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Analysis

Correction Leads The Way This Afternoon, Is A Recovery In Sight?

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After another morning of backwards momentum, our attention switches in the opposite direction this afternoon as the overall trend turns green. As it stands, a number of major cryptocurrencies are now starting to climb up, in some instances, these gains are coming in leaps and bounds. Of course, we can’t get too excited just yet, its unlikely that a bull market is about to return, however, even if this is just down to a simple air of correction, movements are positive, that’s always something to be thankful for.

Moreover, with many people ready to buy during these record low prices (two-monthly) perhaps a sudden surge like this is what we need to instigate that activity.

Either way, we are here to report the news, so we will do just that, here’s how the markets look going into this afternoon.

At the time of writing, Bitcoin is valued at $6,529.87, up 0.95% This is a minor climb, but it is a climb, and therefore we are starting to see signs that Bitcoin is going to challenge a move back up to $7,000.00 once again. In reality, we need to see Bitcoin at least try and breach $7,000.00 soon, otherwise we are at risk of investors losing interest. I suppose the saying ‘treat them mean, keep them keen’ really does have some bearing here.

Likewise, at the time of writing, Ethereum is on the up. Valued at $488.63, up 2.71%. If this continues through the afternoon we might very well see Ethereum reach $500.00 again, once this happens, investors will certainly breath a sigh of relief.

Cardano, Stellar, IOTA and TRON are all relishing in some strong positive movements. At the time of writing, Cardano is up 8.11%, Stellar is up 4.55%, IOTA is up 5.44% and TRON is up 6.17%. We at least know the latter is down to a combination of market correction and of course, a recent announcement concerning a brand new TRONWallet project.

This positivity seems to be threaded right through the markets. At the time of writing, ICON, Siacoin, Verge and Nano are all making very significant movements, up 11.98%, 21.75%, 10.99% and 14.12% respectively.

Don’t let optimism get the better of you. As quick as this sudden change came on, it could drop off and the markets could continue to decline again. As mentioned, this is mostly due to correction (this is what we should assume for now at least) and therefore we aren’t totally out of the woods just yet. Simply, just let this fall as part of your extensive market research and for now, let’s continue to watch the markets to see how they perform through the rest of today, into this evening on the final approach to the weekend.

Analysis

Bitcoin (BTC), Litecoin (LTC), And Ripple (XRP) Analysis: Market Recovers After Overnight Drop

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From last Tuesday when the price of Bitcoin came down to $9833 at its lowest point we have seen an increase of 30% measured to the highest point the price has been today which is at $12814. The price is currently being traded at $12348 and even spiked further down to $12119 at its lowest point today.

Click to see the full-size image

Looking at the hourly chart you can see that the price of Bitcoin came up above the ascending trendline zone which served as resistance on the way up and has retested it on today’s spike to the downside and found support there which indicates that the trendline zone is still serving as a significant pivot point. The price came down last Tuesday in a three-wave manner after which a five-wave increase has been seen forming a lower high with the price going below the ascending range and the 0.5 Fibonacci level.

As the price found support around the descending resistance level it started increasing again. I believed that the price is going to retest the upper ascending level before continuing to move to the downside again as the descending channel which started forming form 28th of June looked like it could be the 2nd wave out of the higher degree correction. But as the price increased with strong bullish momentum above the ascending range we could be seeing another ABC correction to the upside which would be the wave X out of the mentioned higher degree correction.

Another possibility would be that the ABC to the downside which ended last Tuesday was the end of the correction with the 30% increase seen after being the start of the next impulsive move to the upside, but I don’t believe that’s likely because according to my count the 5th wave of the Minor count ended on the yearly high at $13740.

As the price is in an upward trajectory in the upcoming period I would be expecting an interaction with the 0.618 Fib level or a retest of the yearly high before another downfall potentially below the 0.382 Fib or slightly above it, to around the vicinity of the last Tuesday’s low.

Source. bitcoinexchangeguide.

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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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