Market

  • How to read a Bitcoin price prediction in 2020?

    Cryptocurrency trading, in its essence, is not much different than conventional stock trading, and that’s Bitcoin basics. Most Bitcoin price prediction is based on market movements, serving a necessary purpose, to provide information, and live. On the other hand, Bitcoin price predictions also contribute to the overall market sentiment. These sentiments allow the analysts and traders to examine the pattern based on the real-world information and use it to their advantage. Recently, Bitcoin traders have had enough of Bitcoin price predictions, and cries were heard in different corners of the cryptosphere. Most people were sick of different predictions that would enable them to cover their losses, taken as a utopian cry for hope since the Bitcoin price line was dodging most predicted patterns. Bitcoin price predictions and basic trading psychology Traders were feeling insecure; therefore, the market kept going into a head and shoulder pattern loop one after another. The loop started on the 6th of October and lasted almost 20 days ending on the 23rd of October. Bitcoin price chart by Trading View The trend started with a short…

    Nov 8, 2019
  • Will Bitcoin Follow Gold Prices Down as Trade Tensions Ease?

    Trade tensions between the US and China appear to be easing as the two powerhouses come to agreement. The lifting of tariffs is good for economic stimulus but safe have assets such as gold are now starting to cool off, will Bitcoin follow suit? US China Trade War Over? Officials from both sides stated yesterday that tariffs could be rolled back as part of the first phase of a wider deal. Reuters reported that a timetable has yet to be set but both China and the US are in agreement that a trade deal can be made. Experts have warned that there is still a lot of work to be done and the situation is fragile and can fall apart quickly. Optimism has returned to markets on the development as global stocks were boosted yesterday. Not all assets have benefited from the easing of trade tensions however. Gold, after hitting a six year high in September has retreated. The safe haven narrative only appears to apply when economic pressures are escalated. Gold prices have retreated 5.3% since this year’s peak…

    Nov 8, 2019
  • Bitcoin Forms Uptrend EMA Support as Case for Bulls Strengthens

    Bitcoin’s price has been slowly inching higher after briefly visiting its range lows around $9,000 this past weekend, but in order for bulls to maintain their growing strength, it is imperative that they push BTC past its range high resistance level at $9,500. Analysts are now noting that the bull case for Bitcoin may be growing stronger, as the crypto has begun finding strong support at a key technical level and has been incurring increasing on-chain volume – factors that could help push the crypto higher in the near-term. Bitcoin Inches Higher as Trading Volume Climbs At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,375, which marks a slight climb from its daily lows of just under $9,300. Bitcoin’s slow and steady climb over the past few days was first sparked when BTC fell towards $9,100 this past weekend, and it has been slowly climbing back towards its range highs at $9,500 in the time since. How Bitcoin responds to its range highs in the near $9,500 in the near-term will…

    Nov 7, 2019
  • 50% of Total Bitcoin Options Open Interest To Drop In December- Will Bitcoin Price Rise?

    A recent tweet by Skew Markets claims that 50% of total bitcoin options open interest is set for a drop-off in December. A big expiry is ahead! Bitcoin Price Slated To Rise Post Stabilization of Open Interest In case previous scenarios are considered, one or two weeks prior to the expiry, new quarterly contracts will be rolled out. Subsequently, open interest will decrease in December and then increase again in March. CME futures will expire in December and this would lead to a decrease in the open interest. Source- Skew Markets With that being said, when both price and open interest decline it gives rise to liquidation by discouraged traders with long positions. If the trend continues it leads to a price decline. Once open interest stabilizes, prices began to rally again. Further, if the open interest numbers show minimal oscillation, it is followed by a price rise and also a rise in open interest.  CME Futures Expiry Led to A Rally in March 2019 During the expiry of CME futures in 2018, the price of Bitcoin dropped from $3,850…

