Connect with us

Bitcoin

Bitcoin due to hit $90K ‘in coming weeks’ despite pullback — latest technical analysis

Published

on

Bitcoin (BTC) is still on to run to $90,000 in the coming weeks after “trapping” leverage traders.

In its latest market update on Nov. 12, trading platform Decentrader underscored popular sentiment on BTC price action.

Update: High timeframes “remain bullish”

Despite losing $4,000 in a single day on Nov. 10 and trending sideways since, Bitcoin is anything but bearish, many analysts argue.

Advertisement

With short-term conditions punishing leveraged long traders but funding rates still high, however, hodlers may be in for more pain before a recovery kicks in.

When it does, new all-time highs are due, Decentrader believes.

“We remain bullish on high time frames and continue to expect the price to rally up to the $85,000 –$90,000 region in the coming weeks, which aligns with the 1.618 fib retracement level,” the update stated.

Advertisement

An accompanying chart showed the target as well as nearby support levels, the nearest focusing on an area around $59,000, which separate research believes could act as a strong line in the sand for bulls.

“When we compare this cycle from the most recent halving date to previous cycles, we can see that so far we have not experienced a final parabolic run-up,” Decentrader continued.

While not specifically identical with either the 2013 or 2017 bull runs, Bitcoin is still in the process of laying the foundations for a “parabolic run-up.”

Advertisement

“When we overlay the cycles like this, we can see how the current cycle is not directly like either of the previous cycles but is in fact a combination of the two. With a more muted potential double-top playing out compared to 2013, and less consistency than 2017,” the update read.

“As we attempt to break out of the previous all-time high from May this year, it is setting up the prospect of a potential parabolic run-up as we saw in the late stages of the previous bull runs.”

BTC/USD cycle comparison chart. Source: Buy Bitcoin Worldwide

Taproot meets ETF decision Sunday

The next few days may be decisive

Sunday sees not only the final decision on whether to allow the first spot price U.S. exchange-traded fund application, but also the locking in of Bitcoin’s Taproot soft fork.

While short-term fallout from an ETF rejection may hurt BTC/USD, 2017 proved that major protocol upgrades have a cathartic effect.

Advertisement

Segregated Witness (“SegWit”) launched four months before that year’s $20,000 cycle highs, and Taproot represents the largest upgrade since.

“The last time Bitcoin had such a major upgrade was the Segwit upgrade in Aug 2017. At that time, the price of Bitcoin was at $4000, it then went on to rally up to nearly $20,000 in the following four months,” Decentrader commented.

“Will we see a similar rally this time around? Given how bullish many macro indicators are looking right now, and the rush of new money entering crypto, it is certainly possible.”

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

News Source

Advertisement

Bitcoin

Bitcoin Weekly Forecast December 6 — 10, 2021

Published

on

Bitcoin BTC/USD ends the trading week at 55380, continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53605. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 77255.

Bitcoin Weekly Forecast December 6 — 10, 2021

An additional signal in favor of the growth of BTC/USD quotes in the current trading week December 6 — 10, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 46355 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 40505. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 65005.

Bitcoin Weekly Forecast December 6 — 10, 2021

Bitcoin Weekly Forecast December 6 — 10, 2021 suggests an attempt to support area near the level of 53605. Then, the cryptocurrency will continue to rise to the area above the level of 77255. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 46355 area. In this case, we should expect a continued decline with a target at 40505.

News Source

Advertisement
Continue Reading

Ethereum

Ethereum out performs Bitcoin, ETH regains the majority its flash-crash losses

Published

on

  • Ethereum price, like the broader cryptocurrency market, suffered a massive flash-crash during the early midnight trading on Saturday.
  • 17% losses at one point were measured.
  • Throughout the remainder of Saturday, buying pressure wiped out nearly all of the overnight losses.

Ethereum price performance on Saturday has been nothing short of spectacular. Considering that most of the altcoin market is down fifteen to twenty percent, Ethereum’s daily close of down only 4% is a testament to its strength.

Ethereum price regains nearly all of its flash-crash loss, handily outperforming the broader market

Ethereum price experienced one of the fastest and deepest flash-crashes since May. The timing of the collapse couldn’t have been more perfect: midnight Eastern Standard Time (New York). Bears could push Etheruem to the $3,503 price level before a bullish reversal occurred.

The two primary support levels holding Ethereum price up are Senkou Span B at $3,700 and the third-highest volume node in the 2021 Volume Profile at $3,410. While highly bullish in the short-term, indecision remains and downside risks.

Despite the massive recovery, Ethereum price remains inside the daily Cloud – an area rife with indecision, volatility, and whipsaws. The Cloud is the place where trading accounts go to die. Etheruem needs a daily close at or above the $4,650 price level to convert to a full-blown bull market.

Advertisement

Ethereum price is tilted more bearish here, especially with the Chikou Span below the candlesticks and in open space. Adding to the bearish outlook is the bear flag breakout on the Relative Strength Index. However, the final oversold level at 40 in the Relative Strength Index might yield some support.

ETH/USD Daily Ichimoku Chart

The threshold that bears need to achieve to convert Ethereum price into a bear market is a much more manageable price range than converting to a bull market. For example, whereas Ethereum needs a 15% move above $4,000 to convert into a bull market, short-sellers only need a 7% move below $4,000 to convert Ethereum into a bear market.

Any daily close at or below $3,700 would position Ethereum below the Cloud and into bear market territory.

Advertisement

News Source

Continue Reading

Bitcoin

Top Analyst Says One Crypto Asset Will Spearhead Bull Market Recovery – And It’s Not Bitcoin

Published

on

A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.

Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.

“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys. 

Advertisement

If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.

I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”

At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.

Advertisement

Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.

According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.

“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”

Advertisement

At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.

News Source

Advertisement
Continue Reading