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On the 6-hour timeframe, the volume profile visible range (VPVR) shows the price rejecting at the high volume node at $9,883 but at the same time, we can see that purchasing volume is beginning to outpace selling volume.
Despite the inability to hold above $9,900, the shorter timeframe also shows Bitcoin price painting higher lows since the drop on Feb. 19 to $9,352 and the price is also holding well above the 20-MA of the Bollinger Bands indicator.
Based on IntoTheBlock’s “In-Out of the Money Around Current Price” (IOMAP) model, the rejection seems to have been triggered by over 1.7 million addresses collectively holding more than 1.1 million BTC between $10,000 and $10,300. This major supply barrier may continue to hold until there is a spike in the buying pressure behind Bitcoin that allows it to punch through it.
Just minutes ago, Bitcoin tested $10,000. This came after the cryptocurrency had flatlined at $9,900 for most of Sunday, seemingly trying to establish some directionality. Unfortunately, the brief surge to $10,000 failed, with the asset getting rejected right at the key resistance, the second time BTC failed to maintain an uptrend in the past 24 hours.
Insane speculative trading has been the driving factor in the crypto assets valuation growth, this is according to the chief investment officer at Bleakley Advisory Group, Peter Boockvar. According to him, pure speculative trading has been the driving force in most high-end stocks, even as the market indicates a ‘late-cycle’, and has also been the key factor in Bitcoin and most altcoins recent bull run.
A prominent analyst going by TradingShot recently published an analysis through TradingView, in which they depicted Bitcoin’s “Golden 51%-49% Ratio,” which shows how bull markets develop.
The Ratio suggests that BTC sees two phases to its bull cycles: 1) the 51% phase, the rally from the bottom, the first correction, and then the halving; and 2) the 49% phase, marked by a parabolic surge that ends in a blow-off top.
According to the Ratio, TradingShot wrote, Bitcoin is nearing the completion of the 51% phase, which will be marked by the halving in May 2020. After that, a stronger rally should start that will end in October 2021.
Most Bitcoin margin trading platforms also see a serious increase in their volumes. For example, the leading futures exchange by volume, BitMEX, continues to boast a daily trading volume upwards of $4 billion.
Additionally, Bitcoin Futures Open Interest has risen with over 60% since the start of the year, and it surpassed $4 billion. As Cryptopotato recently reported, BitMEX leads in this category as well, with almost $1.5 billion.
A TradingView user looked back at previous bull and bear cycles for Bitcoin and marked the starting and ending points. Prive moves in relation to halvings were also extrapolated for the coming years.
Right now, BTC stands at a rather bullish place, with the potential of being in the active phase of yet another bull cycle. This time, the appreciation may take years, and reach new highs. In hindsight, the bottom of the current bull cycle was at the start of 2019, when Bitcoin bounced off lows under $4,000.
However, there are also quite a few developed nations who have had to combat similar crises, while continuing to rely on fiat currencies to run their economies. For example, since 2009, several countries such as Spain, Ireland, and Portugal have been unable to repay government debt without assistance from the ECB, IMF, and other Eurozone countries.
Most of the top cryptocurrency networks suffer from congestion on a rainy day. This week, it appears that EOS is noting degraded performance according to Coinbase.
It is very common for most blockchains to get clogged up.
- The one-week Moving Average Convergence Divergence (MACD) has turned bullish, seeing a positive cross.
- The one-week Ichimoku Cloud has crossed bullish.
- Litecoin recently flipped a “major” resistance region into support on a weekly basis.
- LTC’s weekly supertrend has turned bullish.
Michael Van De Poppe, an analyst at CoinTelegraph and a trader at the Amsterdam Stock Exchange, recently shared the below chart, showing that XRP’s price outlook remains rather bullish.
Backing this optimism, he pointed to the fact that XRP is in the midst of flipping the ~$0.24-$0.26 resistance into a key level of support, boding well for the bullish narrative. Not to mention, this writer noticed an uptick in volume amidst the uptrend, a positive sign for those not versed in technical analysis.
Van De Poppe suggested that should the asset confirm a support/resistance flip at the aforementioned level, it will be cleared for an 80% rally to $0.46, then potentially another 30% or so rally from there to $0.60.
Norwegian Block Exchange (NBX) CEO Stig Kjos-Mathisen revealed the news during an interview with local media outlet Dagens Næringsliv last week.
Norwegian Air is the largest airline in all of Scandinavia and the third largest low-cost air carrier in Europe. It serves frequent domestic flights within Finland Scandinavia, as well as international flights to Europe, North Africa, and the Americas.
One of the latest episode of “The Simpsons” aired has just aired featuring Jim Parsons of Big Bang Theory appearing as a guest star to explain cryptocurrencies and how a blockchain works.
In the song and dance predicts cryptocurrency to be the future money, the animated ledger states: “Each day I’m closer, to being the cash of the future. Not in your wallet, I’m in your computer!
Lending and borrowing cryptocurrencies is becoming an increasingly important sub-sector of crypto finance, one that may end up shaping how the underlying assets themselves are valued and priced in the markets.