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The bitcoin-to-dollar exchange rate has dipped close to 1 percent on Thursday, now trading at 6470-fiat. The outcome of the US midterm elections with Democrats sweeping a sharp win in the House had certainly shaken the US dollar yesterday. The greenback nevertheless sustained its overall bullish momentum ahead of the Federal Reserve policy meeting today.
The post Bitcoin Analysis: BTC Faces Bearish Reversal as Dollar Strengthens appeared first on CCN
Chart for BTC/USD (1M)
Bitcoin (BTC) volatility has now reached record low on major exchanges. The price is preparing for a reversal and risk taking has returned to the market. We have seen most altcoins rally against Bitcoin (BTC) the past 48 hours. This further confirms our view that the trend is about to reverse and Bitcoin (BTC) is going to enter a period of gradual ascend. As we have seen in the past, this is the period where most altcoins rally against Bitcoin (BTC). The same has started to happen this time and the altcoin market confirms it. This means that all those people waiting for Bitcoin (BTC) to make a 5x or 10x moves from here on out to reach a new ATH is not going to happen. Instead, altcoins are going to have their rally first.
Bitcoin’s long-awaited bullish reversal could gather steam once prices cross key resistance near $ 6,650.
CoinDesk
Ethereum (ETH) is on the brink of a trend reversal. If we look at the candles on the ETH/USD weekly chart, the odds of a breakout do not appear very plausible. The 10 Week EMA is still quite far from the 21 Week EMA. The price is trading below the 5 Week EMA and has not been able to climb above it for the last 20 weeks. However, if we look at the technical indicators, we see something that we have not seen since the beginning of the correction. If we look at the blue and red lines on the MACD profile for the ETH/USD weekly chart, we can see that these lines have never been this close since the beginning of the correction.
Cardano (ADA) is trading at the lower half of the pitchfork on the ADA/BTC chart above. This means that the cryptocurrency has already completed its correction and formed a bottom. RSI conditions for ADA/BTC still show price action to be in downtrend even as it trades under oversold conditions. The VIX profile for the same ADA/BTC weekly chart also shows a strong sign of a bottom formation. The four consecutive green bars visible on the above chart confirm that Cardano (ADA) has formed a strong bottom and is now ready for a trend reversal.
Bitcoin (BTC) is a commodity. A quick glance at the S&P Commodity Index vs. S&P 500 tells us that commodities have been in a downtrend since Bitcoin (BTC)’s inception (Aug 2008). Despite that, Bitcoin (BTC) rallied 596,666,566% from a price of $ 0.003 in March 2010 to $ 17,900 in December 2017. This was a major achievement considering the trend was against Bitcoin (BTC) between 2010 and 2017. Equities rallied after the financial crisis whereas commodities other than Bitcoin (BTC) entered a bear market.
Continue reading Bitcoin (BTC) And Reversal Of The Commodities Market at Crypto Daily™.
Litecoin (LTC) appeared extremely weak when it fell below the 21 Week EMA. The decline was a very sharp and steady one. Debates over value proposition of Litecoin (LTC) began to surface and a lot of investors and analysts were convinced that Litecoin (LTC) might break market structure and fall significantly below $ 50. However, as the above weekly chart for LTC/USD shows, Litecoin (LTC) did an excellent job at not only defending key support levels but also forming a strong bottom.
Bitcoin price on Tuesday appreciated as much as 2.88 percent against the US Dollar. The BTC/USD is trading at 6326-fiat at the time of this reporting. The pair opened the day forming lower lows towards 6229-fiat. There was already a minor uptrend in place on a bounce back from 6205-fiat from yesterday. However, BTC/USD lacked
The post Bitcoin Price Intraday Analysis: BTC/USD Hinting Reversal towards $ 6500 appeared first on CCN
Bitcoin (BTC) has historically seen a bullish reversal in the month of September. The weekly chart for BTC/USD shows that during its entire trading history on Coinbase, Bitcoin (BTC) has started a rally in September every single time. As Bitcoin (BTC) has already been through a correction, we should see three more of similar September rallies before the next correction. Between September 2015 and September 2016, Bitcoin (BTC) rallied but not as vigorously as during the rally that followed it.
