15% to test the $9,000 resistance level today. XRP price is following a nice uptrend and it recently surged above the $0.2200 and $0.2300 resistance levels. The bulls even pushed the price towards the $0.2350 resistance, with a strong close above the 100 hourly simple moving average. A new monthly high is formed near $0.2356 and the price is currently consolidating gains. An initial support is near the $0.2285 level. It is close to the 23.6% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high. Moreover, there is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair. If ripple fails to stay above the $0.2280 support level, there could be an extended decline. Ripple Price The next major support is seen near the $0.2200 level or the 50% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high. Any further losses could lead the price towards the $0.2120 support or even 100 hourly simple moving average. More Upsides? Ripple is clearly trading in a strong uptrend above the $0.2280 support area. On the upside, an initial resistance is near the $0.2350 level. If there is a clear break above the $0.2350 resistance and the $0.2356 high, the price could continue to rise towards the $0.2500 resistance. The next major hurdle above $0.2500 is near the $0.2600 level. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly reducing its current bullish slope. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the 80 level. Major Support Levels – $0.2280, $0.2200 and $0.2120. Major Resistance Levels – $0.2350, $0.2420 and $0.2500. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

from NewsBTC https://ift.tt/2VMh8gS
Find The best Lending Program Top CryptocurrencyLending Program

Ethereum Rally Seems Unstoppable: Here’s Why It Could Test $250

Ethereum is up more than 12% and it broke the $220 resistance against the US Dollar. ETH price is likely to continue higher and it could even test the $240 and $250 levels. Ethereum is surging and it recently broke the $215 and $220 resistance levels. The price is now trading well above the $200 pivot level and the 100-day simple moving average. There was a break above a major bearish trend line with resistance near $200 on the daily chart of ETH/USD (data feed via Kraken). The pair is likely to continue higher towards the $240 and $250 resistance levels. Ethereum Price Primary Target Hit Yesterday, we discussed the chances of a strong rise in Ethereum above the $200 resistance against the US Dollar. ETH price did gain bullish momentum above $200 and surged more than 12%. Bitcoin also rallied more than 15% above $8,000 and $8,500. It sparked more upsides in Ether above the $210 level and the price tested the first bullish target of $220 (as discussed in yesterday’s post). During the rise, there was a break above the 50% Fib retracement level of the last key decrease from the $287 high to $90 swing low. Moreover, there was a break above a major bearish trend line with resistance near $200 on the daily chart of ETH/USD. Ethereum Price Ethereum is now trading nicely in a strong uptrend above the $220 level. An initial resistance on the upside is seen near the $240 level. It is close to the 76.4% Fib retracement level of the last key decrease from the $287 high to $90 swing low. The next key resistance is near the $250 level (a multi-touch zone). If the bulls continue to gain strength, there are high chances of more upsides above the $240 and $250 resistance levels. Chances of a Downside Correction? If Ethereum fails to clear the $240 resistance level, there are slight chances of a downside correction. An initial support is near the $212 level. The first major support is now near the $200 level and the same broken bearish trend line. If the price fails to stay above the key $200 support zone, there is a risk of a larger correction towards $185. Technical Indicators Daily MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Daily RSI – The RSI for ETH/USD is currently near the overbought levels. Major Support Level – $200 Major Resistance Level – $250 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

from NewsBTC https://ift.tt/3d464BF
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Roars Past $9,000 as Frantic FOMO on Binance & Coinbase Continues

The past 24 hours have been explosive for the Bitcoin market. Ever since breaking past $7,800 on Wednesday morning, the cryptocurrency has been in a nearly unstoppable uptrend, rallying past resistance after resistance in the $7,000s, $8,000s, then most recently, the ever-important $9,000 level. This steep uptrend comes on the back of an influx of buying volume on retail exchanges such as Coinbase, which temporarily crashed on Wednesday due to the influx of buying activity. Binance, too, saw an influx of volume, with the exchange registering $11 billion worth of trading activity in 24 hours.  Just minutes ago as of the time of this article’s writing, BTC has hit $9,200 — more than 17% higher than it was just 24 hours ago. This is the highest the cryptocurrency has traded since the first week of March, just prior to the capitulation event that took Bitcoin to $3,700. Chart from TradingView.com Although few shorts were liquidated during this latest leg higher from $8,800 to $9,200, Skew.com data indicates that the past 24 hours have seen more than $90 million worth of BitMEX shorts liquidated. It’s a stunning trend that shows that few investors expected Bitcoin to rally so high and so fast. What Comes Next for Bitcoin?  With few investors expecting the cryptocurrency to rally so quickly, they have looked to technical analysis to try and determine what comes next for Bitcoin. One crypto trader remarked that with Bitcoin breaking past the $7,800-8,000 resistance cluster, which he called the point at which bears will have their “last stand,” the chance at upside has grown dramatically. Bloomberg, on the other hand, is warning of an imminent correction. The outlet warned in an article published when Bitcoin was trading in the mid-$8,000s that the GTI Global Strength Indicator — a measure tracking an asset’s trend — recently printed a reading of over 70 for Bitcoin. Chart from Bloomberg With a reading of “70” coinciding with the point at which assets become technically overbought, Bloomberg warned that “it may be difficult for the token to notch additional gains in the short-run.” Factors Behind This Explosive Move It’s hard to tell exactly what the collective crypto diaspora is thinking, but analysts say that the recent price action can be attributed to fundamental trends. Roch Rosenblum, the co-head of trading at GSR, remarked to Bloomberg in the aforementioned article that the ongoing BTC rally is predicated on the macroeconomic environment: “This latest run past $8,000 is as much about positive macro sentiment as it is about the upcoming halving. We’re starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May.” This optimism was echoed by Zac Prince, a co-founder of BlockFi, who said that the “current market dynamics are driving a bolstered interest [for] digital currency.” These dynamics he was referencing was the Federal Reserve’s commitment to money printing and the growth in stablecoins. Photo by vikram sundaramoorthy on Unsplash

from NewsBTC https://ift.tt/2SipUkI
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Rallies 15% And It’s Now And Primed To Hit $9.5k: Technicals Show

