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Analysis

Top 3 Price Predictions for the Crypto-comeback: Bitcoin bounce could send it above $7,000, Ethereum has its limit, Ripple finally found its feet targeting $0.6005 – Confluence Detector

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  • Bitcoin, Ethereum, and Ripple are bouncing after digging the bottom.
  • The three cryptocurrencies all found significant support and eye upside targets.
  • The Confluence Detector shows clusters of technical levels according to their importance.

BTC/USD has a strong base and could run above $7,000

After the big bounce, the price of Bitcoin has established itself above the significant support line of $6,457 which is a dense cluster of lines: the Fibonacci 61.8% one-day, the 4h- high, the 1h-low, the Bolinger Band 15m-Lower, and the Simple Moving Average 10-4h.

This base may allow BTC/USD to attack $6,588 which is the convergence of the Simple Moving Average 50-1h, the 15m-high, the Bolinger Band one-day Lower, the Bolinger Band 1h-Upper, and the Pivot Point one-day Resistance 1.

A run higher may see fewer levels of resistance until the target of $7,056 which is the confluence of the one-month low and the Pivot Point one-day.

Looking down, if $6,457 does not hold, the next cushion is close by. The pair has robust support at $6,379 which is the Pivot Point one-month Support 1, the Bollinger Band 1h-Middle, the Simple Moving Average 5-4h, the SMA 50-15m, and the SMA 100-15m.

This is how it looks:

Bitcoin confluence detector levels June 14 2018 analysis

ETH/USD has limited room to further run

The Ethereum Price does not look as steady as its bigger brother but has also bounced. Initial resistance awaits at $504 which is the confluence of the 1d-high, the Pivot Point one-day Resistance 1, the one-month low, and the Bolinger Band 1h-Middle.

Further above, $524 is a steady level which is the convergence of the Pivot Point one-week Support 3 and the Simple Moving Average 5-one-day.

Support awaits at $483 which is the congestion of the Bollinger Band 15m-Lower, the Fibonacci 61.8%, the Simple Moving Average 10-4h, the SMA 10-1h, and the SMA 50-15m.

The round $450 level awaits ETH/USD way below. This is the meeting point of the one-day high and the Pivot Point one-day Support 1.

Here is how it looks:

ETH USD technical confluence levels June 14 2018

XRP/USD finally found its feet

After suffering from no significant support, the price of Ripple.finally found a considerable base at $0.5450. This is the convergence of the one-hour low, the 4h-high, the Bollinger Band 15m-Lower, one-month, and just below, the Simple Moving average 10-4h.

The firm base may allow the pair to move up and challenge $0.5630 which is the confluence of the Bolinger Band 1h-Middle, the one-day high, and the Pivot Point one-day Resistance 1.

The more significant target above is $0.6005 which is the convergence of the Fibonacci 161.8% one-day and the Pivot Point one-week Support 2.

Looking down below the substantial support of $0.5450, the next level awaits at $0.5320 which is the convergence of the Bolinger Band one-day Lower, the BB 1h-Middle, the SMA 5-4h, and the SMA 100-15m.

This is how it looks:

Ripple price technical confluence June 14 2018

The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.

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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