    Nov 7, 2019
  • Ripple (XRP) Price Rips and Dips, Bulls Protecting Support

    Ripple price surged recently above the $0.3040 and $0.3120 resistances against the US dollar. The price is currently trimming gains and trading near the $0.3000 support area. Yesterday’s major bullish trend line is active with support near $0.2990 on the hourly chart of the XRP/USD pair (data source from Kraken). The main support is near the $0.2980 level, below which the price could accelerate losses. Ripple price is swinging both ways against the US Dollar and bitcoin. XRP price must stay above the $0.2980 support area to start a fresh upward move. Ripple Price Analysis Yesterday, we saw bullish moves in ripple above the $0.2980 support area against the US Dollar. Recently, XRP rallied sharply above the $0.3040 and $0.3120 resistance levels. However, the price faced a strong selling interest near the $0.3150 area. A new weekly high was formed near $0.3149 and the price is currently declining sharply. It tumbled below the $0.3040 and $0.3000 levels. A swing low was formed near $0.2952 and the price is now back above $0.3000. Moreover, the price seems to be holding the…

    Nov 7, 2019
  • Why Investors Are Almost Certain For The End-Year Rally to $13,000

    Bitcoin embarks on trading a lower high patter following the rejection from recent highs at $10,534. The range resistance at $9,600 and the 100 MA resistance must be broken down for correction to $10,000. Bitcoin has proved on numerous occasions its ability to rise from the ‘ashes.’ The latest example being the recent recovery from $7,300 to highs around $10,534 (on coinstats). Although there was an immediate reversal that rested levels slightly under $9,000, Bitcoin swung towards $10,000. Meanwhile, Bitcoin is trading within a wide range with an upward limit at $9,600 and a lower limit at $9,000. An attempt to clear the range resistance on Tuesday failed to yield. For now, Bitcoin is teetering at $9,390 while the upside is capped by the 100-day MA. BTC/USD daily chart BTC/USD price chart by Tradingview, Coinbase It is becoming apparent that Bitcoin bulls must gather the strength to clear the resistance at the 100-day MA and $9,600 to be able to launch an attack on $10,000 and higher levels towards $13,000. The descending channel resistance is another hurdle that if broken,…

    Nov 7, 2019
  • Binance CEO CZ Says 1.4 Billion People are Behind the Price of Bitcoin, but Who are They?

    Binance’s CEO, Changpeng Zhao (CZ) believes bitcoin will hit $16,000 very “soon-ish.” A 4chan anonymous user who accurately predicted bitcoin’s trajectory earlier this year turned out to be wrong in October. CZ claims 1.4 billion people are behind bitcoin. Changpeng Zhao (CZ), the CEO of Binance, recently stated that 1.4 billion people are working on getting bitcoin to $16,000. And, this upswing is currently in the works. Putting a Price on Bitcoin The CEO of the largest cryptocurrency exchange in the world, CZ, believes that a price of $16,000 per bitcoin will happen “soon-ish.” Zhao maintains that there are currently 1.4 billion people working towards getting this cryptocurrency to reach higher highs. He added: “Price predictions are easy. It’s just hard to be right about the timing.” The comments come after the predictions an anonymous 4chan users had for bitcoin turned out to be wrong. On Jan. 21, the 4chan user said that bitcoin had bottomed out and revealed several bullish targets. By April, the individual expected bitcoin to hit $5,300, which indeed occurred. Bitcoin then surged over $9,200, validating…

    Nov 6, 2019
  • Triangle Breakout Pokes The Bulls, Is $9,600 Next?

    Triangle breakout fails to stir up action as expected. Bitcoin remains to be bound in a wide range between $9,600 and $9,000. Bitcoin appears to be nurturing a bullish momentum towards the end of the European session on Monday. The action follows a mundane trading session over the weekend. The best that Bitcoin did was to defend the key support at $9,000. On the upside, the crypto remained depressed under $9,250. Meanwhile, the four-hour chart shows Bitcoin trading above a triangle pattern. This particular triangle formed after Bitcoin hit highs above $10,500 and plunged back to $9,000. Also following the short-lived surge; a lower high pattern has been respecting the descending trendline. BTC/USD 4-hour chart BTC/USD price chart by Tradingview, Bybit An attempt to break above the 50 Moving Average (MA) resistance has been met by selling pressure. BTC/USD is currently dancing at$9,262 and appears to be losing traction. In spite of the brief breakout, the largest crypto on the market is still range-bound between $9,600 (upper limit) and $9,000 (support zone). The Relative Strength Index (RSI) clearly shows that…