Bitcoin is up more than 15% in a pre-halving rally against the US Dollar. BTC broke the key $8,000 resistance and the 100-day simple moving average to open the doors for $9,500 or $10,000. Bitcoin is surging and it settled nicely above the $8,000 resistance pivot level against the US Dollar. The price is gaining momentum above the 100-day simple moving average and it could test $9,500. There is a major bullish trend line forming with support at $7,400 on the daily chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but dips remain well bid near $8,000. Bitcoin Price Surging Towards $9,500 and $10,000 Yesterday, we discussed how bitcoin price could start a pre halving rally against the US Dollar. BTC price broke a few important resistance levels near the $8,000 zone to move into a strong uptrend. The bulls gained strength above the $8,000 level and the 100-day simple moving average. There was a break above the 61.8% Fib retracement level of the last key decline from the $10,495 swing high to $3,931 low. Bitcoin cleared a connecting resistance trend line with resistance near $8,020 on the daily chart. It opened the doors for sharp rise and the price rallied above the $8,500 level. It tested the 76.4% Fib retracement level of the last key decline from the $10,495 swing high to $3,931 low. Bitcoin Price Clearly, the bulls are in control, signaling a strong rise above the $8,800 and $9,000 resistance levels. The next major resistance is near the $9,500 level (a multi-touch zone). Any further gains above the $9,500 resistance could start a convincing upward move towards the $10,000 resistance level in the near term. Downside Correction? The current rise in bitcoin could face hurdles near the $9,500 resistance level. If it starts a downside correction, there are many supports waiting on the downside starting with $8,500. The first major support is near the $8,000 level (the recent breakout zone). There is also a major bullish trend line forming with support at $7,400 on the same chart. Overall, dips remain well supported on the downside if the price corrects lower from the current levels or $9,500. Technical indicators: Daily MACD – The MACD is currently gaining momentum in the bullish zone. Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone. Major Support Levels – $8,500 followed by $8,000. Major Resistance Levels – $9,000, $9,400 and $9,500.

from NewsBTC https://ift.tt/2yT50BG
Find The best Lending Program Top CryptocurrencyLending Program

Binance Sees Record High Trading Volume as Investors Flood into Crypto

The crypto market has been able to add on over $20 billion to its total capitalization, with the upswing seen today by Bitcoin and many of its smaller counterparts marking a full erasure of the losses incurred during the mid-March meltdown. The significance of today’s price action extends far beyond just boosting the market’s technical strength, as it has also revitalized investors – an occurrence indicated by trading volume on crypto exchange Binance hitting a fresh all-time high today. This comes as the benchmark cryptocurrency’s fundamental undercurrent grows stronger, with the influx of new retail investors into BTC suggesting that there may be a shifting market dynamic that ultimately allows it to continue climbing higher. Crypto Market Volatility Surges, Sending Trading Volume on Binance to an All-Time High Bitcoin and the entire crypto market saw intense bull-favoring volatility this morning that came about when BTC pushed from lows of $7,700 to highs of nearly $9,000, at which point it met some resistance that led it to decline slightly. In the time since making this massive movement, the market has entered what is likely a short-term bout of consolidation as the dust from this push settles. There was a trail of blood left in the wake of this volatility, as over $100 million in Bitcoin short positions were liquidated today on Bitmex alone – according to data from analytics platform Skew. Image Courtesy of Skew Trading volume also spiked as a result of this volatility, as Changpeng Zhao – the CEO of cryptocurrency exchange Binance – explained in a recent tweet that trading volume on his exchange hit an all-time high of $11 billion over the past 24-hours. “ATH in trading volume on Binance, $11 billion in 24 hrs,” he said, further going on to explain that he believes the last time a number of this magnitude was seen was in January of 2018. ATH in trading volume on @Binance, $11 billion in 24 hrs. https://t.co/lx27tfP8Db — CZ Binance (@cz_binance) April 29, 2020 Fundamental Strength Continues Building Bitcoin’s ongoing rally may be different than the fleeting ones seen in years past, as the crypto is now being guided higher primarily by retail traders. Data from Skew further elucidates this notion, as the cryptocurrency’s open interest has been remaining stagnant below $500 million – suggesting that margin and futures traders have largely been sidelined. This is in stark contrast to the activity seen amongst retail traders. NewsBTC reported yesterday that data shows that the growth of new Bitcoin wallet addresses with a non-zero balance has been rocketing in recent times. Image Courtesy of Glassnode Passive investors who are buying crypto as a mid-to-long term investment may not be as apt to sell it quickly as margin traders are, providing the BTC with an undercurrent of stability that leads it higher. If the traditional markets continue on their path to recovery as well, this could further boost the entire crypto market. Featured image from Unplash.

from NewsBTC https://ift.tt/3aIBU5i
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Enters “Buy the Dip” Territory After Surmounting Critical Level

The uptrend that Bitcoin has been caught within in the time following its capitulatory decline to lows of $3,800 appears to have reached a boiling point earlier this morning when the benchmark crypto printed a massive $1,000 candle. This came about as the crypto rocketed from lows of $7,700 to highs of $8,800 – a major upside movement that appears to have thrown it into extremely bullish territory. BTC’s latest movement invalidated a previously bearish technical formation that it was previously caught within, and has now put the crypto into firm “buy the dip” territory – according to one analyst. Bitcoin Sees Meteoric Rally to $8,800 as Bulls Invalidate Previous Bearishness Bitcoin has seen a massive upswing today that has allowed it to print one of the largest single day green candles seen in months. At the time of writing, BTC is trading up well over 12% at its current price of $8,750, marking a massive climb from daily lows of under $7,700 that were set yesterday around this time. Bull’s bid to push the benchmark cryptocurrency up towards $9,000 today has allowed it to erase virtually all of the losses that came about during the meltdown seen in mid-March. The capitulatory decline on March 12th – a day now referred to as “Black Thursday” – led Bitcoin to decline from highs within the lower-$8,000 region all the way to $3,800. Buyers have now firmly tipped the scales back into their favor, attempting to fully invalidate the bearish market structure that resulted from this move. One example of this can be seen while looking towards the bearish falling wedge pattern that had been formed throughout the past several weeks. Image Courtesy of Mohit Sorout As seen on the above chart offered by Mohit Sorout – a founding partner at Bitazu Capital – this $1,000 green candle came just days before Bitcoin was slated to reach the apex of this formation. BTC Enters Firm “Buy the Dip” Territory on Heels of Latest Upswing  Analysts now believe that dips are for buying, as the cryptocurrency may be well positioned to see a sustainable uptrend in the days and weeks to come. This possibility was mused by a popular pseudonymous trader on Twitter, who explained that Bitcoin has entered bull territory ever since it broke above $8,400 earlier today. “BTC – I wanted to do a quick update on the $8.2k – $8.4k chart to visually show how important this level is. With the break of $8.4k, we are in buy the dip territory. Doesn’t really matter if you weren’t buying the dip before here imo. Plenty of upside left,” he explained. Image Courtesy of UB Although sharp upwards movements like the one seen today can be followed by notable retraces, as long as bulls hold the crypto steady within the $8,000 region it does appear that further upside is imminent. Featured image from Unsplash.

from NewsBTC https://ift.tt/2WeQGve
Find The best Lending Program Top CryptocurrencyLending Program

Ethereum is About to See Massive Upside as Bulls Move to “Cancel” Bearish Divergence

