Ethereum (ETH) Currently Overvalued, Correction May Be Inbound

Ethereum (ETH) up 37.9 percent, a retest of $200 likely
Barry Silbert of Digital Currency Group (DCG) is confident that prices will snap back to trend.

With supportive technical and fundamental factors, Barry Silbert is positive that asset prices will shake off sellers. Meanwhile, Ethereum (ETH) is stable and up 37.9 percent in the last week.
Ethereum Price Analysis
Fundamental
There is an element of resiliency in the ongoing correction. At the back of increasing awareness, an inclination towards data privacy and control, volatility and infrastructure development, today’s dip is markedly different from previous corrections.
Taking note is Barry Silbert, the founder, and CEO of Digital Currency Group (DCG), who told Bloomberg that fundamental and technical factors are supportive of price:
“Sentiment, the technicals look great. An 80 percent draw-down happened three or four times, and every time that’s happened [it hit] record highs. So as soon as you get the price going back up and animal instincts come back, [the market recovers].”
Adding that:
“But the difference between this increase in price and the bubble in 2017 is the infrastructure much different. You have custodians now. You have trading software, you have compliance software, and people are educated about the asset class, so this time is different.”
Candlestick Arrangements

What we have in the daily chart is a clear double bar bear reversal pattern. Even though prices are up 1.3 percent and 37.9 percent from last week and day, sellers have the upper hand. It is easy to see why.
First, note that May 16th and 17th bars did close above the upper BB (Bollinger Bands). From candlestick arrangement and BB rules, that is an over-extension that is usually followed by a correction — which is in progress.
Secondly, May 17th bear bar has high participation levels with sellers liquidating their positions triggering a fall. Bear momentum spilled over to today, and in confirmation, risk-off traders can begin unloading Ethereum (ETH) with targets at $190 in line with our last ETH/USD trade plan.
Apart from the two reasons, note that there is a lower low between May 11th and today’s close from BB analysis. If anything, that is bearish. On the other hand, any spike above May 16th highs will signal trend continuation, canceling out sellers.
Technical Indicators
Typical of ETH retracement and breakouts, it is likely that prices will drop back towards the 78.6 percent ($200) or April highs in a retest. Ideally, what would mark out sellers is a high volume—exceeding 537k — close below May 16th.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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After Institutions Drive Bitcoin To $8,000, Will Retail Investors FOMO in?

It isn’t a secret that Bitcoin (BTC) has absolutely surged over the past six weeks. In that time period, the crypto asset rallied from a key resistance at $4,200 to $8,100, where it resides now. While such a move was covered incessantly by mainstream media outlets, little evidence indicated that consumers, who were likely still reeling in shock from Bitcoin’s $20,000 to $3,150 plunge, were taking notice.
Related Reading: Crypto Analyst: Bitcoin Price Now Above Ideal Buying Zone, Shortest Duration Yet
As Chris Burniske, a partner at Placeholder, suggested in an extensive Twitter thread earlier this year, the mainstream “has almost entirely forgotten about crypto again.” Gone are the days that “Bitcoin” was a popular word at the dinner table, as mainstream media outlets, the CNBC “Fast Money” segment, in particular, have slowed their coverage to a near-halt. Burniske touched on this, noting that via “conversations with people from home,” the crypto boom is still tangible in their minds, but the subsequent bust wasn’t observed.
This had led some to ask — who drove the recent rally? And more importantly, when will common Joes and Jills finally dive into cryptocurrency and blockchain once again, if at all?
Institutions Drove Bitcoin To $8,000
Well, according to prominent researcher Alex Krüger, institutions, insiders, and what we call “whales” were behind this recent move, which brought BTC higher by $1,500 in the past week alone.
In a recent thread posted on Twitter, the analyst remarked that “large players” participating in “systematic buying” was what drove the cryptocurrency market. He looked to “volume, price action, funding, and futures basis and term structure” to come to his conclusion: the move was “not retail driven.”