    Nov 6, 2019
  • Ethereum (ETH) Bulls Eyeing Further Upsides, Bitcoin Facing Hurdles

    Ethereum price is trading nicely above the $185 and $186 support levels against the US Dollar. Bitcoin is holding the $9,200 support, but it is facing hurdles near the $9,400 level. Yesterday’s highlighted key bullish trend line is active with support near $186 on the hourly chart of ETH/USD (data feed via Kraken). The pair is showing positive signs and it is likely to accelerate higher towards the $195 and $200 levels. Ethereum price is gaining pace above $186 versus the US Dollar, while bitcoin is facing hurdles. ETH price is likely to accelerate gains once it clears the $200 barrier. Ethereum Price Analysis After yesterday’s upward move, Ethereum corrected a few points below the $186 support against the US Dollar. ETH price corrected below the $185 level, but the 100 hourly simple moving average acted as a strong support. A swing low was formed near $183 and the price recently started a fresh increase. The price gained pace and broke the $185 and $186 resistance levels. Moreover, there was a break above the $190 resistance. A new weekly high…

    Nov 6, 2019
  • Bitcoin Cash Captured 90% of October’s Crypto Spending in Australia

    Just recently the web portal Bitcoinbch.com reported that the number of bitcoin cash (BCH) Australian retail transactions throughout the month of September outshined every other digital currency by a wide margin. After the study, the researchers analyzed transactions for the month of October and once again BCH overshadowed the competitors when it comes to retail spending. October’s Australian Crypto Retail Data Bitcoin Cash supporters take pride in merchant adoption and the great utility behind a peer-to-peer electronic cash system. Throughout the world, there are a number of countries that have seen widespread BCH adoption like Japan and Slovenia. Another country that sees a significant amount of BCH usage is Australia, and a good number of merchants stem from the North Queensland region. Across the entire country there’s a total of 197 BCH accepting merchants in Australia according to map.Bitcoin.com’s merchant page. Bitcoinbch.com’s last report, covering the month of September, had shown that BCH accounted for more than 92% of the total amount of cryptocurrency expenditure in the country between two payment processors Travelbybit (TBB) and Hula (Hockings Underwriting Logistics App)….

    Nov 6, 2019
  • Ripple (XRP) Price Following Uptrend Above $0.2950, Eyes $0.3100

    Ripple price is holding a couple of important supports near $0.2980 and $0.2960 against the US dollar. The price is facing a couple of hurdles near the $0.3020 and $0.3040 levels. There is a key breakout pattern forming with resistance near $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken). There could be a nice upward move once the price clears the $0.3020 and $0.3050 resistances. Ripple price is trading in an uptrend above key supports against the US Dollar and bitcoin. XRP price is likely to continue higher towards $0.3060 and $0.3100 in the near term. Ripple Price Analysis Yesterday, we saw a nice upward move above the $0.3000 resistance in ripple against the US Dollar. Moreover, XRP price traded above the $0.3020 level and formed a new weekly high near $0.3056. Later, there was a downside correction below the $0.3020 and $0.3000 support levels. The price even spiked below the $0.2980 support, but the $0.2950 area acted as a strong support. More importantly, the price climbed above $0.2980 and settled above the 100 hourly…

    Nov 6, 2019
  • Ethereum Price Likely to Stagnate Until Bitcoin Gets Moving

    After facing some downwards pressure yesterday, Ethereum (ETH) has been able to post a decent climb today that has allowed it to further establish its current foothold within the mid-$180 region. This price action has been strikingly similar to that of Bitcoin, and it does appear that the two assets are strongly correlated at the present. One prominent analyst is now noting that he anticipates Ethereum to continue consolidating until Bitcoin begins moving, but any decisive break above its near-term resistance could allow it to post significantly further gains in the near-term. Ethereum Consolidates Alongside Bitcoin At the time of writing, Ethereum is trading up over 2% at its current price of $186.26, which marks a notable surge from its daily lows of $179.9 that were briefly visited yesterday, although the crypto sharply bounced after touching this price level. Ethereum has been closely tracking Bitcoin’s price action over the past several days, and it appears that this correlation is strengthening as both crypto’s extend their current bout of consolidation. Nik Patel, a popular cryptocurrency analyst, discussed this in a recent…

