Since the $3,700 lows, Bitcoin has roared higher, crossing above resistance after resistance in succession. Just recently, BTC tapped $10,000. Although impressive, a top analyst expects for the cryptocurrency to head even higher, citing three “solid” tailwinds for this market.
Bitcoin’s Macro Tailwinds Are Growing
There’s a confluence of four fundamental factors that indicate Bitcoin’s medium-term to long-term trend is shaping positive, analyst Thomas Lee has said. The co-founder of Fundstrat Global Advisors, a New York-based research firm, identified them as follows:
Bitcoin is the best-performing “asset class” in 2020, beating U.S. Treasuries and Gold amid a global recession. Treasuries are up 21% while the precious metal is up 13% — already much better performances than the S&P 500’s 10% drop, the 5% drop in emerging market corporate bonds, and the 20% drop in the Russell 2000 index.
In a similar vein, BTC was the best-performing asset class of 2019, rallying 92% while the U.S. stock market gained around 20%.
The block reward reduction, known as a “halving,” is taking place in four days, estimates suggest.
Paul Tudor Jones, one of the world’s biggest macro investors, just announced his fund is taking a stake in Bitcoin futures. Jones believes the cryptocurrency will act as a hedge against inflation.
Chart of Bitcoin’s relative performance against other asset classes from Tom Lee, @Fundstrat on Twitter.
While Lee didn’t mention his firm’s Bitcoin prediction in his tweet, MarketWatch reported that Fundstrat expects BTC to rally towards $14,350 in the coming 12 months. They made this call when the cryptocurrency was trading at $8,000.
There’s a Growing Chance of a Short-Term Drop
Although there are these macro tailwinds, the chance at a short-term retracement has grown.
According to Nik Yaremchuk, a former analyst at crypto fund Adaptive Capital, there’s massive selling pressure building above the Bitcoin price.
Pointing to order book data from Bitfinex, he noted that there is approximately 3,000 BTC ($30 million) worth of sell-side positions from the current price of $10,010 until $10,230.
Chart of Bitfinex’s order book data overlayed on the chart from Nik Yaremchuk, former analyst at Adaptive Capital.
Should BTC fail to catch a bid during any really in the coming hours, it could be strongly rejected by the sell wall. The wall will act as resistance for the cryptocurrency market as long as it is on the order book.
This bearish assertion can be corroborated by an assertion by a prominent crypto trader, one who called Bitcoin would drop to $6,400 in the middle of 2019.
Referencing the chart below, he argued that Bitcoin is looking very “toppy” according to two key indicators: the Relative Strength Index and Moving Average Convergence Divergence, which are bought entering regions that historically marked tops. The analyst wrote:
“CT getting awfully bullish again at the top after just being awfully bearish at the bottom. Though a further move up is possible, indicators looking toppy.”
Chart from “Dave the Wave,” @davthewave on Twitter. The chart shows the one-day RSI and MACD indicators reaching oversold levels, indicating an imminent reversal or some time for consolidation.
Featured Image from Unsplash origin »
Just hours after our last market update, Bitcoin has topped $10,000. This is the first time the cryptocurrency has done this in over seven weeks. After holding $9,400 for all of Wednesday, the cryptocurrency surged higher over the past few hours, passing resistance after resistance in the $9,000s, culminating in the surge past $10,000 just...
Bitcoin saw some notable overnight volatility that caused it to post an upswing followed by a swift rejection, before once again climbing higher The benchmark cryptocurrency is now moving to test its next key resistance that sits at roughly $9,500 Analysts are now noting that a clean break throughout a heavy overhead supply region just above BTC’s current price could be just what it needs to make a move up to $14,000 Bitcoin’s intense uptrend […]
Ethereum has been able to capture some notable upwards momentum today, surging towards its key near-term resistance at $210 as the aggregated crypto market pushes higher. This has allowed the crypto to narrowly avoid seeing massive losses stemming from a previously bearish market structure that it had formed. ETH isn’t completely out of the woods...