Cryptocurrency prices are back on the mend after a great majority of digital assets plunged last week losing 10-20 percent or more in value. Since then, the digital currency economy has regained some strength bouncing back from a low of US$ 186 billion to $ 205 billion on Saturday, September 15.
Also read: Test Driving the Money Button — Simple Enough for a 9-Year Old
The price of Ethereum (ETH) has been highly volatile over the past few weeks of trading, dropping from nearly $ 300 to as low as $ 170 before settling around $ 220.22 currently. However, Ethereum bulls may have regained some momentum as the price of ETH has bounced more than 25% off lows on what appears to be one […]
SludgeFeed
Chart for ETH/USD (1D)
Ethereum (ETH) has entered the same phase as it was in back in 2017 when the price consolidated before a big run up. A lot of investors have been expecting an explosive Q4 for cryptocurrencies since the beginning of this correction. The current price action confirms that could be the case as Ethereum (ETH) has now entered in a consolidation phase after completing an extensive correction. The price is expected to consolidate all the way till mid September before beginning a new cycle.
Continue reading Ethereum (ETH) Likely To Consolidate Before A Trend Reversal at Crypto Daily™.
Litecoin (LTC) is trading in a falling wedge with the possibility of a breakout in the weeks ahead. The above daily chart for LTC/USD shows that Litecoin (LTC) has almost reached the extent of its movement within the falling wedge against the US Dollar (USD) and is now likely to test the downtrend resistance. However, before testing the downtrend resistance, it will have to break past the 21 EMA which has served as a support turned resistance since the beginning of the correction.
Bitcoin (BTC) is about to complete a 69.81% correction just as it did back in October 2014. What remains to be seen now is whether Bitcoin (BTC) will follow the exact same pattern as in 2014 or trade differently. The above monthly chart for BTC/USD shows that even the EMA alignment in both cases is the same. The lower half of the above chart shows a chart for EUR/USD which demonstrates the striking similarities between strength of the EUR/USD pair and Bitcoin (BTC).
Ethereum Classic (ETC) has just formed a bullish hammer candlestick on the daily ETC/USD chart above, which followed by a green candle is a strong sign of a downtrend capitulation as it indicates that the bears have finally given up. This marks the beginning of a new cycle for Ethereum Classic (ETC) as a reversal is expected from these levels. The solid support of $ 10 has served as a historical demand zone for Ethereum Classic (ETC), and is a very strong one.
At last some excitement! Yesterday Bitcoin leapt nearly 12% in 24 hours but what’s behind the rally? Could it be the BlackRock and Coinbase news or is it purely fundamental?
What a rollercoaster ride! Earlier this week Financial News London reported that the world’s largest ETF provider, BlackRock, had cast its gaze to Bitcoin and other cryptocurrencies as potential investments but before the news even had the opportunity to impact cryptocurrency prices, BlackRock CEO, Larry Fink came out, denying the news and labeling it as hogwash. Then later in the day, Coinbase retracted their supposed SEC approval announcement, claiming to have jumped the gun.
In our previous discussion, a strong possibility for a retest of the low volume spring was noted as the market was beginning the early stages of an inverted head-and-shoulders (H/S) reversal (sometimes called a head-and-shoulders bottom). A couple days ago, shortly after testing the left shoulder of the head-and-shoulders reversal (H/S), the market reacted strongly and the price jumped several hundred dollars:
Figure 1: BTC-USD, 1-Day Candles, H/S Bottom
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Story – Bitcoin Reversal Aborted?
Draw head and shoulders and narrate the components
Draw horizontal line where the neck needs to break
Draw horizontal line where the shoulder set a higher low (good!)
Story – When Moon?
Load saved chart templates
Double click the clean chart up
Show trend line bounce is also right shoulder
Show 50 EMA support
Show 50% fib level support
Highlight 16.5k as key resistance
Mention downtrend line on lower highers forming wedge
Bulls looking stronger than bears