Ethereum, like most other major altcoins, has seen some intense upwards momentum today that has allowed the cryptocurrency to significantly extend its recent uptrend as it begins showing signs of going parabolic again. This latest move has allowed the crypto to nearly invalidate a previously bearish technical formation that it was caught within, leading analysts to target significantly further near-term upside. Traders are taking notice of this growing technical strength, as ETH’s open interest has rocketed by over 50% in the past several hours – a sign that active investors are anticipating it to see further volatility in the near-term. Ethereum Shatters $200 Resistance Level as Bulls Set Their Sights on Further Upside At the time of writing, Ethereum is trading up just under 7% at its current price of $210 – marking a notable climb from daily lows of $196, and an even more significant climb from weekly lows of $180. Today’s upswing came about in tandem with Bitcoin’s break above the $8,000 region, and the benchmark cryptocurrency is currently flashing signs of immense technical strength that could lead may of its smaller counterparts to climb significantly further. The lower-$200 region does have some historical importance for Ethereum, as this happens to be the level at which the cryptocurrency’s uptrend in early-February turned parabolic. Its previous break into this region led it to climb to as high as $290 before it lost its momentum and faced a serious decline that ultimately led it to the sub-$100 region. It now appears that the crypto is gearing up for further upside, as bulls are moving to invalidate a highly bearish ascending wedge that it has been caught within throughout the past several days. “4h ETH trying to cancel the bear div,” one popular analyst noted while pointing to the chart seen below. Image Courtesy of Josh Olszewicz The ultimate invalidation of this pattern could trigger some major volatility, and traders appear to be anticipating this – as seen by the massive climb in Ethereum’s open interest on Bitmex, per data from Skew. Image Courtesy of Skew Here’s How Far This Rally May Extend Analysts seem to believe that this ongoing uptrend will lead it higher in the hours and days ahead. One popular pseudonymous trader on Twitter explained in a tweet that he thinks Ethereum will push as high as $235 in the near-term. “Ethereum: Held the $190 level for support and now grinding upwards. Next resistance hit here. Retest of $198 would be a potential long entry towards $226-235. Still pretty clear uptrend. As long as BTC doesn’t clearly top out, altcoins can follow suit,” he stated. Image Courtesy of Crypto Michael How Bitcoin trends in the days ahead could have heavy influence over whether or not Ethereum also continues pushing higher, but the overall crypto market’s outlook is looking bright. Featured image from Shutterstock.

from NewsBTC https://ift.tt/3bViVWI
Find The best Lending Program Top CryptocurrencyLending Program

One Big Bearish Pullback Could Send Ripple’s XRP Back to YTD Highs

Ripple blockchain’s native cryptocurrency XRP hit its seven-week high during Wednesday trade. The gains came as a part of a broader cryptocurrency market uptrend that saw every high-cap token painting fresh local highs. But XRP’s interim uptrend could run out of breath as price tests a strong technical resistance. XRP, the cryptocurrency that finds use in Ripple’s blockchain payment protocol, was trading higher during Wednesday’s trading session. The fourth-largest crypto token surged 8.26 percent into the day to hit a seven-week high at $0.231. Its move uphill brought its net rebound up by 103 percent, more than a month after the price fell to the year-to-date (YTD) low near 0.114. At its highest in 2020, XRP was trading at $0.346. Driving Under Influence XRP wasn’t the only cryptocurrency registering gains. Its strong performance was reflected in the rest of the cryptocurrency market. After the epic crash in March, all the coins rebounded to negate their losses, with Bitcoin, Ethereum, Binance, EOS, and many others making a full retrace. So it appears, price rallies in the altcoin market tailed optimistic sentiments in the Bitcoin market. The benchmark cryptocurrency, BTC, will go through a scheduled block reward halving event, wherein its daily mining reward will go down by half from 1,800 coins per day to 900. Traders believe higher scarcity could make bitcoin more valuable. Correlation chart between different leading crypto tokens | Source: CryptoWatch XRP has a moderately positive correlation with Bitcoin – ticking at 0.80 on a 30D timeframe, according to data available at CryptoWatch. It shows that the Ripple crypto’s gains merely tailed the halving optimism in the Bitcoin market – and may continue to do so heading further into the second quarter of 2020. Big Ripple Pullback Reading of Ripple’s daily charts, on the other hand, shows a cautious price outlook. The XRP’s daily Relative Strength Indicator (RSI) represents it as an overbought asset, noting that its price is way out of its neutral zone and, therefore, must correct lower. Meanwhile, another technical fractal somewhat says the same thing. XRPUSD near key technical resistance, awaiting pullback | Source: TradingView.com, BitStamp The XRPUSD exchange rate is trending upwards in an Ascending Channel, now testing its Resistance trendline for an interim pullback. Meanwhile, the resistance coincides with the 0.23% Fibonacci retracement level of the graph drawn from $0.346-highs to 0.114-lows. Coupling both the indicators with Ripple’s daily RSI readings raises the possibilities of its price heading lower in the coming sessions. Ideally, it would retest the Channel support that falls alongside the 38.2% Fibonacci retracement level – at $0.20. A pullback does not take Ripple out of its bullish bias but creates opportunities for new traders to enter the market. Therefore, the Ripple price may bounce back – also owing to its positive correlation with a bullish Bitcoin. A higher low formation, as noted trader Michaël van de Poppe thinks, could lead XRP to its YTD high. Photo by Kupono Kuwamura on Unsplash

from NewsBTC https://ift.tt/35f0CJg
Find The best Lending Program Top CryptocurrencyLending Program

Total Cryptocurrency Market Cap Adds $20 Billion In Less Than 24 Hours

Bitcoin and the rest of the cryptocurrency space is currently a sea of green after today’s rally added over $20 billion in market cap to the total cryptocurrency market. In less than 24 hours, the total market cap across all cryptocurrencies combined, grew by over 10% thanks to a massive surge from Bitcoin and continued growth in a variety of altcoins. Bitcoin Pre-Halving Rally Brings Over $20 Billion Back to Crypto Market The hype surrounding Bitcoin’s upcoming halving in just two weeks may have pre-emptively sparked a new bull market, as the latest rally has added over $20 billion and counting to the overall total cryptocurrency market cap. Bitcoin has been on a strong, upward trajectory after bouncing from the lows around $4,000 last month. The Black Thursday crash send Bitcoin tumbling and crushed the hopes for a pre-halving rally. Related Reading | Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017  Over the last seven weeks, however, Bitcoin has been on a tear. The last seven weekly price candles have been green, occurring for the first time since the 2017 crypto bubble. Today, the asset exploded above $8,700 and carried the rest of the crypto space along with it. The resurgence across the cryptocurrency market may only be the starting. After each previous halving, Bitcoin price has skyrocketed to new highs. Early Altcoin Season Contributes to Cryptocurrency Market Growth Coinciding with the bullish Bitcoin event, altcoins have been showing signs of a strong recovery. XRP and XLM, two of the worst performing altcoins over the last three years have suddenly gone on powerful rallies against both Bitcoin and USD. Buy signals have triggered across dozens of altcoins, including the market leader Litecoin, which often rises ahead of the rest of the asset class. Despite Bitcoin’s recent boom, BTC dominance has been dropping, signaling that an altcoin season may be on the way. Related Reading | Latest Crypto Rally Kicks Off Day With Nearly $100 Million Liquidated Shorts However, some analysts are concerned that any Bitcoin volatility during the halving could lead to potential problems for altcoins, that often crash when Bitcoin pumps or dumps. The best environment for altcoins to thrive is sideways Bitcoin price action. But with how bullish the halving is expected to be, or how bearish things could turn if it doesn’t perform as expected, altcoins could suffer another crash in the days ahead. Regardless of another trip to retest lows, most altcoins have now broken out from long-term trendlines, and with BTC dominance falling once again, most signs are pointing to not only a new alt season but a Bitcoin bull run as well. This first $20 billion added may only be the start. Featured image from Pixabay  

from NewsBTC https://ift.tt/2Waa3Wn
Find The best Lending Program Top CryptocurrencyLending Program

