Crypto analysts are weighing Bitcoin’s potential path ahead, as the leading cryptocurrency struggles to stay above the key psychological support level of $10,000.
A popular analyst known as Dave the Wave tells his 13,000 followers on Twitter that if Bitcoin repeats its pattern from the last big rally in 2017, it may be poised to drop to $7,000 or lower in the short term.
Fellow analyst Jonny Moe tells his crew of 16,000 he’s also feeling bearish on BTC’s short-term prospects, sharing a chart that compares the launch of Bakkt to the launch of CME’s Bitcoin futures in late 2017.
But according to Moe, the drop will be short-lived. He believes Bitcoin is poised to reach all-time highs in the new year.
Taking a giant step back for a broad overview, Ikigai Fund’s senior quantitative researcher Hans HODL dropped 21 Bitcoin charts from Coin Metrics to rebuff the naysayers. The charts highlight Bitcoin’s long-term momentum.
“I’ve heard people say that being involved in Bitcoin is a game of speculation. Some say it’s all about FUD, FOMO, Fear and Greed or following the crowd. I call BS. Let’s look at the data! Here are 21 Bitcoin charts from Coin Metrics that tell a different story.
The amount of data being stored on the blockchain has been increasing constantly, regardless of the price. Why do people want to transmit data on the Bitcoin blockchain? It’s all about trust and the ability to transfer value without asking permission!”
Right now, Bitcoin is down 1.51% in the last 24 hours at $10,050, according to COIN360. Ethereum is down 1.54% at $176.94, XRP is down 2.16% at $0.2528 and Litecoin is down 4.03% at $68.71.
Meanwhile, the latest crypto forecast at Bitcoinist analyzes the potential upside for BTC, outlining what it will take to power a short term rally.
“Despite price levels forming a falling wedge volume levels are much higher than they were at the end of August…
More consistent buying pressure needs to come to fruition in order for bitcoin to see a bullish breakout of the falling wedge and re-test the breakout point at $10,500.”
Here’s a look at the latest analysis from across the cryptosphere.
The Merkle – Ethereum price pushing to resume growth
Top 3 price prediction Bitcoin, Ripple, Ethereum,: Altcoins’ pre-season knocks on doors
- Ethereum presents its candidacy to lead a positive turn in markets after magnificent behavior.
- Bitcoin resists over $10,000 but loses pace against Ethereum.
- XRP ignores the moment and disassociates itself from the Altcoin segment. Should it be considered as such?
As is customary in the Cryptocurrencies market, weekend trading results in significant movements. On this occasion, it is the Altcoin segment – and especially Ethereum – that opens Monday’s session with a considerable gain over Friday’s close.
From a technical perspective, the most remarkable thing is the excellent performance of the ETH/BTC pair, breaking above the 0.018 level and advancing quickly towards 0.019.
It is an excellent time to remember that the ETH/BTC pair has, on the weekly chart, the simple average of 100 periods at the 0.047 level. This target would mean multiplying by 2.5 times the Bitcoin value of our Ethereum portfolio. Not a bad business!
ETH/BTC Daily Chart
ETH/BTC is currently trading at the price level of 0.01884, where the presence of the 50-period exponential moving average has halted the bullish development. This price level also coincides with resistance due to price congestion, which adds difficulty to the obstacle.
How the ETH/BTC pair moves in the next few hours will provide us with relevant information on the genuine buyer interest after the gains seen in the past three days.
Above the current price, the first resistance level is at 0.0189, then the second at 0.020 and the third one at 0.022.
Below the current price, the first support level is at 0.0185, then the second at 0.018 and the third one at 0.0173.
The MACD on the daily chart improves the bullish profile as it increases inclination and openness between the lines. Moving averages are close to the zero levels of the indicator, which makes it difficult for the pair to advance.
The DMI on the daily chart clearly shows how the bulls have gained strength and reach a significant level of trend strength. The inclination of the D+ proposes the bullish continuity in the short term.
BTC/USD Daily Chart
BTC/USD is currently trading at $10,318 price level. The market is ignoring King Bitcoin in the last few days of rallies. It is a behavior that goes against the maximalists who predict the end of the Altcoin segment.
The structure of the daily chart for BTC/USD remains very weak. The price below the main moving averages but showing few options to beat them and join the Ethereum getaway and return the Moon to the headlines.
Above the current price, the first resistance level for BTC/USD is at $10,450, then the second at $10,675 and the third one at $11,300.
Below the current price, the first level of support is at $9,700, then the second at $9,150 and the third one at $8,800.
The MACD on the daily chart shows how the average level of the indicator has worked for the time being. Moving averages lose openness between them as well as bullish inclination.
The DMI on the daily chart shows a technical tie, with a slight advantage for the bears – a very different scenario to the one we have seen in ETH/BTC.
ETH/USD Daily Chart
ETH/USD is currently trading at $194.6 after reaching an exponential average of 50 periods in Asian trading hours, where the rally has come to a halt.
The structure of the moving averages indicates high probabilities that the bullish turn of Ethereum will continue, and the Prince of Altcoins can move up quickly.
Above the current price, the first resistance level is at $195, then the second at $200 and the third one at $206.
Below the current price, the first support level is at $190, then the second at $180 and the third one at $170.
The MACD on the daily chart has improved since last Friday. The bullish profile has grown and has the necessary degrees of inclination to be able to overcome without problems the level 0 of the indicator. Line spacing is also improving.
The DMI on the daily chart shows bulls taking advantage of bears. The bulls are above level 20 and give an active trend signal, while the bears suffer the opposite — both sides of the market move below the ADX line, which will limit the development of both.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.262 and continues to show extremely worrisome weakness. The way XRP ignores market movements confirms the initial idea that this asset should not belong in this category. If it was used to capitalize on the parent company, it should be considered equity participation.
