Bitcoin Continues Respecting Seven-Year Trendline as Bullish Momentum Flourishes

Bitcoin (BTC) has incurred a large amount of buying pressure over the past couple of days that has allowed it to climb well into the $8,000 region, which appears to have signaled that the cryptocurrency’s bulls are not yet ready to surrender their control of the crypto.
Bitcoin’s recent bullishness has allowed the crypto to maintain above a long-term trendline that has held over the past seven years, which may signal that significantly further bullish momentum is imminent in the near-future.
Bitcoin Climbs To $8,400 as Buying Pressure Builds
At the time of writing, Bitcoin is trading up nearly 3% at its current price of just below $8,400 and is up significantly from its 24-hour lows of $8,150 that were set yesterday.
Over a one-week period BTC has been able to recover from lows of $7,585, which is a price point at which the crypto garnered a notable amount of support that sparked the recent rally.
Bitcoin is now once again approaching the mid-to-upper $8,000 region, which has proven to be a strong region of resistance that has sent BTC reeling lower on several occasions over the past month, which may continue to persist unless it incurs a massive amount of buying pressure in the near future.
Luke Martin, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC may be posed to surge to $9,800 if it is able to climb back above $8,400.
“The $BTC chart is probably the most exciting chart on my watchlist going into the weekend. If price can reclaim 8400 I would be convinced that the trend higher is ready to resume. After that confirmation I would be aiming for 9800,” he explained.

The $BTC chart is probably the most exciting chart on my watchlist going into the weekend.
If price can reclaim 8400 I would be convinced that the trend higher is ready to resume.
After that confirmation I would be aiming for 9800. pic.twitter.com/2Kw0cFlHsm
— Luke Martin (@VentureCoinist) June 14, 2019

Analyst: Long-Term Bullish Momentum is Intact as BTC Respects 7-Year Trend Line
One other factor that could help fuel a massive BTC surge that leads it closer to the five figure price region is the fact that it has been able to hold above a long-term bullish trend line.
Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about this trendline in a recent tweet, explaining that its upwards momentum will likely extend significantly further if it is able to continue holding above $7,200.
“Bitcoin 7-year Trendline: In case you haven’t seen, $BTC is currently sitting above a 7-year trendline that has only broken once as support (Nov. ’18). Bitcoin reclaimed support above the trendline in April & if BTC can hold above $7200 it looks bullish for continuation,” Rager explained while referencing the below chart.

Bitcoin 7-year Trendline
In case you haven't seen, $BTC is currently sitting above a 7-year trendline that has only broken once as support ( Nov. '18)
Bitcoin reclaimed support above the trendline in April & if BTC can hold above $7200 it looks bullish for continuation pic.twitter.com/dpn0VfurmQ
— Josh Rager (@Josh_Rager) June 13, 2019

As Bitcoin’s upwards momentum continues to grow and as analysts gain greater insight into where the markets are heading next, it is probable that investors will soon know whether or not the next major bull movement is right around the corner.
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Jack Dorsey Believes the Internet Will Soon Have One Currency, But Will It Be Bitcoin?

Jack Dorsey, the founder of popular social media app Twitter and of the widely used payment processing service Square, has long been a notable proponent of Bitcoin, previously stating that he believes BTC could one day be the singular global currency.
Now, Dorsey is further doubling down on his bullishness for Bitcoin and crypto in general, explaining in a recent interview that he believes the internet – much like a country – will soon need to have a currency native to itself. But will Bitcoin be able to fill this need, or will upcoming centralized cryptos, like the one being offered by Facebook, pose stiff competition?
Dorsey: The Internet Will Have a Currency Native to Itself One Day, Will It Be Bitcoin?
Jack Dorsey has recently been investing heavily in Bitcoin, noting earlier this year that he was buying $10,000 worth of BTC each week. In the time since, it is highly likely that he has made a great profit on these investments, which may have further confirmed his belief about the future of Bitcoin.
In a recent interview with Quartz, Dorsey explained that he believes blockchain and cryptocurrency are one of the imperative trends taking place in tech and finance industry currently.
“The second secular trend is blockchain and cryptocurrency. And I guess the way I think about this is we have all these currencies for every nation state, but if you consider the internet to be the equivalent to a nation state, it will have a currency native to itself,” Dorsey explained.
Importantly, Dorsey also explained that no singular party or institution will be able to make or break this widespread adoption, due to the decentralized nature of the technology.
“There is not going to be any one party or institution that makes this happen, and there’s not going to be any one party or institution that can stop it from happening,” he stated.
Will BTC Be Able to Compete with Centralized Cryptocurrencies?
As of late, the crypto markets have faced a torrent of news regarding the upcoming Facebook cryptocurrency project, which may actually compete with Bitcoin while trying to garner widespread adoption globally.
Recently, news broke that Facebook was recruiting a number of massive corporations to help support its upcoming cryptocurrency, with names on the list including Uber, Stripe, Visa, Mastercard, and Booking.com.
Although this type of cryptocurrency is the pinnacle of a centralized asset, which runs counter to the credos held by many advocates of digital currency, its centralized-backing is helping it to garner major utility and adoption off the bat, which will likely continue to grow after it launches.
This leads to an inevitable question: will the massive adoption that comes along with centralization lead cryptocurrencies like the one being offered by Facebook to gain traction as a globally-utilized internet currency, or will people continue turning to decentralized options, like Bitcoin.
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Ethereum Recovers 6%: Are Investors Compelled by Ubisoft Experimenting With Blockchain?