Analysts Explain Why CME’s Bitcoin Futures Just Exploded 15% to $9,000

Bitcoin bulls have not let up the pressure since breaking $7,800 just 12 hours ago. As of the time of this article’s writing, the cryptocurrency just broke past $9,000 for the first time in seven weeks. With this, BTC is up 15% in the past day. The $9,000 price point has only been printed on the CME’s Bitcoin futures contract and a select set of exchanges thus far, but considering the momentum that the cryptocurrency has seen, a market-wide $9,000 Bitcoin seems to be a matter of time. Chart from TradingView.com From the lows of $3,700 seen during the March crash, the cryptocurrency has gained a jaw-dropping 140%, out-performing basically any other multi-billion-dollar asset within that same time period. It’s a stark reminder of the resilience of this space amid tumultuous macroeconomic times. What’s Behind the Explosive Bitcoin Move? Speaking to Bloomberg on April 29th, top executives in the cryptocurrency space weighed in on what is likely causing Bitcoin to rally so far, so fast. Roch Rosenblum, the co-head of trading at GSR, remarked that the ongoing BTC rally is predicated on the macroeconomic environment, which he suggested is working in the favor of cryptocurrency: “This latest run past $8,000 is as much about positive macro sentiment as it is about the upcoming halving. We’re starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May. This clearer path forward helps explain why stocks and Bitcoin stabilized over the last seven days, along with today’s burst.” Zac Prince, a co-founder of BlockFi, took a slightly different approach. While he attributed some of the recent positive market trends to the halving, the industry executive remarked that the “current market dynamics and driving a bolstered interest [for] digital currency.” This was a comment made in reference to his belief that the Federal Reserve printing money to the tune of trillions of dollars and stablecoins seeing adoption are creating a perfect storm for Bitcoin to push higher. Bloomberg Warns of Correction Although BTC is experiencing these positive fundamental trends, Bloomberg warned in the same article that the bullish moves the cryptocurrency has undergone could soon be reversed due to technical and fundamental factors. The GTI Global Strength Indicator — a measure tracking an asset’s trends — recently exceeded a reading of 70 for Bitcoin, suggesting that “it may be difficult for the token to notch additional gains in the short-run.” Chart from Bloomberg Craig Erlam, a senior market analyst at Oanda, echoed the sentiment from a fundamental standpoint, remarking to the outlet: “The Bitcoin halving in under two weeks may explain some of the bullish activity by speculators. But you have to think that an event that has been in the diary for so long will already be priced in. This could see some of these moves faded as we hit halving day.” Featured Image from Unsplash

from NewsBTC https://ift.tt/2KHme7K
Find The best Lending Program Top CryptocurrencyLending Program

Fund Manager That Called BItcoin’s 2019 Bottom Thinks BTC Will Top at This Level

The head of Hedge Fund Telemetry, Thomas Thorntown, has been extremely accurate at predicting Bitcoin’s tops and bottoms. By employing the Tom Demark (TD) Sequential indicator, the trading veteran has been able to forecast the direction of BTC’s trend. In mid-December 2019, for instance, while the flagship cryptocurrency fell below $6,500, Thorntown noticed the formation of a sequential 13 candlestick. Consequently, the technical analyst stated that Bitcoin was bound for a bullish reversal, which resulted in a rally to nearly $10,700. Now, Thorntown noted in a tweet that the bellwether cryptocurrency is approaching an “overbought” territory that may trigger a price correction. Optimism Grows as Bitcoin’s Halving Approaches Bitcoin has managed to reclaim the $8,000 resistance level as support over the past 24 hours. The bullish momentum allowed it to recover the losses incurred during “Bloody Thursday” sending it back to the same levels as seen before the dump, according to Arcane Research. Bitcoin Breaks Above Its 100 and 200-day MA. (Source: Arcane Research) Santiment, a crypto behavior and on-chain analytics firm, believes that Bitcoin’s recent rally is being fuelled by market participants who are growing overwhelmingly optimistic about the upcoming halving. Despite the popular belief that the block rewards reduction event could be the catalyst that pushes BTC into a full-blown bull market right away, data suggests otherwise. A Retracement Is on the Horizon Soona Amhaz, General Partner at Volt Capital, recently published a graph that shows that one month after the most recent halving Bitcoin’s price was down by more than 11%. And, two months later it remained down by 6%. Even though two years later the pioneer cryptocurrency was peaking at a high of $20,000, Amhaz highlighted that the short-term price action following this event is not always optimal. Bitcoin’s Price Around the Halving. (Source: Token Daily Capital) A similar price behavior could be developing now as Thorntown estimates that a retracement is underway. The analyst said to have removed 50% of the long position he entered when BTC was trading at $6,500. The reason behind it is that the TD setup is presenting a sequential 13 candlestick. This type of candle represents a sell signal. Thorntown appears to be aiming for a top between $8,700 and $9,000. However, the bearish formation encouraged him to raise his stop-loss order to $7,800 and take partial profits. Bitcoin update – removing half long position with new DeMark Sequential Countdown 13 and raising hard stop on remaining long to 7800 from 6500 entry pic.twitter.com/ZAuLB9us1W — Thomas Thornton (@TommyThornton) April 29, 2020 Overall Crypto Market Sentiment The Crypto Fear and Greed Index (CFGI) has sensed a shift in the emotions that market participants have about what the future holds for Bitcoin. By analyzing the sentiment from multiple sources such as volatility, market momentum, and social media, CFCI reveals that investors have moved from “extreme fear” to “fear.” From an overall perspective, it appears that the upcoming block rewards reduction event made crypto enthusiasts forget about the havoc that the ongoing pandemic has caused in the global economies. While emotions run high, it is always wise to take profits as Thorntown did to avoid adverse market conditions. Featured Image from Unsplash

from NewsBTC https://ift.tt/35gMgrN
Find The best Lending Program Top CryptocurrencyLending Program