What drove $BTC up this week?
A handful of large players, that started buying in waves. Systematic buying.
Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.
Not retail driven.
— Alex Krüger (@krugermacro) May 12, 2019

Data from the institutional-heavy Chicago Mercantile Exchange (CME) would confirm this. As reported by NewsBTC previously, the exchange’s Bitcoin futures vehicle saw 33,677 contracts traded on Monday, amounting to 168,385 paper BTC. This is absolutely staggering, especially considering that the last record, set in February, was a relatively mere 91,690 BTC.
In a similar fashion, the Digital Currency Group’s subsidiary Grayscale was revealed Monday to have seen its flagship product, its Bitcoin Trust, post $141 million in volume today on markets. This is a level not seen since early-2018, when the cryptocurrency market was filled to the brim with speculative interest and FOMO/hype. As Larry Cermak notes, much of this volume was likely sourced from institutional players, as only “qualified accredited investors can directly invest in GBTC with a minimum investment of $50,000.”
According to Krüger, this move was likely largely driven by those trying to “front run” a series of positive news events. These include but are not limited to Fidelity’s Bitcoin trade execution service, Bakkt’s crypto futures, TD Ameritrade and E*Trade getting into the cryptocurrency game, and retail chains across the U.S. indirectly accepting cryptocurrency payments.
Retail Begins To FOMO Into Crypto
So yes, last week’s move was likely caused by non-retail players. But, data suggests that this subset of the market is finally joining the fray after sidelining themselves for upwards of one year. Spotted Tuesday by CryptoRae, the terms “Coinbase” and “Blockchain”, likely in reference to the two popular Bitcoin wallets, have begun to trend on Apple’s App Store.
Although it isn’t clear what determines what is “trending” on the App Store, this is likely a sign that many casual investors are looking to store digital assets they already have or are looking to get.

Trending now: “Coinbase” and “Blockchain”. Not sure I’m ready for this. pic.twitter.com/mRGgcr8RWO
— rae (@cryptorae) May 14, 2019

Not only is FOMO materializing in downloads for key cryptocurrency applications but clicks to crypto-related sites too. According to Google Trends’ latest data, searches for “Bitcoin” in the U.S. have tripled over the past three weeks. Of course, volume for inquiries regarding the asset is still dramatically lower than during 2017’s peak, but the move is at least notable (seen below). A similar trend can be seen in data for other nations.

Now that retail investors are confirmed to be finally be showing interest in cryptocurrency again, the market could theoretically see a secondary rally, whereas normal investors late to the party continue to throw money at Bitcoin. But until TD Ameritrade and E*Trade launch their spot Bitcoin platforms, it is unlikely that massive retail flows are going to enter.
Related Reading: Altcoin Trader: Alt Bitcoin Bear Cycle Almost Over, 600% Gains During Bull Cycle Expected
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Bitcoin (BTC) Roars Past $8,000, Leaves Bloodied U.S. Stock Market In Its Wake

Bitcoin (BTC) has finally topped $8,000. In a move that can only be described as shocking, the cryptocurrency market returned on Monday, pushing dramatically higher on an array of fundamentalists and what one crypto Youtuber, Ivan On Tech, has called “global FOMO”.
Bitcoin Posts Another 10%+ Day
Bitcoin now sits at its highest level since mid-2018, posting a 14% gain as of the time of writing this. It isn’t clear when the buying pressure is going to stop, but this is quite a sight to behold.

As the leading cryptocurrency has boomed, pushing past key resistance levels like they are nothing more than soggy pieces of parchment, other crypto assets have done relatively poorly. Ethereum, for instance, is up a relatively measly 8.66% in the past 24 hours; XRP is up 5.76%, nearing the $0.33 level. The only notable cryptocurrencies that have beat the market leader are Binance Coin, posting a 17% gain as its deposits and withdrawals start to come online; Tron’s BitTorrent; and Bitcoin Cash.
As a result of this relative Bitcoin strength, BTC’s dominance has topped 60%, reaching levels not seen since the asset’s jaw-dropping rally to $20,000 in December 2017.
Related Reading: Hack? What Hack? Binance Coin (BNB) Leads Crypto Top Ten in Today’s Rally
With this move, BTC has surged past a number of key resistances, namely $7,400 and $8,000, and cements bullish narratives in the minds of traders across the board.
What makes this move even more promising is that according to Google Trends, the search terms for “Bitcoin” and “buy Bitcoin” have yet to surge higher, indicating that much of the rally is being caused by those already involved in the space, not common Joes and Jills.
What Are The Catalysts?
This begs the question, what exactly have been the catalysts for this move?
Well, as researcher Alex Kruger postulates, insiders and whales are trying to “front run” an array of news events, in a bid to accumulate BTC before their counterparts in the retail trading environment. Some news that said investors may be trying to front run include, the impending launch of Bakkt’s physical Bitcoin futures, the inaugural trading session of Fidelity’s crypto trade execution service, mainstream adoption through Facebook’s and Samsung’s respective blockchains, and rumors that eBay is going to join the cryptocurrency fray by the end of the week.
This is seemingly confirmed by the fact that Grayscale’s Bitcoin Trust (GBTC) saw $150 million in trading volume on Monday, which is a sign that institutional investors and accredited investors are throwing their hats into the ring rapidly.
Featured Image from Shutterstock. Charts Courtesy of TradingView.com
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Analysts Worried That Bitcoin Has Topped: BTC Flirts With $7,300