Ethereum (ETH) and the aggregated crypto markets have incurred a sudden influx of buying pressure today that has allowed them to extend the upwards momentum that they have incurred over the past couple of months.
Analysts now believe that Ethereum will continue climbing higher in the near future, and possibly outperform Bitcoin over a longer-time frame, due to growing technical strength and increasing adoption from major companies like Ubisoft.
Ethereum Climbs Higher Amidst Widespread Crypto Market Surge
At the time of writing, Ethereum is trading up nearly 7% at its current price of $257, up significantly from its 24-hour lows of $240 which were set earlier today.
This massive surge has allowed ETH to surge to fresh weekly highs and has brought it closer to returning to its year-to-date highs of $285, which were set in late-May when the entire crypto markets briefly surged before incurring significant selling pressure that sent them reeling lower.
Currently, Ethereum is one of the top performing altcoins of the day, and is closely trailing behind Litecoin, which has been leading the market surge over the past several days, surging a whopping 31% over the past seven days.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes ETH could continue surging higher in the near-future, and could possibly surge to $300 by July.
“$Eth: This looks good! Falling wedge potentially present. If I am right about $Btc falling wedge, then there is no reason why we should not see $300 before end of July. We still could see one final touch upon $222 region. Regardless I am holding and buying on dips,” she noted.

$Eth
This looks good! Falling wedge potentially present
If I am right about $Btc falling wedge, then there is no reason why we should not see $300 before end of July
We still could see one final touch upon $222 region.
Regardless I am holding and buying on dips! pic.twitter.com/tOKh9mLKXP
— The Cryptomist (@TheCryptomist) June 12, 2019

Analyst: ETH Could Outperform Bitcoin in the Next Two Years
Although it does seem reasonable to conclude that ETH will continue surging higher in the coming days, one analyst believes it will significantly outperform Bitcoin in the next 24-months.
Bitcoin Jack, another popular crypto trader on Twitter, explained that he believes that Ethereum’s long period of consolidation against BTC will allow it to surge significantly higher over the coming years.
“Unpopular opinion: $ETH will outperform $BTC in the next 24 months. Facts: – $BTCUSD 14/15 consolidation 288 days to breakout – $ETHBTC consolidation 278 days and counting, one of the largest consolidations in crypto – The only large scale secure decentralised SC network,” he said while referencing the below charts.

Unpopular opinion:$ETH will outperform $BTC in the next 24 months
Facts:
– $BTCUSD 14/15 consolidation 288 days to breakout
– $ETHBTC consolidation 278 days and counting, one of the largest consolidations in crypto
– The only large scale secure decentralised SC network pic.twitter.com/xcvOLJQLAv
— Bitcoin 𝕵ack (@BTC_JackSparrow) June 12, 2019

One possible factor that could help Ethereum’s performance is increasing rates of adoption. Most recently, it was announced that gaming giant Ubisoft may be looking to utilize the Ethereum blockchain for games and in-game features. This type of adoption could be incredibly favorable for ETH, assuming it is ultimately utilized for in-game market transactions.
Although it is difficult to accurately predict where the crypto markets will head over a macro-time frame, it does seem increasingly apparent that the markets are currently in a firm uptrend that will likely persist for the foreseeable future, which could allow altcoins like Ethereum to post significant gains.
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Bitcoin: After Surging Past Resistance at $8k, Analysts Expect BTC to Continue Surging Higher

After an extended period of sideways trading, Bitcoin and the aggregated crypto markets have been able to surge today, which has allowed BTC to break above its previously strong resistance level that existed at $8,000.
Although this upwards surge is certainly bullish, Bitcoin does still face some resistance around $8,200, but a break above this level could quickly lead the cryptocurrency to once again surge towards the upper-$8,700 region.
Bitcoin Smashes Past $8,000 as Upwards Momentum Builds
At the time of writing, Bitcoin is trading up nearly 5% at its current price of $8,170, up significantly from daily lows of below $7,800.
Ever since earlier this month, BTC has struggled to climb back into the $8,000 region and appeared to have been forming a consolidation pattern that some analysts had expected to persist for the foreseeable future.
Despite this, today’s upwards surge appears to have marked an extension of the upwards momentum that the crypto has incurred over the past couple of months, which could ultimately lead BTC to continue climbing higher.
Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of BTC’s latest move upwards, explaining that a break above $8,200 could send it surging to the $8,700 level.
“$BTC Price Action: Bitcoin just broke above previous 2-week resistance. Testing the $8200s but currently is being held down at the top of the channel. If $BTC can break this channel, it’s heading to at least $8550 with eyes on $8700 and above,” he explained.