Latest Crypto Rally Kicks Off Day With Nearly $100 Million Liquidated Shorts

All across the crypto market, altcoins like XRP and XLM have been going on massive surges, and Bitcoin has once again reclaimed $8,500. However, the latest crypto rally isn’t positive for every market participant, as the pump has liquidated over $95 million in shorts on BitMEX today alone, and over the last month has amounted to nearly $490 million worth throughout the course of April 2020. Over $95 Million Worth of Bitcoin Positions Liquidated Today Alone, $490 Million For the Month The crypto market is on fire, now that Bitcoin has broken through nearly every overhead resistance it had between it and $10,000. The leading crypto asset by market cap found itself retesting bear market lows surprisingly, as it was caught up in the Black Thursday selloff fueled by the coronavirus. Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash  It fell to under $4,000, then rapidly found its way back at over $8,500, where the asset is currently trading at. On its way up to current levels, overleveraged traders using margin on the crypto trading platform BitMEX, have been liquidated left and right. Both shorts and longs suffered, but as of today, shorts took an exceptional beating, with over $95 million in short liquidations today alone. The number pushed the grand total for the month to nearly $490 million. And with a day to go, the number could continue to balloon to $500 million if Bitcoin continues to pump. Why Crypto Traders Shouldn’t Try to Short The Top of the Current Rally As if the numbers alone didn’t prove that shorting the top of a crypto rally was dangerous enough, there are additional factors that make doing so an especially risky move. Shorting the top in crypto is the opposite of “knife-catching” the bottom, just in inverse. There are enormous profits to be made by doing this, but it can also lead to substantial losses as these traders have learned the hard way. When Bitcoin is especially bullish, short positions are used as fuel to “short squeeze” and cause Bitcoin price to trend higher and higher. This carries the entire crypto market higher. Related Reading | Altcoins Could Get Crushed By BTC Halving Volatility, Here’s Why This is exactly what caused the epic rise in mid-2019 that took Bitcoin to over $13,000. Adding fuel to the fire is the market is currently overly bearish due to the continued coronavirus fears. This could be causing more shorts to stack up, further setting up the perfect storm for a short squeeze. Past recessions have shown that the market rebounds and stays positive for longer than most would expect. This time is likely no different. Bitcoin’s halving also provides more bullish momentum that could keep the short liquidations coming until crypto traders finally give up and start to hold on for dear life instead. Featured image from Pixabay  

from NewsBTC https://ift.tt/3fcJ8lA
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017

In the early morning hours, Bitcoin price surged above $8,000 for the first time since the historic Black Thursday market collapse. The recent high marks longest stretch of consecutive green weekly candles since the 2017 cryptocurrency bull market, which pushed the price of the first-ever cryptocurrency to an all-time high of $20,000. Will this rare occurrence kickstart the next, long-awaited crypto bull run? Bitcoin Price Weekly Candle Turns Green, Marking Seventh in a Row The devastating Black Thursday market collapse crushed the hopes and dreams of crypto investors. The crypto community has long expected Bitcoin’s halving to ignite a new bull run, but a crash to below $4,000 sent sentiment into extreme fear even while the first-ever cryptocurrency’s price continued to rise – week after week. Related Reading | All Bitcoin Fundamentals Scream “Buy” Says Prominent Market Researcher  In the weeks following the record-setting crash, Bitcoin price has doubled in value from the lows. This week’s positive Bitcoin price action now makes for the seventh consecutive green weekly price candle, marking the first time this has occurred since the 2017 bull market. It is also the seventh time in the asset’s history that this has ever happened. Is seven Bitcoin’s lucky number? Lucky Number 7: Previous Weekly Bullish Price Action Led Explosive Impulse Upward Looking back at past Bitcoin cycles, every time this has occurred, it has led to an enormous bullish impulse. Each and every time has almost exclusively been during a bull market. The only bear market rally of similar magnitude set the bottom in late 2015 and started Bitcoin’s trajectory toward $20,000. The first happened just as Bitcoin got started in early 2011, followed by another in 2012. Two of these surges happened in 2013 alone, rising nearly 8,000% that year. The 2014 bear market lacked any such bullish momentum, until late 2015 when the burst in buying marked the bottom. The next and most recent time this happened, was from April through June 2017. At the start of the surge, Bitcoin price was trading at $1,000. By the end, it grew 300% in value. Now, the seventh ever string of seven or more consecutive green weekly candles is here, and it could kick off yet another powerful bullish impulse. But it all depends on a green weekly close. Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash Bitcoin’s halving is just days away at this point, reducing the block reward in BTC miners receive and thus throwing off the balance of supply and demand. The halving has long been expected to be a primary factor behind a new bull market. This is dependent on a Bitcoin price weekly close above $7,750. The asset also has to deal with a critical monthly close tomorrow night. After April’s devastating crash, bulls need to set the record straight and put Bitcoin price back on its bullish path. Featured image from Pixabay

from NewsBTC https://ift.tt/2zEOlCd
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Just Flew to $8,400, Leaving $40M of BitMEX Destruction In Its Wake

Days of consolidation under $7,800 culminated an explosive move on Wednesday, which resulted in Bitcoin rallying from $7,700 to $8,400 within 12 hours’ time — an uptrend of nearly 10%. Chart from TradingView.com Bitcoin has seen an initial rejection at $8,400, a level of technical importance stretching back months, but it has held up well thus far at $8,300 just 60 minutes after hitting $8,400. This resilience the cryptocurrency has seen thus far suggests bears were pushed out of their positions, and are staying out of their positions. Bitcoin Is Becoming a Buyers’ Market Per data from Skew.com, which tracks crypto derivatives markets, just over $40 million worth of BitMEX short positions were liquidated in this controlled rally higher. Although a large sum of money, explosive moves in the BTC price liquidated many millions more over the past few weeks.  With BitMEX’s data also registering a decrease in BTC-denominated open interest since the drop began and a series of positive funding rate prints, it would suggest that Bitcoin is becoming a buyers’ market, boding well for its trajectory. A crypto trader explained this concept quite well when he wrote the following in the wake of BTC tapping $8,400: “I think that OI not rising here much with BTC is actually more bullish when taken in context with how it has regained these levels. […] There can still be a big herd rush of momentum when sidelined players catch up.” Related Reading: The Odds Bitcoin Sees an Exponential Spike Are “Rapidly Increasing”: Here’s Why Trend Flip Bullish as Technical Resistances Fail to Hold Bitcoin’s ability to retake the levels it has in rapid succession have brought the cryptocurrency past key historical resistance levels, adding to the growing bull case. As one crypto trader shared, the $7,800-8,100 zone was “bears’ last stand” due to the confluence of the following resistance levels in that region: The 200-day simple and exponential moving averages The yearly volume-weighted average price The 61.8% Fibonacci Retracement of the $10,500 2020 top to $3,700 bottom. The 21-week simple moving average A so-called “orderblock” (or block of sell orders) And the origin of the March 12th and 13th crash that brought BTC as low as $3,700 Now above these levels, Bitcoin has much less overhead resistance to worry about. It’s important to point out that the cryptocurrency will need to register a daily close above $8,100 to begin the process of invalidating these resistance levels. This positive technical occurrence comes as Bitcoin’s block reward reduction has just become two weeks away. Although the bullish narrative around the halving has recently been questioned by analysts, the arrival of the event could catalyze an influx of BTC buying pressure. As reported by NewsBTC on an earlier date, there’s data from Google Trends and from on-chain analytics companies to suggest that the Bitcoin halving is causing new investors to enter the industry and old investors to accumulate more coins. Photo by Gabriel Gurrola on Unsplash

from NewsBTC https://ift.tt/3aKwrLb
Find The best Lending Program Top CryptocurrencyLending Program

