A bearish trend has set in the crypto market as the prices are falling drastically. All the top 20 coins except TRON has experienced a serious dip in the prices in the past 24 hours. The market is not gaining enough momentum for one week. TRON, however, moved into the top 10 list as predicted by Justin Sun, the Founder of TRON Foundation yesterday.
Our Sentiment Analysis segment includes a group of investors, miners, journalists, skeptics, and influencers who were interviewed to understand the current market sentiments amongst people in the community. This analysis deals with three coins in the top 10 list viz. Ethereum [ETH], Litecoin [LTC] and Cardano [ADA].
Ethereum, ranked at number two, is the biggest name in cryptocurrency after the giant Bitcoin [BTC]. Priced at $404.04, its market capital is $40.537 billion as seen at press time. Ethereum flourished about one year ago when its prices started rising. However, ETH is under a lot of pressure at the present moment as it is struggling to find a foothold. The bearish trend for Ethereum started in January this year right after it hit an all-time high of $1377. From there, it experienced a decline of 155% dropping down to $403 today, which is the lowest value reached so far this year.
Mark Larson, a Technical Analyst from Edinburgh says:
“For those of you who thought this is ‘the end of ETHER’, I can only say we have seen such trends before and the prices going up immediately after that. This is complete FUD. The percentage of decrease in January was more than this and there is still chance for exponential growth.”
: “Guys my strong advice is to HODL or buy and I recommend that you stop selling. Just allow the market to balance out. If you sell now, the prices will decline further.”
To conclude, 75% of Ethereum respondents feel bearish and are of opinion that the prices will lose more momentum soon. But a minor 25% feel that this is all part of the game and if they HODL for long enough, ETH will regain traction.
Litecoin also has only bearish signs to show as its price has fallen by 10.88% within the last 24 hours as seen at press time. Currently standing at number 5 spot in the rankings, the coin is priced at $119.51, with a market capital of $6.6 billion. It is currently experiencing a selling pressure and the prices are pushing towards extreme low. It peaked in December last year when it hit $366 mark which is recorded as the all-time high. It hit an intraday low of $117 which is the lowest since the start of this year. This bearish trend line was established in February and it is reasonable to expect the bearish momentum to continue.
Fredrick Wilson, a miner from Pennsylvania says:
“Situations like this are buying opportunities if you are building inventory and not using margin and most importantly you must not get sucked into the hype. There are no signs of reversal so the prices will go lower.”
Oliver Smith, a Financial Adviser from Sydney says:
“The double bottom is at $106.52 and that’s the safest place to go long assuming that we will see a double bottom bounce and personally I have no interest in going long, not until that happens.”
To conclude, LTC is near a bottom and predictions could always go wrong at this time. 63% of Litecoin respondents feel that this bearish trend will not end soon and that the community is up for a long haul. But another 37% feel that they have to HODL and save the coin from dropping down further.
Cardano is also following the same pattern as the previous two coins. With a bearish trend, the coin stands at the number 7 spot and is priced at $0.150. The market capital, at press time, is $3.9 billion and it experienced a dip of 5.17% in the last 24 hours. Till mid-day today it was holding on to the $0.15 mark but it gave it away at 15:00 hours IST.
Martin Welsh, a Technical Analyst from Pittsburgh says:
“In my opinion, buying below $0.14 is reasonable. Despite of the bears in the market, Cardano has got a lot of potential. Once it gets to $1 mark, we can see some stability. Remember guys, it has got a reasonable market capital which should not be forgotten.”
Ben Fincher, a cryptocurrency expert from Belfast says:
“Prices today opened at $0.1583 and now it has dropped. There was a bullish trend just three days ago when the sellers were squeezed. I honestly hope that it goes above the $0.16 mark which would give some light in this darkness.”
To conclude, a strong 68% of the ADA respondents feel that the bears will rip the market for Cardano down. Another 32% of them feel bullish because of the big name it has in the market and they say that it will gain traction by tomorrow
Bitcoin could hit $62k by end of October, claims trader
As Bitcoin (BTC) is testing new resistance levels above $9000, one trader has pointed out that the momentum could be even stronger than it looks. If a pattern from 2017 is anything to go by, the top crypto could rise well above its all-time high.