$BTC Price Action
Bitcoin just broke above previous 2-week resistance
Testing the $8200s but currently is being held down at the top of the channel
If $BTC can break this channel, it's heading to at least $8550 with eyes on $8700 and above pic.twitter.com/G8jiTTK5NU
— Josh Rager (@Josh_Rager) June 12, 2019

 
Previously, Bitcoin has faced strong levels of selling pressure in the upper-$8,000 area, which will likely require a significant amount of buying pressure to be broken above.
BTC May Be Forming a Reversal Pattern that Will Allow it to Climb Higher
The latest upwards movement may not be coming as a surprise to some analysts, as it has been pointed out that BTC was in the process of forming a diamond pattern that may have acted as a reversal sign that will allow the cryptocurrency to surge towards fresh year-to-date highs.
Jonny Moe, a popular cryptocurrency analyst on Twitter, discussed this in a recent tweet, explaining that Bitcoin may climb towards $9,000 next.
“Possible diamond forming on $BTC. Diamonds can be tricky as the shape can change as they form, but worth keeping an eye on. Can break either direction out of the consolidation, but typically a reversal pattern which would send us back into the upper $8,000s,” he noted.

Possible diamond forming on $BTC. Diamonds can be tricky as the shape can change as they form, but worth keeping an eye on.
Can break either direction out of the consolidation, but typically a reversal pattern which would send us back into the upper $8,000s. pic.twitter.com/d7lG0lwAod
— Jonny Moe (@JonnyMoeTrades) June 12, 2019

As the day continues on and Bitcoin reacts to its next resistance level around $8,200, it is probable that investors will gain greater insight into which direction the markets are heading next.
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Analyst: Litecoin Likely to Double in Coming Months, Here’s What May Cause This Surge

The aggregated crypto markets have been facing some levels of instability as of late, primarily due to Bitcoin’s inability to find any significant stability above $8,000. Despite this instability, Litecoin (LTC) has been on the up-and-up and is only trading down slightly from its monthly highs.
Now, one analyst believes that Litecoin’s price may soon double before it incurs significant selling pressure that sends it reeling lower, and the cryptocurrency’s upcoming “halvening” event may be the source of this massive volatility.
Litecoin Surges Towards $120 Before Finding Resistance
At the time of writing, Litecoin is trading down roughly one percent at its current price of $116, which is down slightly from its daily highs of $120.
$120 remains a key resistance level for LTC, as it has tried and failed on multiple occasions over the past couple of days to break above this price level, which is currently its year-to-date high.
Although it remains unclear as to whether or not the crypto will be able to surge past this price level with ease, or if it needs to drop lower first, there is a high probability that LTC will incur significantly further volatility in the near-future as its highly-anticipated “halvening” event draws near.
Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this event in a recent tweet, explaining that LTC could trade significantly higher in the next couple of months as this event nears.
“I was sleeping on the $LTC halvening being only 60 days away now. Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high,” he explained.

I was sleeping on the $LTC halvening being only 60 days away now.
Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high.
Props to @ThinkingUSD & @trader1sz remember seeing them on it early. pic.twitter.com/f6RyLNXj99
— Luke Martin (@VentureCoinist) June 6, 2019

Halvening Could Send LTC’s Price Skyrocketing Higher
Although Martin believes LTC’s Bitcoin trading pair could climb as high as 0.0182 – up from its current price of 0.0146 – other analysts believe it could surge much higher.
Financial Survivalism, another popular crypto analyst on Twitter, explained in a recent tweet that historically Litecoin has peaked just days before the halvening occurs, which could signal that LTC is posed for a surge up to highs of 0.026 BTC in the coming months, which is nearly double its current price.
“$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011,” he explained.

$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011. pic.twitter.com/vXz5KcuE2k
— Financial Survivalism (@Sawcruhteez) June 8, 2019

As we continue to draw closer to the highly anticipated halvening, it is highly probable that LTC will incur notable volatility.
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If Bitcoin Fails to Close Above $8,000, BTC May Plummet Lower During Week Ahead

Bitcoin (BTC) and the aggregated crypto markets have been facing a bout of sideways trading over the past couple of days, oscillating between the mid-$7,500 region and the lower-$8,000 region for the past several days.
Although the sideways price action could simply be a pattern of consolidation that ultimately leads to an extension of upwards momentum, one analyst is now noting that a failure to close above $8,000 today could lead to a continuation of its downwards momentum for the week ahead.
Bitcoin Struggles to Stabilize Above $8,000 After Bout of Choppy Trading
At the time of writing, Bitcoin is trading down less than 1% at its current price of $7,950 and is down slightly from its daily highs of over $8,100.
It does appear that BTC has been able to find some levels of support around its current price levels, as it has bounced around this price level on several times over the past 24-hours, which may signal that it will be able to climb higher as the day goes on.
Despite this, if Bitcoin is unable to close above $8,000, it may begin incurring increasing selling pressure that could send its price reeling back to the lower $7,000 region, which could put the recently established rally in peril.
Josh Rager, a popular cryptocurrency analyst on Twitter, discussed this in a recent tweet, explaining that a break above $8,200 today could lead to further bullish momentum tomorrow, but a close below $8,000 could lead to a rough week ahead for the cryptocurrency.
“$BTC Update: Sitting at horizontal support and mid-channel support. Still trending down in the channel, a break above $8200 would be nice for weekly close Sunday night. If Bitcoin closes under $8000 I see downward continuation this coming week, IMO,” Rager said in a recent tweet.