Above the current price, the first resistance level is at $0.268, then the second at $0.28 and the third one at $0.288.
Below the current price, the first support level is at $0.258, then the second at $0.25 and the third one at $0.24.
The MACD on the daily chart continues to show a mild bullish profile. It has not improved and continues to approach the average level of the indicator with a profile with few options of getting an upward cross.
The DMI on the daily chart shows how the bears continue to dominate the XRP/USD pair. The bulls show a definite improvement over Friday but insufficient to stand up to the selling side.
Top 3 Coins to Watch September 16 – September 22, 2019
As we move through September, and continue to move into the second half of the year, this week’s choices are set to benefit from significant developments and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
1. Dash (DASH)
Dash DASH, -0.71% was created in January 2014, and uses a blockchain which is similar to Bitcoin’s but which has a number of advanced features such as instant and private transactions. Dash also allows coin-holders and master-node operators to have a say in how funds are spent and on which projects the Dash development team should focus their efforts. Approximately 19 million coins will be created eventually, with new coins awarded to miners who help to secure the network.
The Dash Convention Europe is set to take place from September 28 to September 30, and the tree day summit comprises of events being held in both Zurich and Munich. The convention will bring together a number of influential members of the Dash ecosystem, and also act as a central hub for any of the latest development announcements. Sentiment around the project should remain on a high with, DASH also scheduled to launch on Coinbase Pro on September 16 at 10am Pacific Standard Time. The exchange will begin accepting DASH deposits for at least 12 hours prior full trading begins at 9am PST on Tuesday, September 17.
2. Ethereum Classic (ETC)
Ethereum Classic ETC, -1.59% is a smart contract platform that was born as a spin-off of Ethereum following a large-scale theft of ether as a consequence of The DAO, a decentralized organization, being hacked in 2016. The fork occurred after the Ethereum Foundation disagreed on how the incident should be handled. Following the hard fork, all ETH holders were issued with an identical amount of ETC and the two cryptos went their separate ways.
Why Ethereum Classic?
Ethereum classic has successfully implemented its scheduled “Atlantis” hard fork which took place at block height 8,772,000. Atlantis consists of 10 Ethereum Improvement Proposals (EIPs) that include improvements to stability, Op-code upgrades, precompiled contracts, performance-related improvements, enhanced security, and precompiled contracts to improve Zk-Snarks. ETC now also adopts Ethereum’s Byzantium and Spurious Dragon protocol upgrades which aids compatibility across both networks. The hard fork requires all software users to upgrade their clients and helps ETC to keep up with the Ethereum network.
3. Lisk (LSK)
The team have announced the end of their Community Fund and will be reimbursing initial donations. Funds sent over remain in escrow accounts, and remained intact throughout the entire duration of the Community Fund. Beginning on September 18, the Lisk Foundation will begin the reimbursement process, and will contact all donors in order to confirm their Lisk address is still valid. After receiving confirmation, donations will be sent back to the original address.
How did the coins perform last week?
The seven-day period led to mixed results across the market and last week’s coins to watch did not perform well throughout the week. Bitcoin BTC, -1.12% lost 2% in value and is currently trading at around $10.300. VITE VITE, -3.26% fell by around 15% in value, and is currently trading at $0.01 and Metal MTL, -5.30% also fell by around 14% in value and is currently trading at $0.33. Over the course of the week, the market moved sideways and fluctuated around $266B.
TOP 3 Price Predictions: BTC, ETH, XRP — Levels to Pay Attention After A Weekend of Stagnation
Do altcoins have enough strength to keep Bitcoin under the 70% dominance index for a long time?
The weekends passed smoothly for the cryptocurrency market against the low level of volatility. Altcoins managed to pull back the dominance index of Bitcoin to the area below 70%. Most of the coins are located in the green zone, except for BTC, XRP, and Binance Coin.
Top 10 coins by Coinstats
The key data of the top 3 coins are looking the following way.
|Name||Ticker||Market Cap||Price||Volume (24h)||Change (24h)|
|Bitcoin||BTC||$185 754 928 049||$10 355,01||$12 087 536 766||-0,18%|
|Ethereum||ETH||$20 978 345 507||$194,67||$6 505 996 848||2,93%|
|Ripple||XRP||$11 327 393 921||$0,263278||$833 934 738||-0,32%|
Our recent Bitcoin price analysis has not come true yet, as the coin keeps located within the same price range. Yesterday’s trading volumes were below average, and the pair consolidated in a very narrow range, step by step decreasing to the four-hour EMA55. The price volatility has not exceeded 2% over the past day.
BTC/USD chart by TradingView
On the 4H chart, Bitcoin is struck between $10,300 and $10,400. The declining level of the trading volume confirms the short-term price drop to the nearest support at $10,100. This mark is about to be reached until September 11.👉MUST READ
Bitcoin is trading at $10,304 at press time.
Ethereum has started its rise earlier than we predicted in our recent forecast and the leading altcoin is moving confidently to the $200 mark.
ETH/USD chart by TradingView
According to the chart, bulls are becoming more active, pushing the rate to the critical $200 level. The MACD indicator also suggests the upcoming growth. However, the rise will be accompanied by slight corrections to the point around $190 as it is outlined on the chart.
Ethereum is trading at $193.38 at press time.
XRP is the biggest loser out of the top 3 coins, as its rate has dropped by around 0.5% over the last day.
XRP/USD chart by TradingView
XRP is about to repeat the earlier scenario when the rate went down after a bullish candle. In this regard, the price might go back to the support at $0.25 shortly. The relatively low level of trading volume confirms such a movement.👉MUST READ
XRP is trading at $0.2621 at press time.