Bitcoin’s sideways trading that was first sparked by its rejection at $7,300 has extended through today, with the cryptocurrency firmly caught within the upper-$6,000 region as its bulls and bears both reach a firm impasse. In the near-term, analysts are noting that the cryptocurrency could be on the “edge of glory” if it is able to surmount one key technical level, but firm resistance may make bull’s attempt to boost it futile. Sellers may also be bolstered by a recent EMA bear cross on the cryptocurrency’s weekly chart, a formation that could force the crypto significantly lower and stifle any bullish undercurrents that have been established. Bitcoin Caught Within Firm Bout of Consolidation as it Pushes Against Key Technical Level  At the time of writing, … [Read More...]

It has been an interesting week for XRP, with the Ripple-associated token seeing some unique turbulence that allowed it to rally independent of the aggregated crypto market late-last week before once again reestablishing a close correlation to Bitcoin. This price action has come as the cryptocurrency hovers around a key support level that has been established around its BTC trading pair. The potential strength of this support has led analysts to note that it is a possibility that the crypto pushes higher in the near-term. XRP Inches Higher; Battles with Tether (USDT) for No. 3 Market Cap Spot At the time of writing, XRP is trading up just under 1% at its current price of $0.18, which marks a notable climb from recent lows of … [Read More...]

Few cryptocurrency assets have had as strong a showing in early 2020 as Tezos. But just as most assets got caught up in last month’s record-breaking selloff, so did the previously skyrocketing altcoin. However, chart patterns across both USD and BTC pairs are showing signs that the asset is ready to take off once again, and could possibly rally to new highs even despite the bearish market sentiment. Tezos Ascending Triangle on XTZUSD Pair Points to Coming Rally Tezos is one of the cryptocurrency industry’s stand out assets that give the asset class its reputation for making investors filthy rich, and then weeks later cause them to go broke. Crypto investors who bought the cryptocurrency on January 1, 2020, would have earned nearly 200% return on investment if they … [Read More...]

XRP, the cryptocurrency asset often referred to as Ripple, has been among the worst-performing crypto assets and altcoins of the last two years. However, according to one crypto analyst who has spotted what they believe is a classical bottom signature on XRP price charts, expects the asset’s woes to soon change and potentially triple in value before the end of the year. XRP’s Recent Panic-Fueled Rollercoaster Ride XRP has gained a negative reputation across the cryptocurrency community. The number three crypto asset by market cap is often accused of being less decentralized that competition cryptocurrencies like Bitcoin and Ethereum, is demonized for its association and relationships with bankers, and has gained notoriety due to Ripple executives selling XRP holdings in order to fund … [Read More...]

The total cryptocurrency market cap can oftentimes provide clues as to where Bitcoin and altcoins could be headed in the short-term. The latest price action is exhibiting a pattern that looks structurally similar to a head and shoulders, which if valid and confirmed would suggest Bitcoin and the rest of the crypto market will make another retest of lows. Cryptocurrency Market Chart Forms Head and Shoulders Reversal The coronavirus hasn’t just killed thousands, frozen humanity, and devastated the economy, it’s also sent financial markets into a tailspin, including the world of cryptocurrencies like Bitcoin, Ethereum, and the hundreds upon hundreds of altcoins that make up the market. Related Reading | Fool Me Twice: Will Bitcoin Rally on April Fools’ Day Once Again?  As fears over the … [Read More...]

Throughout 2020 thus far, Bitcoin has been showing a tight correlation with major stock indexes like the Dow Jones and the S&P 500. If this continues, and a “fractal of doom” plays out on the Dow Jones, it could spell complete and utter disaster for Bitcoin and the rest of the crypto market as well, potentially causing BTC to drop to nearly $1,000. The Coronavirus and the Coming Recession Cause Massive Panic Sell0ff While the cryptocurrency asset class was once often pointed at as an uncorrelated asset class for traditional equities investors to diversify their portfolio with, throughout the year so far, Bitcoin has shown its closest correlation with the stock market yet. Once the coronavirus was officially dubbed a pandemic by the World Health Organization and … [Read More...]

The aggregated crypto market has been struggling throughout the past few weeks, with it incurring an insane selloff that was catalyzed by Bitcoin’s decline from its mid-February highs of $10,500 to lows of $3,800. This selloff did significant damage to the market’s technical strength, leading many investors and analysts to adopt a bearish sentiment – a far cry from that seen throughout the beginning part of the year. One prominent analyst is now noting that there is one key level that bulls must surmount if they want to propel the market higher, as a failure to do so could lead to significant losses in the days and weeks ahead. Crypto Market Struggles to Break Key Resistance as Bearishness Grows  At the time of writing, the aggregated … [Read More...]