$BTC Update
Sitting at horizontal support and mid-channel support
Still trending down in the channel, a break above $8200 would be nice for weekly close Sunday night
If Bitcoin closes under $8000 I see downward continuation this coming week, IMO pic.twitter.com/kacz17KhKH
— Josh Rager (@Josh_Rager) June 8, 2019

BTC Still Faces Strong Resistance That May Temper Any Bullish Price Action
Assuming that the cryptocurrency’s bulls step up and hold its price above $8,000, it still faces several levels of strong resistance that may stop it from surging too much higher in the near future.
Trading Room, another popular crypto analyst, explained this in a recent tweet, noting that BTC’s next level of strong resistance exists around $8,300, which may prove to be a difficult level to break above.
“#Bitcoin Latest: 200 MA in H4 provided temporary floor & sent $BTC price back above 8000 (As expected), However that doesnt mean moon. We still need to break some more Resistance, if not expecting a slow grind lower towards 7450 & onwards to 6900 Area,” Trading Room explained.

#Bitcoin Latest
200 MA in H4 provided temporary floor & sent $BTC price back above 8000 (As expected), However that doesnt mean moon. We still need to break some more Resistance, if not expecting a slow grind lower towards 7450 & onwards to 6900 Area
Check #BTC Levels pic.twitter.com/gSlrKylS6B
— Trading Room (@tradingroomapp) June 7, 2019

As the weekend drags on it is highly probable that Bitcoin’s near-term price action will set the tone for the week ahead.
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Analyst: Bitcoin May Drop as Low as $5,400 Before Bears Take Full Control, Here’s Why

Bitcoin (BTC) and the entire crypto markets have been facing some levels of instability as the markets experience a bout of sideways trading after losing the upwards momentum that they have incurred over the past several weeks.
Although Bitcoin’s recent drop into the $7,000 region appeared to have put its bullish momentum in jeopardy, analysts are now noting that it may drop as low as $5,400 before the bulls surrender their control fully.
Bitcoin Stabilizes in Upper $7,000 Region as Selling Pressure Mounts 
At the time of writing, Bitcoin is trading down less than 1% at its current price of $7,730 and is down slightly from its 24-hour highs of nearly $8,000 which was set earlier today.
Over a one-week trading period, BTC has been oscillating between the lower-$7,000 region and the upper-$8,000 region, which is quickly becoming a fresh trading range that may ultimately lead to a persistent pattern of consolidation.
Importantly, it now appears that Bitcoin could drop significantly further in the near future before it becomes bearish from a long-term perspective.
Josh Rager, a popular cryptocurrency trader on Twitter, discussed this in a recent tweet, explaining that he believes it could drop as low as $5,400 before it falls into a long-term bearish trend, which may mean that significantly further losses are imminent.
“$BTC Pullback Areas: The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO. Major confluence w/ previous support/resistance between $6109 to $6814. I’m personally watching for a bounce in this area with major interest near $6400 (VPVR),” he noted.

$BTC Pullback Areas
The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO
Major confluence w/ previous support/resistance between $6109 to $6814
I'm personally watching for a bounce in this area with major interest near $6400 (VPVR) pic.twitter.com/WpvzOxdZzU
— Josh Rager (@Josh_Rager) June 6, 2019

Analyst: BTC Likely to Find Major Buying Support Around $6,800 
Although Rager believes Bitcoin could fall as low as $5,400 before finding strong buying support, another popular analyst on Twitter recently explained that he believes BTC’s critical support level exists at $6,800.
Alex Krüger, a popular economist on Twitter who focuses his analysis primarily on cryptocurrencies, recently discussed the importance of the $6,800 level, noting that several technical formations are pointing to the importance of this level.
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level,” Krüger explained.

$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400.
6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level. pic.twitter.com/x7qfk5Ojgr
— Alex Krüger (@krugermacro) June 5, 2019

It currently appears the Bitcoin and the aggregated crypto markets are sitting at the edge of a precipice, nearing a point at which they will either drop lower and risk re-entering bear market territory, or continue surging higher in the near-future.
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Investment Firm Goes 10-Years Long on Ethereum, But What About its Short-Term Price Action?

Ethereum (ETH) and the aggregated crypto markets have been on a wild journey over the past several months, plummeting towards yearly lows earlier this year before incurring a massive amount of buying pressure that helped them set fresh year-to-date highs. Since then, most cryptocurrencies have dropped as their newfound upwards momentum faces peril.
While looking at Ethereum from a long-term perspective, one new investment firm is now betting big that ETH is going to incur massive buying pressure that fuels a decade-long bull run.
Could Ethereum Surge for the Next Ten Years?
At the time of writing, Ethereum is trading up marginally at its current price of $243 and is currently trading right above its 24-lows.
Although ETH has incurred lackluster price action over the past couple of weeks, dropping from highs of over $280, it is still trading firmly above its one-month lows of below $170, which were set in early-May.
Despite some levels of instability at its current prices, Darma Capital, a new $100 million investment firm, is now releasing a new fund for investors who are bullish on ETH.
One of the investment firm’s managing members, Andrew Keys, spoke to Bloomberg about the new fund, explaining that they “want to acquire…a new asset class,” and are “10 years long” on Ethereum.
Although it is unclear as to what will fuel a potentially decade long bull run for cryptocurrencies like Ethereum, the main suspects for crypto bulls are currently institutional investors who – in combination with increased development and adoption – may fan the flames that lead the markets to surge past their previously established all-time-highs.
What About ETH’s Short-Term Price Action? 
Although it does seem rather abstract to be postulating about possible bull runs like the one that Darma Capital is betting on, most investors and traders are likely more concerned with ETH’s short-term price action.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes the crypto will continue incurring bearish price action in the near-future, which may lead it to fall as low as $220.
“$ETH: So far so good with previous analysis. We are not creating a smaller time frame pennant. The recent price action has allowed RSI to rise up for a fall. Still have my eye on $220 region,” she bearishly explained.