Bitcoin’s match to higher prices has failed to break above key resistance once again as sellers push it below $9,000. The top cryptocurrency is trading lower this morning, just days away from the May 12 halving.
The past few days have undoubtedly been bullish for Bitcoin, with the cryptocurrency ripping over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours. Since hitting $9,500 though, BTC has stalled, entering a consolidation around $8,800 as the market becomes indecisive, stuck between support around $8,500 and resistance at the ever-important level of $9,000.
The past few days have undoubtedly been bullish for Bitcoin, with the cryptocurrency ripping over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours. This stunning rally has brought the cryptocurrency above some key resistance levels pointed out by traders. One trader noted that during the...
April 29th was undoubtedly one of Bitcoin’s biggest days in months. On this day, the cryptocurrency finally broke from its consolidation pattern under the $7,800 resistance in a strong fashion, reaching $9,000 at the trading session’s highs — more than 15% higher where it had started.
Ethereum is up more than 12% and it broke the $220 resistance against the US Dollar. ETH price is likely to continue higher and it could even test the $240 and $250 levels. Ethereum is surging and it recently broke the $215 and $220 resistance levels.
Bitcoin has come out roaring after starting the week without lacking any momentum. It was further off the back of days of sideways trading. The latest move sees Bitcoin break above its immediate resistance of $8K and further extend this to break its higher high of $8.
The king crypto has reached the $7,900 area, flipping the resistance; now traders are setting higher goals for Bitcoin, which include $9,000 and $13,000
Ethereum has pushed higher despite Bitcoin’s stability, leading bulls to retest its key near-term resistance The cryptocurrency is on the cusp of forming a highly bearish technical formation that could be confirmed if it posts another harsh rejection at its current price level This comes as 92% of traders on Bitfinex go long on ETH, signaling that a long squeeze may be imminent Although Bitcoin has continued extending its bout of rangebound trading within the […]
Ripple is trading nicely in a bullish zone above $0. 1950 against the US Dollar. XRP price is likely to accelerate higher above the $0. 2000 and $0. 2020 resistance levels. Ripple price is showing signs of more upsides above $0.
Bitcoin decisively broke through the resistance it previously faced at $7,200 It now appears that BTC broke out of a bullish pennant that could help push it higher in the days and weeks ahead This pennant now has serious “coiled power” as bulls were able to spark a movement within a key timeframe.
Tezos’ native cryptocurrency XTZ confirms forming Inverse BARR, a bullish reversal indicator. The XTZ/USD pair is waiting to close above a crucial technical resistance while setting its upside target 50 percent higher.
In the time following Bitcoin’s recent break above its key near-term resistance level at $7,200, the benchmark cryptocurrency’s bears have lost some of their steam as it declines below this level, with it now being at risk of revisiting its support at $7,000.
While the aggregated crypto market consolidates following the recent upswing, Tezos has continued climbing higher as it expresses further signs of strength against many of its peers. This strength has now led the crypto to push above a key horizontal resistance region that was significantly hampering its price action in the past, with a confirmed break above this level potentially opening the gates for significant upside in the days and weeks ahead. The move past […]
Ethereum is down close to 5% and it broke the $155 support area against the US Dollar. ETH price tested the main $145 support area and it is currently correcting higher. Ethereum struggled to clear the $160 resistance and decline below the $155 level.
Since the $3,700 bottom seen in the middle of March, Bitcoin has rocketed higher, rallying as high as $7,470 in an impressive fashion. While impressive, the cryptocurrency is not yet in a full-blown bull run, with there existing a confluence of resistance overhead the BTC price, analysts are gaining confidence a bull run is near.
Ethereum is consolidating gains above the $170 and $165 support levels against the US Dollar. ETH price is likely setting up for another leg higher over the $175 resistance area. Ethereum is showing a few positive signs above the $170 support level.
