Bitcoin (BTC) has been indecisive for quite some time now as bulls and bears both seem to have backed out of the fight. Meanwhile, coins like Ripple (XRP) and Stellar (XLM) have made impressive gains as investors have been waiting to jump on board at such low prices. This excitement has resulted in exuberant rallies over the last few days. Ripple (XRP) is up 6% in the last 24 hours whereas Stellar Lumens (XLM) is up twice the size at more than 10% in the last 24 hours! Coins like Stellar have seen rapid price boosts in the past few days as investors were seen very eager to pick up at the bottom. The price of Stellar (XLM particularly is up almost one third its value at ATH during early 2018. This is an interesting development when you realize that Bitcoin (BTC) is still not in the clear and things could take a turn for another short term fall in the coming days.
As always, we will see those spectacular gains reversed if BTC drops further, which seems very likely from the charts. Bitcoin (BTC) price is currently trading within a rising wedge. Strong bullish momentum is slowly fading in anticipation of another drop which could result in Bitcoin (BTC) falling out of the wedge to settle close to or below $6000. It should be noted that the further ahead Bitcoin price decides to trade in the red rising wedge, the deeper the price will have to fall to test the previous downtrend line.
Bitcoin (BTC) is also forming a series of rising wedges within rising wedges which signal a near term price drop possibly by the end of the week. If the fall results in Bitcoin bouncing off the red line of the bigger wedge, this could result in a new bull run next week which will trigger further altcoin rallies at least for short term. Bitcoin could continue to trade within the wedge at least for one more week and meanwhile popular coins will continue to have rallies based on positive news and general excitement. It should also be noted that this period of sideways movement could extend all the way to late May before Bitcoin eventually picks up and starts another rally.
Some analysts believe that we are yet to see the anger phase of the market where investors will believe that the price is not making headway and might give up which could trigger some selling below $6000 but the price will most likely stay above $5000. This could be the final push Bitcoin needs to take off and mark new highs for the year. Q2 has historically been unfavorable for the price of Bitcoin so do not be surprised if any more bad news or ‘FUD’ drives the price further down to settle around $5000s. Such a development will also turn most bears into bulls as they are convinced that the bottom has been reached and the next market cycle is about to begin.
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.