Crypto trader Galaxy (@GalaxyBTC) pointed out that the week preceding today has seen a similar candle set-up to one that occurred back in 2017, when the last big bull run was building up steam.
After that week’s price action, BTC then saw a price increase of 570 percent. This happened over the course of 147 days, just under 5 months. If this pattern happens again in the same way, BTC will be trading at around $62,000 by the end of October.
Opinions about this prediction on Twitter were divided. Some agreed with the assessment, with one observer pointed out that they made a similarly bullish claim not long ago. Others questioned the analysis, and suggested that the user was just making outlandish predictions to get followers.
Bitcoin: Third coming of the green Super Guppy buoys bulls as price consolidates over $9,000
Bitcoin broke out of its sluggish blues by breaking the $9,000 mark for the first time in 13 months, earlier this week. With several analysts pegging the rise of Bitcoin to be a consequence of the Facebook Libra pump, a more wholesome look at the charts indicates a more consolidated rally, rather than a myopic push.
A recent piece of analysis by Josh Rager, a cryptocurrency analyst and advisor for Token Bacon and Level Invest, revealed that the Bitcoin market was primed for an upswing that will mirror previous bullish rallies of 2012 and 2016. Facebook might have been the catalyst to push the market out of the June slump, but Libra cannot prolong the high, and by the looks of it, the market is likely to march forward on its own.
The Super Guppy indicator which indicates trader behavior based on sets of moving averages, has flipped from red to green on the weekly Bitcoin chart, indicating a sustained bullish swing to the market. As mentioned previously, this is the third coming of the green-switch on the weekly BTC chart; the first two saw the price of the cryptocurrency surge to $1,000 and then to nearly $20,000.
Rager posited the historical price movements of the cryptocurrency based on the first two occasions of the Super Guppy indicator flipping green. With reference to the recent flip, he stated that the market is likely to be “bountiful,” for “the next few years,” given the manifestation of the “flip,” in the month of June 2019.
His full tweet read,
It’s finally here…
The Bitcoin Super Guppy has flipped green on the 1-week chart
2012: 400-day uptrend followed a flip green
2016: 700-day uptrend followed a flip green
2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years pic.twitter.com/6zAn1qgtBy
— Josh Rager (@Josh_Rager) June 18, 2019
The price of the top cryptocurrency in the market has been on a rollercoaster ride since the beginning of April 2019. With the breach of the 200-day Moving Average on April 2, Bitcoin’s price took a turn for the better, which according to Fundstrat’s Thomas Lee, was the key trigger to the bullish market. Further, the king coin’s “Golden Cross” was realized in April, something that had previously taken the coin to an unprecedented high in December 2017, before switching to a “Death Cross” last year.
At a time when the likes of Fidelity, Facebook, and JP Morgan are veering towards the cryptocurrency market on the big-name side and at time when Bitcoin is trading within the Golden Cross and its Super Guppy has flipped green, the price can only consolidate from this point on and move higher.
Bitcoin (BTC/USD) forecast and analysis on June 18, 2019
Cryptocurrency Bitcoin (BTC/USD) is trading at 9096. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.
Bitcoin (BTC/USD) forecast and analysis on June 18, 2019
As part of the Bitcoin exchange rate forecast, the test level of 8950 is expected. Where should we expect an attempt to continue BTC/USD growth and further development of the upward trend. The purpose of this movement is the area near the level of 9820. The conservative area for buying of Bitcoin is located near the lower border of the Bollinger Bands indicator bars at the level of 8050.
Cancellation of the option to continue the growth rate of Bitcoin will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair below the 8020 area. This will indicate a change in the current trend in favor of a bearish for BTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on June 18, 2019 implies a test level of 8950. Further growth is expected to continue to the area above the level of 9820. The conservative area for buying Bitcoin is located area of 8050. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 8020. In this case, we can expect further the fall.