Ethereum is trading with a bullish angle and it recently surpassed the $135 resistance against the US Dollar. ETH price is likely to continue higher towards $145 and $150. Ethereum is up more than 3% and it broke the main $135 resistance against the US Dollar.
Ripple is down close to 5% and it broke the key $0. 1680 support zone against the US Dollar. XRP price is currently correcting higher, but it is likely to face hurdles near $0. 1700. Ripple price declined below the $0.
On March 24, the Bitcoin price reached a daily close of $6,731 and continued its increase the next day, reaching a high of $6,975. However, the higher prices could not be sustained, and the BTC price failed to close above the major resistance area of $6,900.
Ethereum price is trading in a positive zone above the $132. 50 and $134. 50 support levels vs the US Dollar. ETH to USD is likely to continue higher towards $152. 00 if it breaks the $142. 80 resistance.
Ripple price is trading with a bullish angle above the $0. 1560 resistance area. XRP to USD is likely to continue higher towards the 0. 1700 and $0. 1735 resistance levels. Key Takeaways: XRP/USD Ripple price is currently rising from the $0.
Bitcoin is currently correcting higher from the $4,320 support area against the US Dollar. BTC could rally further if the bulls are able to push the price above $6,800 and the 100 SMA (H4). Bitcoin price seems to be facing a strong resistance zone near the $6,800 and $7,000 levels. The 100 simple moving average...
After a massive decline, bitcoin cash found support near the $140. 00 level. BCH to USD is currently correcting higher and it is likely to face a strong resistance near the $200. 00 and $205. 00 levels.
Ethereum is slowly recovering and trading towards the $120 resistance against the US Dollar. ETH price could climb higher sharply if there is a clear break above $120 and $124. Ethereum is showing a few positive signs above the $110 support zone against the US Dollar.
Ripple price is currently moving higher and trading above the $0. 1400 resistance area. XRP to USD is likely to continue higher towards the 0. 1640 and $0. 1700 resistance levels. Key Takeaways: XRP/USD Ripple price is slowly recovering from the $0.
Bitcoin is currently correcting higher from the $7,638 monthly low against the US Dollar. BTC price could correct higher towards the $8,200 resistance area, where the bears are likely to appear. Bitcoin is showing a few recovery signs above the $7,800 level against the US Dollar.
Ethereum is extended its decline below the $200 support area against the US Dollar. ETH price traded as low as $188 and it is currently correcting higher towards $205 and $208. Ethereum is currently recovering losses from the $188 monthly low against the US Dollar.
Ethereum failed to continue higher above the $252 resistance and declined against the US Dollar, similar to bitcoin. However, ETH price is now trading near a key uptrend support. ETH price is down 5% and it is now trading below the $235 level against the US Dollar.
After briefly falling under the crucial resistance of $229 towards the tail end of February, Ethereum has managed to bounce back above the mark and has consolidated at a higher range. With a 2.84 percThe post Ethereum en-route to $255; likely to breach level by 17 March appeared first on AMBCrypto.
On February 8, the DOGE price initiated a rapid upward move, breaking out above a long-term descending resistance line. It reached a high of 35 satoshis the next day but has been decreasing since.
Bitcoin climbed higher nicely above $9,800, but it failed near $10,000 against the US Dollar. BTC price is currently declining, but it is likely to find support near $9,640 and $9,500. Bitcoin price failed again to gain strength above the $10,000 resistance area against the US Dollar. It is down more than $250, but there...
Ripple started an upside above the $0. 2850 resistance area against the US Dollar. However, XRP price is still facing a couple of key hurdles near $0. 3000 and $0. 3080. Ripple price is currently correcting higher from the $0.
Ripple found support near $0. 2680 and recovered slightly against the US Dollar. XRP price could continue to rise, but the bears are likely to protect the $0. 3100 resistance area. Ripple price is slowly correcting higher from the $0.
