Ethereum price analysis: Slow and steady grind higher, some more gain in the days ahead | ELEVENEWS
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Analysis

Ethereum price analysis: Slow and steady grind higher, some more gain in the days ahead

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  • ETH gains, but stays in a range.
  • Exected to move higher slowly and gradually.

Ethereum price pattern suggests it would continue to head up, inch by inch till it reaches some major resistance zones as the price of the second largest cryptocurrency has formed an ascending parallel channel.

ETH/USD is up more than 2 percent and above the round figure mark of $800, at $801. The crypto has formed an ascending channel on the hourly chart and continues to trade within that even as RSI enters overbought zone.

Next big resistances for ETH are at $900 and $980 where the crypto is expected to take rest a bit and might retrace too. Major support is around $710, higher high formed during this upmove from the pits.

ETH/USD hourly chart:

Analysis

Bitcoin Price Could Hit $25,000 Before 2020, Says Bullish Crypto Analyst

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The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions. Isaacs referred to the ongoing trade conflicts between the U.S. and China that last month sent the global equity market on a downward trend. The negative sentiment prompted investors to hedge in cryptocurrencies. He stated:

“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”

The statement followed bitcoin’s dramatic correction in the recent market cycle. The cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on San Francisco-based exchange, Coinbase. Nevertheless, bitcoin remains in a positive trendfrom a broader outlook, with its year-to-date performance showing as much as 146% gains.

Isaacs noted that the bitcoin adoption rate is heading in the direction of the cryptocurrency’s price. He cited significant organization like Amazon, Starbucks, Whole Foods, and Microsoft that recently started accepting BTC payments, indicating that the cryptocurrency ecosystem has turned more positive since crashing more than 85% in 2018.

THE BEARISH TAKE ON BITCOIN

Meanwhile, other notably analysts believe bitcoin is due for a considerable drop. Willy Woo, the founder of Woobull.com, said the cryptocurrency has become overvalued following the latest upside movements. The analyst put bitcoin against his popular NVT metric, which represents the ratio of bitcoin’s market capitalization to the volume transmitted by its blockchain. He noted a considerable divergence between the current bitcoin price and the NVT Ratio (explained here), which is bearish:

Josh Rager, another prominent analyst, provided a less harsh bitcoin price outlook, stating that a sharp downside correction would attract more investors to purchase it at cheaper rates. He noted that the BTC-to-dollar exchange rate dropped by at least 30% after every significant bullish move on a broader timeframe, as shown in the graph below.

bitcoin

If Rager is correct, BTC could go as low as $6,000 before attempting a sharp pullback to reclaim the session top of $9,090.

by: https://www.ccn.com

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Analysis

Bitcoin’s Explosive Rally Targets $6,500 Next – Analyst Explains Why

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By CCN: The bitcoin price could surge to $6,500 soon because it breached a key resistance level of $5,500 this week. That’s the assessment of Naeem Aslam, the Chief Market Analyst at ThinkMarkets, a forex and derivatives broker.

Indeed, bitcoin has roared to a six-month this week after flailing for much of 2018.

ASLAM: NASDAQ IS WARMING UP TO BITCOIN FUTURES

Analyst Naeem Aslam told CCN that there are several factors driving the rally, including optimism that Nasdaq is growing more confident about bitcoin futures.

Moreover, he says there’s a bullish trend forming with speculative bitcoin shorts that’s pushing the price higher.

“Technicals are fully supportive and the bulls are pushing the markets higher based on that. It’s likely that bitcoin’s price may move towards $6,000 or even touch $6,500.”

“We have Nasdaq, which is about to get serious about Bitcoin futures. Not to mention the speculative short positions, which are going to get squeezed out very soon (as per the CFTC data).”

bitcoin price chart

Crypto analyst Naeem Aslam of ThinkMarkets says the bitcoin bear market appears to be waning. | Source: ThinkMarkets UK

Even the crypto bears at CNBC begrudgingly agree that bitcoin could climb to $6,000 soon.

Source.ccn

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Analysis

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins find respite from the bear

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Bitcoin has been the world’s premier cryptocurrency since its inception. However, in light of Litecoin’s upcoming halving [August 06, 2019], many people in the community are speculating that Litecoin might lead the bull rally.

Additionally, many believe that Litecoin already hit its bottom and is on a bull run since it surged by ~170% since 13 December, 2018.

Bitcoin 1-day chart

Bitcoin’s price, at press time, was $4,026, with the market cap at $71 billion. The 24-hour trading volume for Bitcoin was at $9.97 billion, slightly less than $10 billion.

Support 1: $3,189
Support 2: $3,860
Support 3: $3,681
Resistance 1: $4,111
Resistance 2: $6,094
Resistance 3: $6,648

The Aroon indicator showed a collapsing downtrend and an uptrend, indicating sideways movement for Bitcoin in the daily timeframe.

The Stochastic RSI had touched the oversold zone, which indicated a possible bullish buying opportunity.

The Chaikin Money Flow suggested that money was flowing into the Bitcoin markets.

Litecoin 1 day chart

At press time, Litecoin’s price was $62.80 and the market cap was $3.75 billion. The 24-hour trading volume for Litecoin was a few million short of $2 billion.

Support 1: $23.35
Support 2: $39.65
Support 3: $52.04
Resistance 1: $62.80
Resistance 2: $88.56
Resistance 3: $101.60

The Aroon indicator for Litecoin showed the same movement as Bitcoin, with both the uptrend and downtrend collapsing.

The Stochastic RSI dipped into the oversold zone, with a bullish crossover underway.

The Chaikin Money Flow indicated that there was plenty of money flowing into Litecoin markets.

The price of Bitcoin suggested consolidation, something indicated by the Aroon indicator. However, the Stochastic RSI and CMF indicated a bullish phase for Bitcoin. Litecoin’s price movement showed a similar scenario as Bitcoin, with the CMF and the Stochastic RSI indicating a bullish movement for Litecoin.

Source.ambcrypto

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