    Nov 5, 2019
  • Ethereum (ETH) Eyes Fresh Rally To $200, Bitcoin Up 3%

    Ethereum price is rising and it broke the key $185 and $186 resistance levels against the US Dollar. Bitcoin is up around 3% and it managed to climb above the $9,400 resistance. There is a new bullish trend line forming with support near $185 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains supported on dips and it could continue to rise towards the $200 level in the near term. Ethereum price is slowly climbing higher versus the US Dollar, similar to bitcoin. ETH price is likely to rise towards the $200 level as long as above $182. Ethereum Price Analysis After forming a support base near $180, Ethereum started a steady rise above $182 against the US Dollar. ETH price recovered and broke a strong resistance near the $185 and $186 levels. Moreover, there was a close above the $185 level and the 100 hourly simple moving average. During the rise, there was a break above yesterday’s highlighted bearish trend line with resistance near $182. Finally, the price tested the $190 resistance area and it…

    Nov 5, 2019
  • Ripple (XRP) Price Climbs Above $0.30, BTC & ETH Gaining Traction

    Ripple price is gaining momentum and it recently climbed above $0.3000 against the US dollar. The price traded towards the $0.3050 resistance area and it is currently correcting lower. Yesterday’s highlighted key bearish trend line was breached with resistance near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken). There was a decent rise in Ethereum price above the $185 resistance area. Ripple price is back in a positive zone with bullish moves against the US Dollar and bitcoin. XRP price is likely to continue higher towards the $0.3120 level. Ripple Price Analysis Yesterday, we discussed the importance of the $0.2880 support for ripple against the US Dollar. XRP price remained stable above the $0.2880 support and recently started a strong upward move. There was a break above the $0.2940 and $0.2950 resistance levels. Moreover, the price settled above the $0.2950 resistance area and the 100 hourly simple moving average. More importantly, yesterday’s highlighted key bearish trend line was breached with resistance near $0.2940 on the hourly chart of the XRP/USD pair. It opened the doors…

    Nov 5, 2019
  • Bitcoin [BTC] Price Must Breach $10,000 for Long-Term Bull Action, Says Tone Vays

    Bitcoin price closed the weekly on a red with a 3.66% decline. The price recorded at a high near $10,000 as CME futures price broke bullish. However, it was soon neutralized by selling pressures. The weekly closing price is $9207. BTC/USD 1-Week Chart on Bitstamp (TradingView) The market remained dull for the most part of last week. The primary range of the price was $200 between $9350 and $9150. According to Tone Vays sequential analysis, the historic break on 25th October signals a long-term bullish reversal. However, it is subject to confirmation with this week’s close. It needs to above last week’s high. He specified his conditions in order to be a long-term bull at the moment, So I would need to see pretty much $10,000 broken by next week in order to be bullish. Bull Flag or Another Descending Triangle? The consolidation after a massive price surge last Friday has kept traders guessing of its’ next big move. A short term continuation or bearish pattern after a big move on the upside is an indication of another leg-up. This formation…

    Nov 5, 2019
  • Bitcoin, Ethereum and XRP Prepare for Volatility; Bullish or Bearish?

    Bitcoin and Ethereum are consolidating within a narrow trading range. Bitcoin may have resumed its macro-uptrend, said a renowned technical analyst. XRP prepares for a major event that could trigger an increase in demand. Last week, the total crypto market capitalization surged over 40% to reach a high of $267 billion. During this time, approximately $77 billion was injected into the market. Bitcoin jumped over 42% while Ethereum and XRP rose nearly 30%. Despite the bullish impulse, these cryptocurrencies entered a consolidation phase and could be on the verge of a significant breakout. Bitcoin (BTC) After a massive $3,150 upswing that occurred between Oct. 23-26, bitcoin seems to have stabilized within a trading range. This area is defined by the lower and upper Bollinger bands that sit around $9,055 and $9,450, respectively. As the Bollinger bands squeeze, indicating low volatility, they foresee that a period of high volatility could be underway. Trading between these support and resistance levels poses high-risk exposure and must be considered a no-trade zone. If bitcoin moves below $9,055, the selling pressure behind it may increase,…

    Nov 4, 2019

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