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.
Related Reading | Ethereum Sets Record for Most Bullish String of Weekly Price Action Yet
Ethereum and other altcoins not only broke out of their downtrends on their USD pairs, but they also saw a breakout against Bitcoin on BTC pairs.
The latest price action has caused Ethereum to form a massive, multi-year symmetrical triangle on the ETH//BTC trading pair, which based on the formation’s measure rule would have a 95% rise or drop for a target.
The triangle is currently reaching its apex, suggesting this powerful breakout is imminent. However, symmetrical triangles break up almost as often as they break downward.
$ETHBTC is nearing the apex of a massive symmetrical triangle. A 95% move is expecting following confirmation. As it stands I think that breaking down is the most likely due to the bear channels that have started to develop. pic.twitter.com/Dwzut6AIlu
— Tyler D. Coates (@Sawcruhteez) March 19, 2020
The crypto analyst who spotted this massive formation and potential move believes that the latest price action suggests that the formation is more likely than not to break down.
According to the trader, Ethereum has been trading within a bear channel on the ETH/BTC pair for an extended period, indicating that down is the probable direction.
Is the Altcoin Market About to Tank Against Bitcoin?
Ethereum and other large-cap altcoins often are leading indicators for the rest of the crypto market, and in particular, the altcoins space.
The number two cryptocurrency by market cap showing signs of falling against Bitcoin could signal a worse drop across the wider altcoin market.
The total altcoin market cap against BTC is also in a multi-year formation, however, this pattern looks to be more descending in nature and not symmetrical like Ethereum.
Related Reading | Altcoin Market Forms Crypto’s Most Dangerous Pattern
Descending triangles in the crypto market have in the past been notably deadly. It’s the same pattern that sent Bitcoin from $6,000 to $3,000, then again from $13,000 to $6,000.
Now, it’s appearing in the altcoin market, and it could cause the assets to be decimated by Bitcoin dominance in the days ahead. origin »
While most Stadia users are happy with new games, many are disappointed with their quality. The First on Stadia titles represent a move in the right direction, but a AAA title to bolster the proposition would have mitigated the slow release of games.
The cryptocurrency market tends to move in one direction, which is mostly defined by Bitcoin’s price action. However, a recent report shows that several cryptos have proved to be highly uncorrelated.
Bitcoin has made further progress over the weekend in a move back to resistance at $8,600. Gold prices moved upwards also but this time oil went in the opposite direction, could this be a sign of things to come? Bitcoin Safe Haven Redux on Virus Fears Bitcoin has made around 5% since the weekend started and is back at resistance at $8,600.
Bitcoin (BTC) is playing a game of averages, once again drawing attention to significant support levels. What is expected is a breakout move, though the direction remains uncertain. Bitcoin Stands at Another Threshold for Significant Price Move Bitcoin prices have gone through threshold moments like these in the past months.
The Bitcoin (BTC) futures market reawakened in early 2020, following more active price action on the spot markets. Across the board, leading futures trading platforms saw significant growth. Bitcoin Futures Volumes and Open Interest Peak as Prices Move Bitcoin futures bet on the price direction, and open interest as well as trades increased with the promise of higher volatility.
Bitcoin (BTC) has been rising relentlessly in the first decade since its Genesis block. But now, the price may be entering a stage where new price moves are uncertain. Bitcoin Average Price Move in Bullish Direction Looking at average prices paints a bullish picture over the years-long frame.
The Bitcoin Cash price is expected to begin a short-term upward move towards the outlined resistance area. However, the direction of the longer-term trend remains unclear. The Bitcoin Cash price has been on a downward since June 26.
Bitcoin (BTC) has just lost the key support of $7,000 after trading above this level for over a week. This marks the first bout of volatility the cryptocurrency market has seen in weeks and, as such, may imply that a larger move in the downward direction may take place in the coming days.
As the crypto market has stagnated, all eyes have fallen on Bitcoin, not Ethereum or Litecoin, as the leading cryptocurrency’s next large move will likely determine in which direction this entire industry heads for the next couple of months.
Bitcoin rarely makes a prolonged move in one direction without experiencing a retracement in the other one. Therefore, having several successive candlesticks of the same color is a rare occurrence.
Eight years after launching Litecoin as the faster, lighter, and often experimental Bitcoin fork continues to move forward. The new direction for Litecoin is to add privacy to its arsenal of features.
After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this.