Ethereum Near Levels That Sent Price 25% Down in 2019

The Ethereum price hits eight-week high after rising alongside top rival Bitcoin in tandem. The second-largest cryptocurrency faced resistance near $212, but it could close above it owing to a bullish macro narrative. Its real challenge is to extend its breakout above $226, a level notorious for capping Ethereum’s bullish advances. The price of Ethereum hit an eight-week high after taking cues from its top rival, Bitcoin, which too rose to record levels on Wednesday. The ETH-to-dollar exchange rate established an intraday high at $211.60, up 7.61 percent since the London midnight open. The move uphill came as a part of a broader uptrend that started after the pair bottomed out near $90 in mid-March. Nevertheless, Ethereum was still trading more than 25 percent lower from its year-to-date high of circa $288. ETHUSD rising steadily but risks deeper downside correction | Source: TradingView.com, Coinbase The cryptocurrency post noon pulled back from $211-high. But it hinted to close above the level heading into the upcoming trading sessions. The latest hope that the Federal Reserve would maintain its near-zero interest rates supported the upside move narrative in the cryptocurrency market. Optimism for an extended price rally also took cues from bitcoin, whose bullish bias has grown stronger ahead of its mining reward halving on May 12, 2020. The correlation coefficient between Ethereum and Bitcoin is 0.79 – an almost-perfect linear correlation. If bitcoin rises further due to halving narrative, then Ethereum could follow suit. Tough Resistance Ahead While Ethereum could quickly close above $212-resistance level, which also coincides with the 61.8% Fibonacci level in the chart above, its real battle is with a price ceiling at $226 – the redded horizontal line. Ethereum’s recent upside pullbacks have tested $226 as their resistance targets. Back in 2019, the cryptocurrency tested the level twice in a 30-day timeframe, only to see its price falling back by an average of 25 percent. In the first quarter of 2020, the price broke above it, but that also pushed its momentum indicator (RSI) into an overbought region. ETHUSD Daily RSI heading into overbought zone | Source: TradingView.com, Coinbase Almost all the recent fractals match the current trend scenario. Ethereum is closing towards $226, but its RSI stands overbought, which means a downside correction could happen. Ethereum Support Levels On a positive note, a pullback would find one equally-strong support at 20-daily EMA (blued wave). The curve in March failed to keep Ethreum from falling, primarily because of the panic-selling led by the fast-spreading Coronavirus pandemic. But with the weak fundamentals fading, it could protect the cryptocurrency from extending its pullback. Photo by Luke Ellis-Craven on Unsplash Since you’re here… Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

from NewsBTC https://ift.tt/2zBGsNP
Find The best Lending Program Top CryptocurrencyLending Program

XRP Spikes 9% as Japan’s 2nd Largest Bank Takes Stake in Ripple Partner SBI Holdings

XRP is today’s leading high market cap cryptocurrency, having gained 9% over the last 24-hours. This comes as the rest of the crypto markets continue to move sideways. Analysts have attributed this to a collaboration deal, which sees Japan’s second-largest bank, the Sumitomo Mitsui Financial Group (SMFG) take a stake in an SBI Holdings company. SBI Holdings are a major Ripple partner and Series C investor in the Silicone Valley tech giant. Not only is there speculation that the tie-up will see the utilization of XRP at some future point, but SBI Holdings has also today announced the option for shareholders to receive XRP benefit payments. Japanese Banking Goes Blockchain The Nikkei Asian Review reported on a deal that would see SMFG acquire a 20% stake in SBI Neo Mobile Services, the mobile phone brokerage unit of SBI Holdings. SMFG lacks a significant online presence, while SBI wishes to add face-to-face consultations to their product line up. With that, the move is largely seen as a mutually beneficial tie-up. “The deal will combine the nationwide branch network of SMFG with SBI’s dominant presence in online trading. It is expected to help the partners create products and services that will better cater to millennials.” The wide-ranging capital tie-up will see a focus on developing a ¥100 billion ($930 million) fund to invest in companies that work with digital technology, including fintech, blockchain, and 5G networks. Home page of SBI Neo Mobile. (Source: sbineomobile.co.jp) Shareholders Can Elect to Receive XRP as a Benefit The Japanese stock market welcomed the news. This saw SBI Holdings stock up 4%, during a time when the Nikkei Index is flat. Source: google.com With that, SBI Holdings today announced details of its shareholder benefits plan. The release states shareholders can elect to receive XRP as a benefit payment. Interested parties will receive a coupon code with which to receive tokens. Shareholders who hold at least 100 shares and less than 1,000 as of March 31, 2020, or more than 1,000 if held for less than one year, can choose to receive 95XRP, which is equivalent to around ¥2,000. Whereas shareholders who hold 1,000 or more shares, and have done so for more than one year, can choose to receive 380XRP, which is equivalent to around ¥8,000. All in all, the shareholder benefits offered by SBI Holdings give insight into the future direction of the firm. And it’s clear that the trend is towards digital technologies. Key Resistance Broken The crypto markets have taken this as bullish for XRP. Indeed, the news was enough to take Ripple’s native token through key resistance at the $0.20 level. Currently, XRP is priced at $0.2149. This comes off eight consecutive daily green candles, which culminated in a massive price spike yesterday, taking it through the $0.20 level. XRP daily chart. (Source: tradingview.com) By all accounts, a pullback from current levels is expected, but good support is available at $0.2120. Having said that, all eyes are on Bitcoin, as we wait to see if the pre-halving run-up can be sustained.

from NewsBTC https://ift.tt/35eLMTf
Find The best Lending Program Top CryptocurrencyLending Program