$Eth
So far so good with previous analysis We are not creating a smaller time frame pennant The recent price action has allowed RSI to rise up for a fall
Still have my eye on $220 region https://t.co/wERjHtp83I pic.twitter.com/tTZB1i12YN
— The Cryptomist (@TheCryptomist) June 6, 2019

It is highly probable that Ethereum’s next big price movement will remain largely dependent on that of Bitcoin, which has also been expressing some bearish signals in recent times. Assuming that BTC breaks down and drops into the lower-$7,000 region, traders should watch to see how ETH responds to the $220 region.
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Analysts Concur Bitcoin Must Hold $8,200 to Sustain Rally, Here’s Why

The crypto markets have incurred some downwards pressure today after Bitcoin (BTC) was once again unable to climb into the upper-$8,000 region without incurring any significant selling pressure.
The bitcoin price has shown high volatility in the past week in a tight range (source: coinmarketcap.com)
Bitcoin’s inability to gain a foothold within the upper-$8,000 region appears to have put the entire market’s upwards momentum at risk, and analysts are now noting that it is critical that BTC holds above $8,200 in the near-term, or else significantly further losses may be imminent.
Bitcoin (BTC) Drops After Nearing $8,800 
At the time of writing, Bitcoin is trading down over 2% at its current price of $8,500 and is down from recent highs of just below $8,800.
Although it is abundantly clear that $9,000 is a strong resistance level that will require a significant amount of buying pressure to be broken through, in the meanwhile it also appears that BTC has formed $8,800 as another level of resistance, as it has been struggling to surge past this price for the past several days.
UB, a popular crypto analyst on Twitter, recently expressed what can be deemed as a bearish sentiment, noting that he is looking to short BTC’s next bounce, or a break below $8,200, which appears to be a key support level that the crypto must hold above.
“$BTC – Looking to short the next bounce or a break below $8200. $8200 is a key HTF support to hold. A Daily Close below there would be a short signal. Argument invalid if the Trading Range EQ (~$8600) is reestablished as support,” he explained in a recent tweet.
Assuming that Bitcoin’s inability to surge past $8,800 does lead to an increase in selling pressure that pushes its price below $8,200, there is a possibility that significantly further losses could be imminent.
Analysts Concur That $8,200 is a Key Support Level for BTC 
UB is not alone in his assessment that $8,200 is a key support level for Bitcoin, as Josh Rager, another popular analyst on Twitter, also echoed a similar sentiment in a recent tweet, explaining that although Bitcoin is currently holding above one of its recently established trend lines, a further drop could spell trouble for the crypto.
“$BTC: A Tale of Two Trendlines. Two trendlines below, we’re either at bottom of trendline or BTC already broke through the prior support. Trendlines are highly subjective but can work as R/S but they are meant to be broken and only last so long. Regardless, $8200 must hold,” he explained, further affirming that $8,200 is a key support level that must be held above.

$BTC: A Tale of Two Trendlines
Two trendlines below, we're either at bottom of trendline or BTC already broke through the prior support
Trendlines are highly subjective but can work as R/S but they are meant to be broken and only last so long
Regardless, $8200 must hold pic.twitter.com/9FTRIY59I9
— Josh Rager (@Josh_Rager) June 3, 2019

As the fresh week kicks off and Bitcoin’s price action continues to unfold, investors and analysts alike will be closely watching to see how the cryptocurrency responds to its recent instability, as the rally that has been experienced in recent times may soon come to an unfortunate end.
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Crucial Bitcoin Indicator Signals End of Bear Market, is BTC in Danger of Falling Back?

Although the crypto markets have been in a firm uptrend over the past month or so, most major cryptocurrencies have begun incurring some levels of selling pressure over the past several days that appears to have put Bitcoin (BTC) and the aggregated market’s momentum in jeopardy.
The bitcoin price has risen consistently in the past month despite small pullbacks (source: coinmarketcap.com)
Despite this, one respected technical indicator that has been closely watched by analysts in recent times is now signaling that the bear market ended when BTC broke above $7,000, and it would require a relatively large drop to put the crypto back into bear market territory.
Bitcoin Likely to See Further Gains in Near Future, Regardless of Current Instability
At the time of writing, Bitcoin is trading down nearly 3% at its current price of $8,460, down from 24-hour highs of over $8,700.
Although BTC’s near-term price action can largely be characterized as lackluster, and potentially bearish, it is important to note that it is only down slightly from its recently established year-to-date highs of just over $9,000.
At the current time, $9,000 remains a critical level that must be broken above in order for the cryptocurrency’s upwards momentum to extend further, as it was at this price point where Bitcoin incurred a massive amount of selling pressure that sent it reeling back down to the lower-$8,000 region.
Over a longer time frame, Bitcoin is still in a clear uptrend, and one well respected technical indicator actually signals that the crypto has exited bear market territory and is now entering the early stages of a bull run.
Josh Rager, a popular crypto analyst on Twitter, discussed this indicator in a recent tweet, explaining that the Super Guppy indicator signals that BTC may soon be in the throes of the next bull market.
“$BTC – 1 Week Super Guppy. After looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped green. Now we see the 1-week flip from red to grey signaling end of bear market after the price pushed 7k. Guppy is a lagging indicator but makes for strong confirmation IMO,” he noted, while referencing the below chart.