After a decisive move in any direction, the price of an asset either creates a continuation or a reversal pattern. As stated by the name, a continuation pattern leads to a movement in the same direction as the prior trend, while a reversal pattern does the opposite.
Chart patterns are used in technical analysis to limit the scope of possible price movement. Additionally, the type of pattern created often indicates the direction of the decisive move that breaks the pattern.
Ethereum has faced a bout of consolidation today as the aggregated crypto markets continue to attempt to determine which direction they will move next, and it is highly probable that in the near-term most major altcoins like ETH will closely track Bitcoin’s price action.
Moving averages (MA) can be immensely important in determining significant support and resistance levels. The relationship between price and its MAs can successfully identify the direction of a trend as well.
DOGE/BTC It has been rather quiet and, at times, depressing around cryptocurrencies. Once the price heads south, it has a tendency to move fast and deep in that direction. Once those time come, we advise everyone to go hang in Dogecoin communities – the creativity of Doge holders in self-mocking will at least bring a […]The post Dogecoin (Doge) Price Analysis: Much Chilling No Moving appeared first on CaptainAltcoin.
After much anticipation of an explosive move, Bitcoin has finally chosen a direction for the short-term dumping through the asymmetrical triangle support. Current market price rests on $8,100 support but looks poised to drop further.
Bitcoin price is consolidating ahead of what most expect to be a major move – one that’ll set the trend for the coming months ahead and depending on the direction could confirm Bitcoin’s next bull run is here.
Bitcoin price is one again trading in the low $10,000 range, following a weekend trading around mid-$10,000 and yet another failure to break out higher. As a result of the lack of a clear direction being chosen, volatility has dropped to the lowest point it has been in some time and is approaching lows from.
Two years ago, we used to think that the crypto space will move from blockchain trials and testnets to real-world use cases and flawless mainnets. But the sad reality is that most projects implementing mainnets have seen negative returns.
Bitcoin was clueless about its direction on Tuesday as the chairman of the US Securities and Exchange Commission (SEC) hinted delays in the launch of the first bitcoin exchange-traded fund. The BTC/USD instrument was trading 0.
Bitcoin dipped below $10,000 after nearly reaching $11,000. Despite the bullish sentiment seen across the market following Bakkt’s approval for physically-settled Bitcoin futures, BTC is sitting at a pivotal point that could mark the direction of its trend in the near future.
Russia is not very well-known for its transparency, so the city of Moscow is trying to make a move in the opposite direction. The Information Technologies Department of the city has decided to hire a company to create blockchain-based systems for the city.
Most thought that trader Michael Burry was crazy when he started shorting stocks in 2008. But he felt that the market was overheated and the prices would eventually drop. His intuition was right – and it made him $100 million richer.
The Dow Jones Industrial Average and the broader US stock market are having the time of their lives even as the US-China trade war keeps raging on and key economic indicators move in the wrong direction.
Any changes introduced by cryptocurrency developments will be looked over, scrutinized, and potentially stir heated debates. In the case of Electroneum, some prominent changes were introduced recently which leave the community somewhat divided.
Bitcoin currently dominates the cryptocurrency market. Its price movements often determine the price direction of altcoins. A rally in Bitcoin’s price often tends to lift prices of many altcoins, while a BTC price drop usually causes the altcoin market to bleed.
Price action is not linear so any movements in either direction will come in stages. Bitcoin’s two day slide of over a thousand dollars may not be over yet, but at the moment BTC appears to be taking a breather.
Daily XRPBTC XRP almost gave away all the May 13th – May 17th (big move of 1600 sats) gains over bitcoin. It then found support at 4600 sats and reversed back up to hit 5400 sats and touch the MA50.
4h ADABTC On the short timeframe of 4H, there is a lot of going on. But generally, things are not looking too good for ADA as it seems that bitcoin will soak up all attention of the market, again.
Mid May Update: Technicals 4h ADABTC On the short timeframe of 4H, there is a lot of going on. But generally, things are not looking too good for ADA as it seems that bitcoin will soak up all attention of the market, again.
Mid May Update: Technicals 4h ADABTC On the short timeframe of 4H, there is a lot of going on. But generally, things are not looking too good for ADA as it seems that bitcoin will soak up all attention of the market, again.
Mid May Update: Technicals 4h ADABTC On the short timeframe of 4H, there is a lot of going on. But generally, things are not looking too good for ADA as it seems that bitcoin will soak up all attention of the market, again.