Whether this is the Consensus effect or not, Bitcoin (BTC) is now decidedly above $7,000. As of the time of writing this piece, BTC has finally tapped $7,400, a level that many see as short-term resistance. Let’s see what analysts are thinking right now.
Related Reading: Despite Crypto Comeback, Prominent Investor Doesn’t Expect Ethereum 2.0 Until 2021
Analysts Weigh In On Bitcoin Move
Prices are moving so fast that analysts’ thoughts on the market are constantly cheering. But according to recent comments (which may not be relevant in a few hours’ time), Bitcoin may be locally topping.
STEM major-turned-Crypto Twitter mainstay, The Crypto Dog remarks that he thinks the cryptocurrency market is going to top right about here. In an explanation tweet, Crypto Dog remarked that while the price action is undoubtedly bullish from a bird’s eye perspective, BTC’s chart is making it seem like a local peak is forming.
The analyst didn’t fully explain this, but he did depict that BTC is currently encountering a resistance box (seen in grey below). What’s more, the parabola that BTC has stuck to for the past few weeks is about to go vertical, meaning that a drawdown is possible.

I think we're about to finally top out.$BTC $BTCUSD #Bitcoin pic.twitter.com/AyRZhFhBdz
— The Crypto Dog (@TheCryptoDog) May 11, 2019

Others agreed with Crypto Dog’s analysis. Trader Cantering Clark explains that while the ongoing move seems “incredibly bullish”, BTC is still sitting under resistance, and is too far above its 20-week moving average. The 20-week moving average, according to Clark, has and is likely to continue to act as Bitcoin’s center Bollinger Band, meaning that it should return to that level’s vicinity in the near future.

1/n-I am 90% risk off at this point, with some spot that is always untouched for insurance purposes. While this does look incredible bullish to me I can not divorce my better faculties of reasoning in thinking that we revert to the mean at some point in the near future. $btc pic.twitter.com/A0pvJlVUHY
— Cantering Clark (@CanteringClark) May 11, 2019

He explains that as it stands, BTC is a “good three standard deviations from the norm,” with this move being fueled by retail shorts. This hints that Bitcoin may soon see a retracement, returning to more organic and sustainable levels as buying pressure slows in the coming weeks.
Room To Run?
Some have, however, argued that Bitcoin still has room to run. In a recent tweet, Mr. Anderson postulated that BTC’s parabola still extends higher. He explains that if the stars align, as it were, Bitcoin is likely to establish a short-term base in the high-$6,000s or low-$7,000s, before moving to and potentially beyond $8,000.

$BTC Are we Parabolic?
A Parabolic Blow-off top has been my primary view for some time now. Parabolic curves are tricky. So, be careful because she will have a deep retrace$BTC has already done a marvelous job, but, the higher the stretch, the better for Bulls#Bitcoin #BTC pic.twitter.com/FaxekEigVC
— Mr. Anderson (@TrueCrypto28) May 11, 2019

The fact of the matter is, this current rally is largely driven by those already in cryptocurrency, not those not involved in the crypto industry. As NewsBTC’s Joseph Young postulated on Twitter, “existing money in the crypto market [is] coming back due to overall growth in confidence/comfort.”
Google Statistics would confirm this. Popular researcher Alex Kruger explains that the “Bitcoin” search term’s volume is still at lows, with interest purportedly being 10% of what there was at BTC’s $20k peak in late-December 2017.
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Analysts Roar As Bitcoin Tops $6,700, Short Squeeze May Sustain Crypto Rally