Why Bitcoin Hit $8k Ahead of FOMC Update, Wiping Out Coronavirus Losses

Bitcoin closed above $8,000 this Wednesday, wiping all its Coronavirus-induced losses from mid-March. The cryptocurrency’s move uphill came ahead of Jerome Powell’s press conference at 1430 ET today. The Federal Reserve chairman is likely to discuss strategies to tame the contracting economy, with investors expecting him to keep the interest rates lower. Bitcoin jumped above $8,000 for the first time in almost two months as investors braced for the Federal Reserve’s views on the health of the U.S. economy. The bitcoin-to-dollar exchanged surged 5.52 percent to top at $8,180 on BitMEX, resuming its uptrend a day after correcting modestly. The pair’s move uphill wiped all the losses incurred on Black Thursday, an event on March 12 that crashed prices by more than 50 percent. BTCUSD is trading above the pre-Black Thursday levels following its move above $8,000 | Source: TradingView, BitMEX The latest hope over the slowing spread of the novel coronavirus pandemic and a decision by some U.S. states to reopen the economy supported the prevailing bitcoin mood. Meanwhile, the upside sentiment also mirrored similar moves in global equities and oil prices this Wednesday that boosted investors’ confidence in risk-on assets. FOMC Update, Powell’s Press Conference Gains all across the global markets came ahead of Jerome Powell’s press meeting at 1430 ET on Wednesday. Investors anticipate that the Federal Reserve chairman would give a detailed outlook on the current health of the U.S. economy, including an overview of the strategies available to the U.S. central bank to safeguard markets against the Coronavirus pandemic. Jonas Goltermann, the senior markets economist at Capital Economics, told WSJ that Powell & team have done everything they can to shield the U.S. economy from the slowdown caused by the virus. But investors want to know about the lengths to which the Fed can go to protect the market – should the condition deteriorate. “The communication challenge is going to be conveying that they will do more if needed, but that doesn’t mean they have to do more right now,” Mr. Goltermann added. Bitcoin reacted positively to the Fed’s intervention so far. The cryptocurrency rebounded shortly after the central bank decided to slash interest rates to near zero, began a bond-buying program, and injected trillions of dollars into the U.S. banking system. Its upside move on Wednesday, therefore, reflected confidence. Traders will now look for cues from Powell’s speech and Fed’s future policy direction. Easing policies could allow them to increase their exposure in the bitcoin market. Bitcoin Halving FOMO The likelihood of bitcoin hitting new highs are increasing also ahead of its mining reward halving in May 2020. The event will reduce the cryptocurrency’s mining rate per 10 minutes from 12.5 BTC to 6.25 BTC. “There is a sudden panic amongst traditional fund managers to place their funds in assets that are protected against the FED printing machine,” noted Ran NeuNer, the founder of Onchain Capital. “Many have enough exposure to Gold and are now looking to Bitcoin. This is what Bitcoin was designed for and I expect an ATH this year.” Photo by Robert Bye on Unsplash Since you’re here… Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

from NewsBTC https://ift.tt/2KHJSAS
Find The best Lending Program Top CryptocurrencyLending Program

The Odds Bitcoin Sees an Exponential Spike Are “Rapidly Increasing”: Here’s Why

There is no doubt Bitcoin has been adversely affected by the outbreak of COVID-19. Crypto assets, like many other mainstream asset classes, experienced a large downturn in the middle of March. It was a move in global markets based on fears that the coronavirus lockdowns could cause a widespread economic contraction, maybe even a full-blown recession. Considering the crash that transpired in March, many have rushed to the conclusion that a prolonged lockdown would only harm Bitcoin. Yet according to Kelvin Koh — a former Goldman Sachs partner and current partner at The Spartan Group — the ongoing crisis will only increase the odds that BTC experiences “another exponential price spike.” This Crisis “Dramatically Increases” the Odds of a Bitcoin Bull Run Businesses based on offering digital goods and services have emerged as winners amid the ongoing outbreak. As airlines, restaurants, and a myriad of other industries have sunk, technology companies have emerged as decisive winners. A perfect case in point to this is Amazon, whose stock has just established a new all-time high amid what the International Monetary Fund considers to be the worst economic downturn since the Great Depression. Below is a chart depicting this performance. The key point of the chart is that the $2,400 price point Amazon just tapped, a whole 44% from the lows, is a new all-time high. Chart from TradingView.com The outperformance of digital businesses amid the crisis, Kelvin Koh wrote in a recent Twitter thread, is a factor that is only going to improve the prospects of Bitcoin and crypto-based technologies moving forward. “One thing was made clear during the pandemic. Digital businesses were clear winners in this crisis and a world scarred by it will accelerate towards digitization, which bodes well for crypto longer term,” the analyst wrote on the subject. This is only one such trend catalyzed by the coronavirus crisis that will benefit Bitcoin, according to the investor. To respond to the underperformance of most industries like airlines and agriculture, governments have been forced to inject trillions of dollars worth of stimulus into the economy. It’s a move that has been deemed necessary by investors, but one that Koh remarked will act as a boon for the Bitcoin market. “Some of the trillions of dollars of stimulus from central banks will inevitably flow into crypto assets,” he explained. This confluence of the two fundamental factors led Koh to the following conclusion: the crisis has “dramatically increased the odds” that Bitcoin undergoes “another exponential price spike” in a way that causes the entire crypto market to rally. Don’t Get Left Behind The trends of global digitization and the debasement of fiat money are longer-term narratives for Bitcoin, to be sure, but Koh made it clear that investors need to keep their heads on a swivel. Concluding his thread, the former institutional investor warned that once the crypto market starts to move, it will move quickly. This relates to the concept of reflexivity in financial markets, which states that markets naturally trend in one direction or the other due to investor psychology. As he explained: “The steady cash inflow into crypto exchanges and growing cash balances is the clearest signal of this bullish appetite. It’s hard to time markets perfectly, especially for crypto. When crypto prices move, they move quickly. Don’t get left behind.” Photo by Daniel Mayovskiy on Unsplash

from NewsBTC https://ift.tt/2VOdtiB
Find The best Lending Program Top CryptocurrencyLending Program

Ripple (XRP) Is Surging: Here’s How It Can Fuel Bitcoin’s Rally

Ripple is up more than 10% and it broke the key $0.2000 resistance area against the US Dollar. XRP price is showing positive signs, suggesting a similar breakout in bitcoin above $8,000. Ripple price succeeded in clearing a major resistance near $0.2000 against the US dollar. There was a sharp upward move above the $0.2120 and $0.2150 levels. To start the recent rally, a major contracting triangle with resistance near $0.2020 was breached on the hourly chart of the XRP/USD pair (data source from Kraken). The pair traded to a new monthly high at $0.2185 and it is currently consolidating gains. Ripple Price Rallies 10% In the past few days, ripple made a couple of attempts to clear the $0.2000 resistance. XRP price formed a strong support base above $0.1920 and finally managed to surge above the $0.2000 hurdle (as discussed in yesterday’s analysis). To start the recent rally, a major contracting triangle with resistance near $0.2020 was breached on the hourly chart of the XRP/USD pair. The pair broke many hurdles on the way up, including $0.2120 and settled nicely above the 100 hourly simple moving average. Ripple Price A similar pattern is forming for bitcoin and BTC could surge it is breaks the $8,000 resistance. Ripple traded to a new monthly high at $0.2185 and it is currently consolidating gains. It is testing the $0.2150 level and the 23.6% Fib retracement level of the recent rally from the $0.2054 swing low to $0.2185 high. The first major support is near the $0.2120 and $0.2110 level. The 50% Fib retracement level of the recent rally from the $0.2054 swing low to $0.2185 high is also near $0.2119. The main uptrend support is now forming near the $0.2100 level (the recent breakout zone). Any further losses might lead the price back towards the $0.2000 pivot level in the coming sessions. More Upsides? Ripple is clearly correcting lower from the $0.2185 high. However, the price remains well supported on the downside near $0.2120. On the upside, the 0.2175 and $0.2180 levels are initial hurdles. The main resistance is near the $0.2200 level, above which the bulls are likely to aim another 5%-8% rise. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the 80 level. Major Support Levels – $0.2120, $0.2110 and $0.2100. Major Resistance Levels – $0.2175, $0.2180 and $0.2200. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

from NewsBTC https://ift.tt/3cYipHg
Find The best Lending Program Top CryptocurrencyLending Program