After an extended bout of sideways trading within the upper-$6,000 region, Bitcoin’s bears finally gained the upper-hand over bulls, leading the benchmark cryptocurrency to plunge to its support within the lower-$6,000 region. This sharp downwards movement that first began late-yesterday also seems to have pushed BTC below a key trendline that bulls were previously defending. The decisive shattering of this level has led multiple analysts to concur that Bitcoin is poised to see some significant near-term downside in the hours and days ahead, with one trader forecasting a sharp decline to $5,000. Bitcoin Ends Consolidation Period with a Sharp Selloff  At the time of writing, Bitcoin is trading down just under 6% at its current price of $6,250, which marks a notable … [Read More...]

The current monthly candle on Bitcoin price charts is unlike any other that can be found since the bear market first began, with a massive bottom wick nearly double the length of the candle body itself. Should Bitcoin price close the monthly candle at around or above $8,000, it would form a powerfully bullish reversal candlestick called a “hammer.” A close like this could signal a reversal is near, and that the low is likely in. Bitcoin Price Could Close Monthly As Powerful Reversal Candle Bitcoin price has had an unusual start to the year. After rallying over 50% and going on to retest highs above $10,000, weeks later, the first-ever cryptocurrency plummeted to under $4,000 after a historic, single-day collapse. The resulting price … [Read More...]

Bitcoin has once again found itself caught firmly within a bout of sideways trading in the lower-$6,000 region, which comes close on the heels of the benchmark cryptocurrency’s recent rally up to highs of $6,900. This consolidation is highly likely to result in a massive movement in the near-term, leading some prominent traders to note that it is probable that the cryptocurrency rallies higher as bulls wipe out late short positions. The next rally may also be followed by massive downside movement, which could lead BTC to post some significant losses in the days and weeks ahead. Bitcoin Consolidates Around $6,000 as It Gears Up for a Big Move At the time of writing, Bitcoin is trading down just over 2% at its current price … [Read More...]

Another week, another round of Crypto Tidbits. After last week’s brutal showing, Bitcoin mounted a strong recovery over the past few days, rallying as high as $7,100 yesterday, marking an 85% gain from the $3,800 capitulation bottom. Altcoins followed suit by trending higher, but slightly underperformed BTC as the market continues to centralize amid times of uncertainty about the future of crypto firms.  Bitcoin’s strength came amid a bout of weakness for the stock market. In fact, during this week’s Wall Street trading sessions, the Dow Jones and S&P 500 indices saw their worst weekly performance since the Great Recession of 2018. Simultaneously, the U.S. dollar exploded, crushing almost all foreign currencies while also hurting the value of gold and silver, the latter of … [Read More...]

Bitcoin and the rest of the crypto market – even traditional equities markets and precious metals – have been suffering through one of the worst selloffs the world has ever seen in the face of a global pandemic. However, while the stock market has barely gained back any of the recent losses from last week’s collapse, the first-ever cryptocurrency has nearly doubled in value, gaining 85% from the recent low and showing that the asset is fundamentally alive and well. BTC is Dead, Long Live Bitcoin Bitcoin has been pronounced dead hundreds of times throughout its just over ten years in existence. It’s been compared to rat poison, and many times have pundits called for its collapse to zero. Last week, cryptocurrency investors, however, were fearing … [Read More...]

Ethereum started off 2020 as bullish as can be, outperforming BTC and other crypto assets by a large margin. The top altcoin in the crypto market may soon make a massive 95% move against Bitcoin, according to one analyst, but the direction of that move is still up in the air, although they’re leaning heavily toward a chart pattern formation resolving to the downside. Ethereum Forms Massive Symmetrical Triangle with 95% Target Against BTC Following the boom in the decentralized finance movement in late 2019 and early 2020, all signs pointed to Ethereum going on a powerful rally. The altcoin kicked off the year with an over 100% rally, doubling in price and helping to lead the rest of the market toward what are now in hindsight the year’s highs. … [Read More...]

Last week, the cryptocurrency market collapsed alongside the stock market and the rest of the world of finance. After the fallout, cryptocurrency exchanges have been left a ghost town, according to data extracted from order books of top trading platforms. Cryptocurrency Exchange Order Books Empty, Market is a Ghost Town Bitcoin and the rest of the cryptocurrency market experienced among one of the worst selloffs in the asset class’s short ten-year history. The collapse in cryptocurrencies hit alongside historic losses in the stock market, gold, silver, oil, and nearly every other market in the financial world, as investors seek to liquidate their assets into cash to hold through what is the closest event to an apocalypse the world has ever witnessed. Related Reading | Cryptocurrency Market … [Read More...]