$BTC – 1 Week Super Guppy
After looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped green
Now we see the 1 week flip from red to grey signaling end of bear market after the price pushed 7k
Guppy is a lagging indicator but makes for strong confirmation IMO pic.twitter.com/VKFUk74CbM
— Josh Rager (@Josh_Rager) June 3, 2019

BTC Has Room to Fall Before Bulls Lose Their Strength
In a later tweet, Rager further explained the importance of the data elucidated by the aforementioned indicator, explaining that he believes that bulls will still have enough strength to push the crypto higher so long as it holds above the $5,500 area on a weekly time frame.
“With Bitcoin and crypto markets, anything can happen as these markets are easily manipulated. But until we close below $5500 area on a weekly level, I’ll remain bullish. Let’s not forget that we just closed out the strongest monthly candle on the Bitcoin since 2017,” he said.

With Bitcoin and crypto markets, anything can happen as these markets are easily manipulated
But until we close below $5500 area on a weekly level, I'll remain bullish
Let's not forget that we just closed out the strongest monthly candle on the Bitcoin since 2017
— Josh Rager (@Josh_Rager) June 3, 2019

Although Bitcoin’s latest dip and its recent bout of instability certainly does appear to mark the end of the upwards momentum experienced in recent times, from a technical perspective it does seem as though there is likely to be further gains in the near future.
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Ethereum is About to Form a Rare Bullish Technical Formation That May Lead it to Surge Higher

Despite incurring some noteworthy selling pressure earlier this week, Ethereum has posted a decent recovery in the time since and is now tepidly advancing back towards the $270 region.
One analyst is now noting that Ethereum is close to forming a bullish technical formation that has only been formed a small amount of times in the cryptocurrency’s history, which may mean that significantly further gains are imminent.
Ethereum Climbs After Dropping Earlier This Week 
At the time of writing, Ethereum is trading up nearly 2% at its current price of $265, up significantly from its recent lows of $250 which were set earlier this week when Bitcoin’s inability to break above the $9,000 sent the entire crypto markets reeling back.
Although ETH has posted a strong recovery from its recent lows, it is still down quite a bit from its weekly highs of nearly $290. In the near-term, it is highly probable that Ethereum’s price action will be largely dictated by how Bitcoin trades.
Importantly, however, ETH is struggling to break back into a previously established rising wedge, which may signal that further bearish price action is in bound.
The Cryptomist, a popular cryptocurrency trader on Twitter, discussed this in a recent tweet, explaining that she expects ETH to drop as low as $230 in the near-future.
“$ETH: Similarly to BTC, we currently are being rejected from previous rising wedge as support is now resistance. I am still short term bearish on this for now, and think we could still see $230 range,” she noted.

$Eth
Similarly to Btc, we currently are being rejected from previous rising wedge as support is now resistanceI am still short term bearish on this for now, and think we could still see $230 range
Trade safe loveys xhttps://t.co/wERjHtp83I pic.twitter.com/ywSMNLRoIi
— The Cryptomist (@TheCryptomist) June 1, 2019

ETH Forming Incredibly Bullish Technical Formation
Although Ethereum may incur some bearish price action in the near future, it is currently forming a bullish technical formation that may allow it to surge significantly higher in the near-future.
Josh Olszewicz, another popular crypto analyst on Twitter, discussed this technical formation in a recent tweet, explaining that it has only occurred a small handful of times and may lead to significantly further gains.
“1D $ETH 100EMA/100SMA crosses have only occurred 4 times in $ETH’s history, with a 5th cross happening in the next few days,” he explained.

1D $ETH
100EMA/100SMA crosses have only occurred 4 times in $ETH's history, with a 5th cross happening in the next few days pic.twitter.com/9f0xKCVpSe
— Josh Olszewicz (@CarpeNoctom) May 31, 2019

Although there is currently a debate as to whether or not Ethereum will climb higher or plunge lower, it is important to note that the direction the aggregated markets head next will likely be primarily based off of how Bitcoin trades in the near-future.
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After Posting Best Monthly Close Since 2017, Bitcoin May be Posed for Significantly Further Gains

Despite facing some instability earlier this week, Bitcoin has been able to post a decent recovery from its recent lows and appears to be consolidating before it makes another large price movement.
Analysts are now noting that Bitcoin has posted its best monthly close since 2017, which may support the notion that BTC is currently in the early stages of the next major bull movement that sends the crypto surging higher.
Bitcoin Finds Stability Above $8,500 
At the time of writing, Bitcoin is trading up just over 1% at its current price of $8,510, which is down slightly from its daily highs of $8,600 which were set earlier today.
Although BTC has dropped from its daily highs, the cryptocurrency has been able to post a strong recovery from its recent lows of below $8,200, which were set yesterday as a result of BTC’s failure to surge past $9,000 earlier this week.
While zooming out and looking at bitcoin over a one month trading period, it is crystal clear that the crypto is in a firm uptrend, despite its recent bout of volatility, as it has been able to climb from lows of roughly $5,300 to highs of $9,000, before drifting towards its current price levels.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about how positive the month of May has been for Bitcoin, explaining that it has posted the best monthly close since 2017.
“$BTC Best Monthy Close since 2017 (over 62% gain). The formation is still in rising wedge on 1 hr (LTF) and price needs to make it’s way back up to where the support/flipped resistance at $8731. A cross and hold above $8731 would be bullish for a push back up over $9k,” he explained.