In 2019 there is a clear movement towards decentralized exchanges (DEX). Even large centralized exchanges seem to be heading in this direction. This move may seem somewhat counterintuitive for the centralized exchanges already in place.
The Bitcoin daily transaction volume is now at its highest level since January 2018 showing increased on-chain economic activity. Meanwhile, transaction count and average blocksize on the network continue to move in the same upward direction, proof that the 1MB blocksize limit is well and truly a thing of the past in the post-SegWit Bitcoin era.
Mass adoption of cryptocurrencies has been the major focus of proponents and users of the field. The latest move by a French cryptocurrency organization is a step in the right direction. eToro, the cryptocurrency trading platform, announced that its partnership with the Napoleon Group which will launch NapoleonX, France’s first regulated cryptocurrency asset manager.
By CCN. com: Michael Novogratz, the billionaire founder of Galaxy Digital formerly of Fortress Investment Group, has said he has become much more bullish in bitcoin and crypto in recent months. “I am more and more bullish BTC and our whole space,” he said despite the bitcoin price being down about 74 percent from its all-time high.
With 24-hours gains of 1.20 percent, Bitcoin is currently trading at $5,274. According to crypto investor and trader Josh Rager, BTC is gearing up for a strong move that could be seen really soon. Bitcoins seems to be making its move already as today it has gone from $5,161 to the highest point at $5,291 […]
It has almost become a norm in the cryptospace for altcoin price movements to follow the same direction with that of bitcoin (BTC), the world's flagship cryptocurrency. However, DataLight, a cryptocurrency analysis platform has carefully put together a list of the top five cryptos whose price rarely move in unison with bitcoin (BTC), according to […]
Since mid-February, the bitcoin market has continued to drift upward toward a band of strong, macro resistance (shown below as a red band). This slow, drift upward marks our fourth test of the resistance zone and, unlike the three prior tests, our rejection of the level has shown a weakness on the side of the bears:Figure 1: BTC-USD, Daily Candles, Fourth RejectionIf we compare the three prior rejections (labeled 1, 2 and 3), we see that the move into this resistance level was violent — and had equally violent rejections.
Bitcoin spent another week in limbo, as worries about the future direction are still not leading to a major move either up or down. Altcoins managed sudden growth, but the gains were fragile.
As the cryptocurrency industry momentum trucks along, it remains to be seen what will happen to some of the top markets. Whereas Bitcoin is still on wobbly legs, it seems the XRP price isn’t making any move to break out either.
The cryptomarket remains coiled as we lead into the weekend with no new highs and no new lows being established for bitcoin. However, it is nicely consolidating on lower time frames and hints toward the possibility of another leg up:Figure 1: BTC-USD, Hourly Candles, Consolidating PennantThe pattern shown in Figure 1 outlines a potential continuation pattern called a “bullish pennant.
Bitcoin price surged today, gaining over 8 percent in the last 24 hours. The sudden move up comes amid a notable increase in the network’s hashrate, which is currently at its 3-month high. Bitcoin Price on The Move Bitcoin price marked a notable move in an upward direction, gaining over 8 percent in just a […]
Bitcoin Price Surges as Hashrate Reaches 3-Month High originally published on My Bitcoin News by David Moroe.
The U. S. stock market got off to a tepid start on Wednesday after President Trump’s State of the Union address gave few indicators about the direction of trade talks or progress on a new budget.
There are warning signs on the weekly chart that Bitcoin could potentially be set up for another significant bearish move. Many analysts are monitoring the 200 simple moving average (SMA) which is often used to identify the direction of the long-term trend.
As Bitcoin continues to consolidate, cryptocurrency experts at Our Crypto Talk in a bold forecast that has garnered the attention of the crypto community have pointed out that BTC is on the verge of making its next significant upward movement.
Although institutional interest has undeniably been focused on Bitcoin, Ethereum’s lower cost of entry and unstoppable momentum, have allowed the altcoin to outperform the top crypto asset by market cap recently.
Bitcoin price has for months now been locked inside what many crypto analysts believe to be a triangle pattern. However, they are torn as to the type of triangle the pattern is – descending or symmetrical.
All eyes are currently on Bitcoin price, as the leading crypto by market cap has taken a pause in its parabolic advance, and the market watches and waits to see which direction the value of the asset goes in next.