Ripple surged higher and climbed above the $0. 3200 resistance area against the US Dollar. However, XRP price is now facing a strong resistance near the $0. 3400-$0. 3500 area. Ripple price surged to a new 2020 high at $0.
Bitcoin has continued pushing past the heavy resistance it has been navigating through over the past few days, with BTC’s recent break above $10,000 allowing it to slowly grind higher as many major altcoins begin building major momentum.
Bitcoin extended its rise towards the $10,500 resistance area against the US Dollar. BTC is now showing signs of exhaustion and it could dip a few points before continuing higher. Bitcoin price is struggling to gain momentum above $10,400 and $10,450 against the US Dollar.
Ripple is climbing higher and it recently retested the $0. 2880 resistance against the US Dollar. XRP price could surge further above $0. 2900 and $0. 3000 in the near term. Ripple price started a fresh increase after tagging the $0.
Ethereum gains a strong bullish momentum above the $200 resistance against the US Dollar, similar to bitcoin. ETH price is likely to continue higher towards $250 in the near term. ETH price climbed higher significantly and settled above $200-$210 high against the US Dollar.
Just minutes ago as of the time of this article’s writing, Bitcoin just hit $10,000 for the first time since November. BTC’s breaking of this key psychological and technical resistance level comes after a few days of the cryptocurrency slowly grinding higher.
Unless you’ve been hiding under a rock, you know Bitcoin has been doing exceedingly well over the past few weeks. The cryptocurrency has bounded past key resistance levels in the $7,000s, $8,000s, and $9,000s, surging some 50 percent higher since the bottom established in mid-December.
Ethereum price gained more than 10% and broke the key $200 resistance against the US Dollar. ETH even surpassed $220 today and it is likely to continue higher. Ethereum is trading in a strong uptrend above the $200 and $208 levels against the US Dollar.
Binance recently announced the introduction of a new Tezos derivative product. The launch of this financial instrument comes at a time when XTZ broke above a multi-year resistance level signaling higher highs.
Ethereum price is climbing higher and it recently broke the $194. 80 resistance area vs the US Dollar. ETH to USD is showing positive signs and it could rise further towards the $220. 00 level. Key Takeaways: ETH/USD Ethereum price is surging and it cleared the $191.
Bitcoin has been on the lips of many crypto investors and news outlets for the past few months as major investment companies like BlackRock look to bring on Spot Bitcoin ETFs. The world’s largest digital currency has also seen an increase in price in the past few months as a result of this, ranging around $30,000 for almost a month.
Неспособность биткоина набрать обороты и приблизиться к отметке $20 000 вызвала у аналитиков опасения по ближайшему снижению. Сегодня 29 июня крупнейшая криптовалюта опустилась в диапазон $19 000, торгуясь близко к $20000.
На дневном графике биткоина возник «золотой крест» — редкая и в то же время вызывающая интерес трейдеров фигура. «Золотой крест» является импульсным индикатором, возникающим при пересечении 50-дневной скользящей средней 200-дневной снизу вверх.
Уже сегодня стоимость всех цифровых валют может снова превысить $2 трлн. В ночь на понедельник, 16 августа, капитализация крипторынка выросла до $1,98 трлн. Из первой десятки CoinMarketCap самую лучшую результативность за последние 24 часа продемонстрировала любимая монета Илона Маска Dogecoin (DOGE).
Биткоин (BTC) сегодня торгуется на уровне $36 000, монета так и не смогла разогнаться из-за отсутствия сильной поддержки. При этом аналитики компании Fundstrat все еще настроены крайне оптимистично.
Биткоин торгуется на этой неделе в диапазоне от $54 000 до $56 000. Монета смогла отскочить после обвала до трехнедельного минимума, однако возобновить экспансию ей не удалось. По прогнозам вице-президента Fundstrat Лиора Шимрона, консолидация может продлиться несколько недель.