$BTC Best Monthy Close since 2017 (over 62% gain)
The formation is still in rising wedge on 1 hr (LTF) and price needs to make it's way back up to where the support/flipped resistance at $8731
A cross and hold above $8731 would be bullish for a push back up over $9k pic.twitter.com/IE3RQXpTHQ
— Josh Rager (@Josh_Rager) June 1, 2019

BTC Technical Formation May Signal That a Massive Bull Run is Ahead
Bitcoin’s recent bullishness may signal that the next major uptrend is imminent.
Josh Olszewicz, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, noting that a recent technical formation formed by BTC has only occurred a small handful of times throughout history, which likely means a significant uptrend is inbound.
“1D $BTC 100EMA/100SMA crosses have only occurred 6 times in $BTC’s history. Bull cross occurred on May 14th,” he noted while referencing the below tweet.

1D $BTC
100EMA/100SMA crosses have only occurred 6 times in $BTC's history
Bull cross occurred on May 14th pic.twitter.com/63y9GqcI7n
— Josh Olszewicz (@CarpeNoctom) May 31, 2019

As the weekend kicks off and Bitcoin continues to consolidate around its current price region, traders and analysts may soon garner greater insight into whether or not the next bull run is truly imminent.
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Ethereum: Despite Recent Bearishness, ETH Still Has Incredibly Strong Fundamentals

The aggregated crypto markets have been incurring significant amounts of downwards pressure over the past couple of days as a result of Bitcoin’s inability to climb past $9,000. This has led Ethereum to face considerable selling pressure that has led its price to drop significantly from its recent highs.
Despite this latest drop, it is important to note that recent data suggests that ETH is incurring significant fundamental strength, which may ultimately allow it to surge higher.
Ethereum Finds Support Around $250 After Plunging
At the time of writing, Ethereum is trading down nearly 8% at its current price of $258, down significantly from its 24-hour highs of nearly $290.
ETH’s plunge coincided closely with Bitcoin’s drop, as it ran to highs of nearly $290 as Bitcoin surged to $9,000, and then subsequently plunged to lows of $250 right as BTC dropped to lows of roughly $8,100.
Although Ethereum has since recovered slightly from these lows and is now expressing some stability at its current price levels, it is important to note that some analysts believe it could face further downwards pressure in the near-future.
DonAlt, a popular cryptocurrency trader on Twitter, expressed a bearish sentiment regarding the cryptocurrency in a recent tweet, noting that he believes it may plunge as low as $200 before finding significant support.
“$ETH Entered a short here, looks very much like a top to me. Target just above 200. If I get stopped out, I’ll flip long and take it to $400 with everyone else,” he noted.

$ETH
Entered a short here, looks very much like a top to me.Target just above 200.If I get stopped out, I'll flip long and take it to $400 with everyone else. pic.twitter.com/iSCyNPXnru
— DonAlt (@CryptoDonAlt) May 31, 2019

Although it remains unclear as to whether or not this sentiment is valid based on ETH’s ability to recover slightly from its recent lows, it is highly likely that where it goes next will be at least partially based on how Bitcoin trades in the near-future.
ETH Still Has Strong Fundamentals
While looking away from Ethereum’s price, it is clear that the cryptocurrency still has incredibly strong fundamentals that are significantly improving, and recently released data may lay out a bullish case for ETH’s future.
Binance Research, the research and analytics arm of the popular cryptocurrency exchange Binance, recently elucidated a few key data points regarding Ethereum from a fundamental perspective, noting that its chain is currently seeing a massive surge in active addresses and on-chain transactions.
“A brief look into the Ethereum $ETH chain: Active addresses reaching 10 month high. Daily on-chain transactions reaching 12 month high. Marketcap approaching 8 month high. Can ETH return to its former glory?” They explained in a recent tweet while referencing the below charts.

A brief look into the Ethereum $ETH chain
– Active addresses reaching 10 month high
– Daily on-chain transactions reaching 12 month high
– Marketcap approaching 8 month high
Can ETH return to its former glory? pic.twitter.com/MDK6etAtLj
— Binance Research (@BinanceResearch) May 30, 2019

Although Ethereum’s near-term price action is likely somewhat dependent on that of Bitcoin, its improving fundamentals signal that the markets are recovering from both a price perspective and a fundamental perspective, which may mean that further price gains are imminent.
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Analyst: Despite Latest Bitcoin Pullback, BTC Is Still in the Very Early Stages of an Uptrend