No. Way. Bitcoin (BTC) just hours ago moved above $6,700 and even flirted with $6,800 on some crypto exchanges. Although many have been absolutely enamored with this move, some have been left asking: Is the cryptocurrency moving too far too fast? Let’s take a look at some analysis.
Related Reading: Analyst: Bitcoin Above $6,400 Confirms Real Bull Run, Volume Surges 3x
Bitcoin Blips Above $6,700, Crypto In Disbelief
Over the past five weeks, Bitcoin has been in a decidedly bullish trend. Ever since the asset broke past the key $4,200 resistance level and its 200-day moving average, some, like Fundstrat’s Tom Lee, have proclaimed that BTC was in a “bull market”.

But few, very few, expected the digital asset class to move as fast it has in the past weeks. In the past month alone, BTC is up by over 50% — gains reminiscent of 2017’s rally. Yet here we are. And interestingly, a move even higher might just be in Bitcoin’s cards.
Related Reading: Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test
In a recent Twitter post, analysis “CryptoGainz” explained that there is an array of signs hinting that BTC won’t take a breather here. Firstly, there remains an open interest of $690 million worth of BTC positions on BitMEX, all while position funding has reached -0.09% for shorts. This, as Alistair Milne explained last week, could imply that a short squeeze is on the horizon.
As industry researcher Willy Woo remarks, if a short squeeze comes to life, BTC would see a “blow-off”, whereas prices explode within a short period of time, before a retracement. This is because such squeezes require short-sellers to “buy back at market price,” creating instant buying pressure.

> oi: 690M (capitulation hasn't even begun to occur)> funding in 30 min: -.09% (shorts are still paying a gross amount) > ask side: thin af> price action: still making new yearly highs
The only indication of bitcoin *not* going on an omega tear tn is alts are not nuking yet pic.twitter.com/tUTISttTYp
— CryptoGainz (@CryptoGainz1) May 11, 2019

What’s more, the “ask side” is “thin AF”, which means that minimal buying pressure will push the price even higher. And, most importantly, Bitcoin continues to break about key levels of resistance, namely $6,000, $6,400, and potentially $6,700-$6,800 most recently, in a sign that bulls do have both hands on the steering wheel… for now.
Bitcoin may not be ready to take on new all-time highs, however. Not yet anyway.
As PlanB, a popular quantitative crypto analyst, recently pointed out, BTC is currently trading well above the value that his stock-to-flow model, which has acted as a resistance in previous post-bear market recoveries, assigns to the asset. In fact, per his model, Bitcoin’s fair value sits at $6,250, but BTC is currently sitting 7% above that.

#Bitcoin at $6400 .. now above Stock-to-Flow Multiple! pic.twitter.com/bIfbOyiQSJ
— planB (@100trillionUSD) May 10, 2019

Technicals and historical price action, not just statistics, corroborate the (heresy) that BTC is currently overvalued in the short run. As Luke “VentureCoinist” Martin just drew attention to, BTC could “fade” in the coming hours, as $6,700 is where exactly BTC topped in a trading session in mid-October, when BTC suddenly spiked due and looked to break a bear trend.
A medium-term Fibonacci retracement model, which analyst Filb Filb looked to, shows that Bitcoin has reached the top of its range with the recent move, and could  thus settle around $6,500 in the coming days.
To summarize, if historical trends are followed, BTC could very well take a chill pill at $6,700. But if negative funding rates on BitMEX and Bitfinex reach high enough levels, a short squeeze could deem all the aforementioned analysis null.
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Analyst: If Bitcoin Holds Above The $5,500 Region, A ‘Megamoonsoon’ May Soon Grace Crypto

While the upward price pressure has slowed, resulting in Bitcoin (BTC) posting a mere 0.15% gain in the past 24 hours, some are sure that the cryptocurrency’s chart structure remains bullish. Murad Mahmudov, a founding partner at up-and-coming crypto fund Adaptive Capital, recently broke down his reasoning as to why BTC holding above the $5,500 region could be “quite bullish.”
Related Reading: Analysts Believe Bitcoin May Continue Dipping Lower Before Surging to $6,500
The Bitcoin Megamoon Soon
In a 22-part Twitter thread posted Saturday, Mahmudov, who has risen to prominence to become one of the most well-respected voices in the cryptocurrency ecosystem, drew attention to 20 reasons why Bitcoin is currently bullish. Honestly, 20 may be too many to go through, but NewsBTC will break down the important tidbits.

