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Today popular market analyst and Cointelegraph contributor filbfilb joined veteran trader Tone Vays on his YouTube trading channel. During the discussion, each trader discussed their long and short-term vision of Bitcoin’s price (BTC) action, along with the various trading indicators and styles they use.
According to Vays, Bitcoin’s price action on the weekly time frame remains strongly bullish as Bitcoin broke through multiple levels of resistance and is still on six on the TD Sequential indicator, which is favored by Vays.
Although a push to $11,500 would still put the top crypto far below its all-time high, it is worth noting that Bitcoin has only been above $11,500 for two short periods. One was from early December, 2017 until mid-January 2018. The other was briefly in July and August of last year. Thus, such a move would be notable in analyzing a potential price recovery.
Now that the Bitcoin price is floating above $10,000, many are looking forward to higher gains, such as $20,000 and bigger.
More and more positive predictions are appearing for the Bitcoin price. However, some individuals believe that not all retail Bitcoin owners will be patient enough to see their BTC rise to $100,000.
One of them is trader and investor @crypto_rand. He tweets:
The last of such moves occurred in April 2019, wherein the price surged by 170 percent three months after making a Golden Cross. Similarly, the same candlestick pattern in October 2015 followed bitcoin registering one of the history’s biggest price rallies – from $300 to $20,000 in just two years.
But, it is the same asset that registered a massive drop after logging its all-time high at circa $20,000. In total, bitcoin is still trending almost 50 percent down from its historic top – and one indicator alone cannot promise to bring another $10,000 to its valuation.
According to the BraveNewCoin Bitcoin chart (i.e., the best chart), since 2011 when it starting tracking Bitocin, there have been five GC’s and six DC’s – with the sixth GC looking to cross in the next few days.
One of the first things we notice about the distribution of crosses is that they often occur in clusters. Out of the five Bitcoin GC’s, three have occurred in tight clusters of three (tight = within 150 days).
The most recent cluster is shown below, and we see a GC-DC-GC sequence between July 13 and October 26, 2015, which ultimately yielded a multi-year bull run between October 2015 and December 2017.
Bitcoin’s price since the start of 2020 seems to be supported by the bulls. This is a crucial development, especially after the traumatic year that was 2018 and the letdown of 2019. However, 2020 is seeing cryptocurrencies turning a page as Bitcoin’s RoI is at 39%. Even with such a bright future ahead of Bitcoin, its rally hinges on an important level, and failure to breach this level could push Bitcoin lower.
As it stands, Bitcoin might need some more time to regain its momentum and try again for the crucial ascending trend-line resistance. In any case, it’s important to pay attention to the $10,000 support level from below and the $10,500 resistance from above, which is also this year’s high.
Altogether, the entire cryptocurrency market performed very well. It crossed $300 billion for the first time in six months, as altcoins continue to mark serious increases. BTC’s dominance is declining, however, which signals that altcoins are, indeed, booming.
According to market data provider Statista, the total transaction volume for digital remittances has already reached $95.96 billion in 2020. This represents a 21% increase in year-on-year. About 8.5 million people are using this system as of now, marking a 20.5% growth year-on-year. But the industry won’t stop here. Statista expects the industry to grow to 13.2 million users with a volume of $143 billion by 2023.
This move has caught many traders off guard; indeed, after the asset’s -50% performance in 2019, some cryptocurrency investors were sure the asset was on a path to fall to fresh multi-year lows.
Though, one trader called it all, the bottom at $0.17 and the subsequent rally that has shocked investors across the board. XRP, per the eerily accurate analysis, will soon surge even higher.
The STEEM price is on a bullish spree and has increased by 25 percent over the past two days. STEEM Price Highlights The STEEM price has broken out from its long-term consolidation range. There is support at 2200 satoshis. There is resistance at 3000 satoshis. A golden cross has transpired. The price could be trading inside an ascending channel.
The bulls are unrelenting as they push to the previous price levels of June 2019. BCH is approaching a $500 resistance level. Nevertheless, it is presumed that there will be a strong price tussle between the bulls and bears in the $500 to $522 price level. Meanwhile, BCH has reached the level where the price action formed a bearish double top in June 2019.
This pattern signals the resumption of selling pressure. It is possible that if the price breaks the current resistance, buyers will push the price into a range of $500 to $522. However, if the bulls fail to overcome the resistance at $492, BCH will drop to $440 support level.
Ethereum has surged by 110% since the turn of the year. During this time it has drawn in a lot of investors especially from Bitcoin which has been dropping market dominance. And it’s not just prices and dominance where Ethereum has been setting records. Yesterday, Ether had the most active session of the year. In popular exchanges, BitMEX, Huobi & OKEx, they reached $1B.
- The Libra Association is considering whether to abandon the existing currency-and-asset basket model in favor of a dollar-centric one for its proposed Libra stablecoin, sources say
- The move could mollify the concerns of regulators and lawmakers skeptical of the Switzerland-based initiative
- It might not be that big of a deal for the other U.S. dollar-backed stablecoins.
According to a press release, Breonna Clark, otherwise known as Eliot Clark or Alexander Pak, and his firm Venture Capital Investments Ltd. and The Life Group allegedly raised $534,829 from 72 victims, promising to invest funds in bitcoin (BTC), altcoins and foreign currency contracts. Instead, some $400,000 in funds went to personal uses, including the purchase of a BMW.