The upwards momentum the crypto markets have incurred in recent times was put into jeopardy yesterday after Bitcoin failed to surge past $9,000 and found itself reeling back down to the lower-$8,000 region.
Despite this less-than-positive price action, one analyst is quick to note that while looking at BTC from a long term perspective, it is still abundantly clear that Bitcoin is in the early stages of the next noteworthy uptrend, which means that investors shouldn’t fret too much about choppy price action in the near-term.
Bitcoin Finds Support Around Low-$8,000 Region
At the time of writing, Bitcoin is trading down nearly 4% at its current price of $8,426 and is down significantly from its recent highs of over $9,000 that were set yesterday.
Although BTC’s bearish reaction to the $9,000 range does appear to spell trouble for the cryptocurrency, while zooming out on BTC’s chart, it is clear that it is still firmly in the bull’s control over a longer-time frame.
Despite this, if the crypto’s bulls want to maintain control of the cryptocurrency going forward, then it is important that they hold the price steady above roughly $8,100, as a dip below this price level could lead to significantly further losses.
Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of this aforementioned price level in a recent tweet, noting that a close below it “wouldn’t be good.”
“$BTC: Small range & no position currently, I like to make my way through different time frames to at look various support/resistance. If it breaks down and closes below $8193 especially $8114, wouldn’t be good. Above $8330 on LTF would push up for a retest of previous support,” he said.

$BTC
Small range & no position currently, I like to make my way through different time frames to at look various support/resistance
If it breaks down and closes below $8193 especially $8114, wouldn't be good
Above $8330 on LTF would push up for a retest of previous support pic.twitter.com/4RibunwOPU
— Josh Rager (@Josh_Rager) May 31, 2019

BTC Still in a Firm Uptrend, Despite Recent Drop
Although it is easy to believe that the latest pullback could mark the end of the cryptocurrency’s massive upwards surge that has occurred in recent times, it is important to note that it is still in the very early stages of the next uptrend, which means that pullbacks are to be expected.
Josh Rager also discussed this in a recent tweet, explaining that he believes BTC is less than one fourth into its next uptrend, based on historical data.
“$BTC Bull Market Cycles: As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend. Don’t worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high,” he bullishly explained while referencing the below chart.

$BTC Bull Market Cycles
As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend
Don't worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high pic.twitter.com/CCesZphBWD
— Josh Rager (@Josh_Rager) May 31, 2019

Although many short-term traders and investors fear that BTC may see increased bearish pressure in the coming days and weeks, as long as it continues to trade above its key support levels, it is highly probable that further gains are imminent.
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Bitcoin Rallies After Holding Above Key Support Level; Will Altcoins Begin Surging Next?

The crypto markets have been in a firm uptrend for an extended period of time now, and many investors are beginning to believe that Bitcoin and the aggregated markets are currently in the early stages of the next big bull run.
While looking at the markets on a shorter time frame, Bitcoin was able to hold above its key support level after briefly dropping last night, and analysts now believe that the altcoin markets will surge next.
Bitcoin Holds Above Key Support Level at $8,400
At the time of writing, Bitcoin is trading up marginally at its current price of $8,700, up significantly from daily lows of just above $8,400 that were set last night.
Analysts have recently postulated that the $8,200 to $8,400 region was a key level of support that BTC must hold above in order for its upwards momentum to be maintained, so the subsequent rally that followed its brief visit to this region is definitively bullish, and likely signals that the crypto will continue its upwards ascent in the near-future.
While looking at Bitcoin’s current price action, it is apparent that it does face some resistance around its current price levels, as it has struggled over the past week to gain a stable foothold in the upper-$8,000 region.
UB, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin in a recent tweet, explaining that he believes that BTC is posed to retest its range high in the near-future, which currently exists at roughly $8,900.
“$BTC – Looks decent here. Little fakeout below the EQ before quickly reclaiming it as support. If the EQ continues to act as support, I’ll be looking for a retest of the Range High. $8718 is an Intraday S & R to keep your eye on,” he explained.

$BTC – Looks decent here. Little fakeout below the EQ before quickly reclaiming it as support.
If the EQ continues to act as support, I'll be looking for a retest of the Range High.
$8718 is an Intraday S & R to keep your eye on. #Bitcoin pic.twitter.com/pJwzMxhMLD
— UB (@CryptoUB) May 29, 2019

Altcoins May Surge as BTC Stabilizes
Although Bitcoin is currently expressing relative stability around its current prices, multiple altcoins could be gearing up for a massive upwards surge in the near future.
Don Alt, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that he believes that the “meat” of the Bitcoin rally is done, and that now is time for altcoins to shine.
“$BTC: Impressive recovery rally off of the 8400 level everyone was watching. I’m still happy with being risk off BTC, risk on altcoins here. I think the meat of the BTC move is done. Concentrating on Alt/BTC pairs now. BTC longs want to see this H4 trading range reclaimed,” he explained.

$BTC
Impressive recovery rally off of the 8400 level everyone was watching.I'm still happy with being risk off BTC, risk on altcoins here.I think the meat of the BTC move is done.Concentrating on Alt/BTC pairs now.
BTC longs want to see this H4 trading range reclaimed. pic.twitter.com/7ysxBUyqel
— DonAlt (@CryptoDonAlt) May 29, 2019

As the week continues on and Bitcoin continues to tepidly advances towards $9,000, it is highly probable that traders will soon know whether or not a rally in the altcoin markets is truly imminent.
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