Bitcoin investor sentiment had wavered following the implosion of the FTX crypto exchange. This had sent market sentiment to one of its lowest points for the year 2022, falling deep into the ‘Extreme Fear’ territory. However, as the market has recovered with time, investors in the space have been able to take stock of losses and readjust, with the positive CPI report boosting the faith in the market. Now, sentiment has seen a marked uptick as bulls become stronger.
Since July 13, digital currency prices have dropped in value significantly, but most coins have since experienced some recovery. While many crypto supporters are optimistic on where the markets are headed, traders and analysts have noticed a bullish-to-bearish trend. BTC and a slew of other currencies spiked more than 10% at 11 a.m. EST on Thursday, however, indicating the bull market is still in play.
Bitcoin’s impressive parabolic run may have come to its conclusion. On July 11, we warned investors that the No. 1 cryptocurrency would falter to $ 9,000 as it flailed overheated signals. At the time, bitcoin was bouncing and market participants were expecting a new 2019 high as the market threatened to breach resistance of $ 12,000. However, […]
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Each Sunday, we breakdown the most important crypto market news from the past week for SludgeFeed Premium members, including key events and stories you might’ve missed from a variety of news outlets. Top Headlines This Week 🔥 Facebook (FB) Quietly Registers Swiss Firm for Its Libra Crypto Platform Facebook (FB) has quietly been making significant strides on […]
Cryptocurrency markets have been doing extremely well over the last 48 hours, making a lot of prior skeptics think the bearish crypto winter may have ended. Since our last markets update three days ago, the entire cryptoconomy has gained close to $ 33 billion in value and trading sessions over the last 24 hours produced a whopping $ 81 billion in global trades.
Cryptocurrencies dropped in value yesterday after the New York Attorney General’s court filings against Bitfinex and Tether were published. Currently, the entire market capitalization is roughly $ 170 billion and most cryptocurrencies have lost 2-10% of their value since the announcement.
NEM (XEM), a blockchain project building a network designed for better-performing smart assets, has had a rough start to the year after the new leadership published a report revealing it was on the verge of bankruptcy following a year of poor budget management. The news was enough to drop the price of the coin from $ 0.065 […]
The bitcoin price on Monday depreciated as much as 4.74 percent against the US dollar after breaking out of its two-week long consolidation period. At 20:00 UTC on Coinbase, BTC/USD was trading at $ 3,415, down 3.31 percent from today’s opening rate. The pair confirmed a downside break of its near-term bearish pennant formation. As it did, it also broke below a crucial support level at $ 3,460, which had capped a strong downside action on November 25, 2018. Bitcoin’s Technical Outlook Remains Weak Technically, the breaking of a bear pennant formation to the downside signals an extended selling action. It eventually
After shelving a focus on processor chips for the cryptocurrency mining market, Nvidia is looking to robotics and artificial intelligence for future success. Nvidia’s Seattle Robotics Research Lab Nvidia has officially opened a 13,000 ft. robotics research lab in Seattle. The lab will have 20 Nvidia roboticists as well as 30 academic experts. The lab
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The Bitcoin price has spent the first day of this weekend struggling to get through the $ 4,000 mark. The digital currency attempted a bullish reversal on Friday, marking more than $ 300 worth of gains in just two hours. That hasn’t exactly changed any longer-term sentiments for the market, especially when it has dropped by more
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Bitcoin on Friday suffered a circa 1 percent loss against the US Dollar owing to an extended bearish correction. The BTC/USD pair is now trading at 6340-fiat, 2.70 percent down from the November’s top at 6516-fiat. The 100-period simple moving average resistance discussed in our previous analysis has fared strongly for the fourth time. The
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Bitcoin (BTC) bulls may not seem aggressive but they are definitely more determined than the bears. Most bulls are confident in Bitcoin (BTC)’s long term growth as long as the price remains above the 1000 Day EMA. As the BTC/USD daily chart shows, the price is currently well above the 1000 Day EMA and is not likely to fall below it under the bullish case. Before the month of September, if the price would fall to the 1000 Day EMA, it would coincide with the long term trend line. However, this time, if the price falls back to the 1000 Day EMA, it would have to fall below the trend line. It is pertinent to note that a fall below the trend line and a fall below the 1000 Day EMA do not mean the same thing.
Last week saw TRX pull back after a shocking increase which surged the price to the distribution territories of $ 0.030. The bears nudged the price of TRX back below the distribution mark of $ 0.026 and began to consolidate within the bound range of $ 0.026 and $ 0.024. TRX is ranging in its medium-term outlook.
The bulls don’t have enough leeway to get the price of TRX beyond the distribution territory of $ 0.026. Whereas on the other hand, the bears don’t have enough strength to force the price of TRX below the accumulation territory of $ 0.024.
Bitcoin’s price needs to pass last week’s high of $ 6,810 to revive the prospects of a rally.
As Bitcoin price moves towards the second weekly close of October, we recap what happened during the week and look at the bullish versus bearish case for the number one cryptocurrency.
1 Day chart
Bitcoin price 00 has spent most of October in a tight range oscillating between lows of $ 6400 and highs of $ 6,650 as it continued a slow grind towards the horizontal resistance, which has capped the cryptocurrency’s price since January 2018.
Price action continued to respect this range until Wednesday the 10th where Bitcoin began a sharp decline of around 8% from $ 6,600 which lasted two days, testing yearly support at lows of $ 6,051.
Here are a few of the most significant signs that the bulls are getting ready to break out and stampede on the markets.
Five years ago, the industry didn’t have as many investors as we see today and most mainstream media wouldn’t have given any crypto related news the light of day. There weren’t as many fans of blockchain as there is now and most updates regarding the industry wouldn’t have been heard by many. The people that this applies to will be probably kicking themselves now.
Looking at the most significant signs now, which suggest that the bulls are about to break out.
Chart for ETH/USD (4H)
Ethereum (ETH) has been trading in a strong ascending channel since the first signs of a trend reversal appeared. However, all hope of a recovery is once again lost as Ethereum (ETH) has just broken this channel. The above chart for ETH/USD shows that Ethereum (ETH) has entered a descending channel on the 4H timeframe. The price is likely to resume trading downward as there is no near term support.
Ripple (XRP) has had its ups and downs. The price chose to make its own moves even as Bitcoin (BTC) remained undecided. We saw Ripple (XRP)’s rally come to a halt eventually. However, it does not mean that the bulls have lost the charge. They are still very much in control. The above 4H chart for XRP/USD shows that Ripple (XRP) is very likely to break the above symmetrical triangle to the upside in the next 24 hours.
Dash (DASH) may not be a game changer like Bitcoin (BTC) or Ethereum (ETH). Some may even call it a spin off coin or a copycat. However, there is no denying that Dash (DASH) has succeeded in such a level of mass adoption with its only use case being a spendable cryptocurrency. This has led many to believe that even if Dash (DASH) fails in the long run, it might still have succeeded in creating awareness, adoption and solving a real problem.
Bitcoin price on Thursday extended its prevailing bearish correction sentiment and dropped as much as 6.5 percent from the yesterday’s low near $ 6,710. The BTC/USD in the very first hours of today’s session formed lower highs and lower lows towards 6731-fiat and 6303-fiat. It very much set the sentimental course for the rest of the
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