Ethereum Highly Bullish And Primed To Surge Towards $220

Ethereum is trading in a bullish zone above the $195 level against the US Dollar. ETH will most likely clear the $200 resistance for a run towards the $220 level. Ethereum is showing a lot of positive signs above the $195 support zone. The price is currently attempting an upside break above the $200 resistance area. There was a break above a major contracting triangle with resistance near $197 on the hourly chart of ETH/USD (data feed via Kraken). The pair could surge above the $200 barrier and test the next hurdle at $220. Ethereum Price Likely to Rally Further In the past few sessions, Ethereum price remained in a broad range above the $190 level against the US Dollar. ETH bears made a couple of attempts to push the price below the $190 and $188 support levels, but they failed. The last swing low was formed near $188 before the price regained bullish momentum. It climbed back above the $190 level and the 100 hourly simple moving average. The bulls were able to clear the $195 hurdle for a trend reversal. Moreover, there was a break above a major contracting triangle with resistance near $197 on the hourly chart of ETH/USD. The pair even surpassed the 76.4% Fib retracement level of the downward move from the $200 swing high to $188 low. Ethereum Price Ethereum is now trading near the $200 resistance and attempting an upside break. If the bulls gain strength, the price is likely to continue higher. An immediate resistance is near the $208 level since it is close to the 1.236 Fib extension level of the downward move from the $200 swing high to $188 low. Any further gains above $208 could lead the price towards the next key resistance near the $220 level in the near term. An intermediate resistance for Ether may perhaps be $212. Dips Supported If Ethereum continues to struggle near the $200 resistance, there could be a downside correction. An initial support is near the $195 level and the triangle lower trend line. The next major support is near the $193 level and the 100 hourly SMA. To start a substantial decline, the bears need a clear break below the $190 and $188 support levels. Technical Indicators Hourly MACD – The MACD for ETH/USD is currently gaining strength in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 55 level. Major Support Level – $193 Major Resistance Level – $200 Image from unsplash

from NewsBTC https://ift.tt/35e6d2B
Find The best Lending Program Top CryptocurrencyLending Program

Bitcoin Breaking This Single Level Will Spark a Pre-Halving Rally

Bitcoin is showing bullish signs above the $7,700 level against the US Dollar. BTC could start a strong pre-halving rally if it breaks the $8,000 resistance and the 100-day simple moving average. Bitcoin is following a positive path above the $7,500 pivot level against the US Dollar. The price is now facing a major hurdle near $8,000 and the 100-day simple moving average. There is a key bullish trend line forming with support at $7,200 on the daily chart of the BTC/USD pair (data feed from Kraken). The pair could either surge above the $8,000 resistance or retest the bullish trend line. Bitcoin Price is Approaching Key Hurdle After forming a major swing low, bitcoin started a steady rise above the $6,500 and $7,500 resistance levels against the US Dollar. BTC price even settled above the $7,500 pivot zone to move into a bullish zone. During the rise, it surpassed the 50% Fib retracement level of the main drop from the $10,497 high to $3,930 swing low. The current price action is positive above $7,500, but the bulls are clearly facing a major hurdle near the $8,000 level. The 100-day simple moving average is positioned near the $8,000 level to prevent an upside break. The 61.8% Fib retracement level of the main drop from the $10,497 high to $3,930 swing low is also close to $7,980 level. More importantly, there is a connecting resistance trend line forming at $8,000 on the daily chart of the BTC/USD pair. Therefore, a successful break above the $8,000 level and the 100-day simple moving average could open the doors for a pre-halving rally in the coming days. Bitcoin Price The next key resistance is near the $8,280 level, above which bitcoin bulls are likely to aim a test of the $9,000 and $9,200 levels in the medium term. Bearish Rejection If bitcoin price fails to surpass the $8,000 resistance and the 100-day SMA, there might be a bearish reaction. An initial support is near the $7,500 level. The main support is near the $7,200 level and a key bullish trend line forming with support at $7,200 on the same chart. A bearish break below the $7,200 level could spark a fresh bearish wave. In the mentioned bearish case, the price could dive towards the $6,000 level. Technical indicators: Daily MACD – The MACD is currently gaining momentum in the bullish zone. Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 55 level. Major Support Levels – $7,500 followed by $7,200. Major Resistance Levels – $8,000, $8,280 and $9,000.

from NewsBTC https://ift.tt/2VJ8qQm
Find The best Lending Program Top CryptocurrencyLending Program

$12 Million on BitMEX Liquidated as Bitcoin Prints Nasty “Darth Maul” Candle

After trading below $7.800 for days on end, Bitcoin attempted a run at the level just minutes ago. At first, it seemed like the cryptocurrency had a chance, rallying from $7,770 to $7,870 — a gain of approximately 1.2% — within the span of two minutes. Chart from TradingView.com Unfortunately for bulls, as fast as the cryptocurrency rallied, it reversed. After hitting $7,870, the highest price BTC has traded at since the March 12th crash, “Black Thursday,” it tanked to $7,720. Analysts know this sort of price action as a “Darth Maul” candle, whereas prices rapidly rally out of a consolidation pattern to only be smacked down by bears, often resulting in a red candle that looks much like the lightsaber of Star Wars’ Darth Maul. While the move in the Bitcoin price was relatively small in that it only encompassed around $150, the effects on the derivatives market were strong. Per data from Skew.com, approximately $12 million worth of Bitcoin positions open on BitMEX — both long and short positions — were entirely liquidated during this move. Most of the positions liquidated were short-side liquidations, potentially suggesting that this move was a byproduct of a large holder manipulating the market. Chart from Skew.com This Isn’t Bitcoin’s First Failure At $7,800 This is far from BTC’s first attempt at taking $7,800. Ever since the cryptocurrency rallied 10% late last week from $7,000 to $7,700, it has been attempting to crack this level on at least four separate occasions. This Darth Maul candle, of course, is the latest attempt. The fact that Bitcoin is failing to surmount this crucial resistance, some say, is a sign that it’s time to flip bearish on the cryptocurrency. For one, a cryptocurrency trader who called Bitcoin’s recent rally towards $8,000 nearly two weeks ago recently said that it’s become obvious that $7,800 has become a zone of resistance, marked by a “loss in momentum on order flow [data] from earlier today to Asia’s [Monday] AM session.” The trader added that the recent price action has formed a “swing failure,” when an asset attempts to break past a historical resistance or support level but fails, leaving a strong wick on high volumes, then undergoes a trend reversal. Another analyst echoed this, explaining how he sees many spot market sell walls from $7,800 to $8,000, which has him hesitant to long or buy Bitcoin: Both stalling at their respective rally’s highs, not what I expected to be bearish. That said, what’s bothering me from going long is the spot sell walls up to 8k. $7800-8000 is a tough nut to crack. Photo by Eric Han on Unsplash

from NewsBTC https://ift.tt/2YeV6oD
Find The best Lending Program Top CryptocurrencyLending Program