0/20. My list of 20 reasons why I think that if 5450-5550 area holds — its very bullish & megamoonsoon is still on the table:
I repeat, IF, 5450-5550 area holds, THEN, it's quite bullish.
Saturday Megathread: pic.twitter.com/KBbMj8OdU9
— Murad Mahmudov (@MustStopMurad) May 4, 2019

Firstly, Bitcoin is currently trading in the midst of an ascending channel, marked by consistent higher lowers and higher highs. With BTC continuing to hold this pattern with an impeccability, a move higher to potentially break out of the upper bound of the channel seems likely.
Next, the Stochastic Relative Strength Index (RSI) and the traditional RSI are both showing bullish signs, both accentuating that the crypto market isn’t overextended and thus has room to run.
Thirdly, BTC is currently trading above key moving averages, like the 50-week simple moving average and 89-week exponential moving average, which “caught multiple local bottom and top areas in both previous and current cycles.”
And lastly, as hinted at in previous reports, there has been an unprecedented rally in the amount of BTC upon in short contracts, resulting in postulation, from Mahmudov and others, that a massive short squeeze may soon be inbound.
From Crypto Bear To Bull 
All this marks a confirmation that Mahmudov has flipped from bear to bull. As NewsBTC reported on a number of times during late-2018 and early-2019, the Adaptive Capital partner was overtly bearish on a number of occasions. Often, he noted that Bitcoin still had a chance to fall to $1,700, citing historical factors to try to convince investors that November’s sell-off may have just been the “Little Capitulation” before the “Final Capitulation,” coupled with the idea that BTC’s long-term cycles dictate that a rally this soon may be illogical.
In one analysis, he noted that the waning number of mentions of “Bitcoin” on Twitter was an “absolute disaster for the price in the medium-term.” He opined that this accentuates how there are “far fewer people who care about decentralized, sovereign, uninflatable currency” than it may seem from the surface, and how little effect 2017’s parabolic run-up had on this community’s size.
Now, however, he revealed in a recent Tone Vays Youtube episode that he is 75% sure that the cryptocurrency market has found a long-term floor. And this time, it doesn’t seem like he will be wishy-washy at all, as all signs seem to be leaning in favor of the bulls. His peers would agree.
Related Reading: Prominent Analysts Divided Over Bitcoin Bottom: Let’s Look At The Two Sides
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Analysts Flip Bullish En-Masse As Bitcoin Price (BTC) Blips Past $5,700

Over the past 48 hours for some reason or another, Bitcoin (BTC) bulls have begun to return en-masse. As of the time of writing this, BTC is currently trading at $5,590, finding itself up by around 6% in the past 24 hours.
Crypto assets as a whole have yet to post similar gains, leading some to postulate that Bitcoin’s recent rally has much to do with the Tether and Bitfinex news, but some are sure that BTC will continue higher in the near-term.
Related Reading: Bitcoin Price Rise After Tether Scandal Shows End of Crypto Winter: Fundstrat
Analysts Expect Bullish Follow Through 
While some cynics see Bitcoin as overextended in the short-term, the evidence is mounting that a move higher may just be in crypto’s cards.
Murad Mahmudov, Adaptive Capital’s chief investment officer that is 75% sure the bottom is in, noted in a recent chart that the liquidity gap between $5,600 and $6,400 could attract BTC rapidly towards that level. He points out that a similar occurrence came to life when BTC rallied past $5,000 on April 2nd, as a lack of liquidity (meaning little short-term resistance) in the mid-$4,000s aided bulls greatly.
For this to move to come to fruition, however, Bitcoin will need to break past the $5,600 resistance and set up shop above that key local level.

pic.twitter.com/AH3GX7R3Pp
— Murad Mahmudov (@MustStopMurad) May 3, 2019

According to key technical readings, such a sustained breakout may soon come to fruition.
In a tweet posted Thursday, Peter Brandt, a legendary commodities trader with decades in the biz, revealed that Factor’s benchmark moving average for Bitcoin’s weekly chart has begun to trend higher. The last time such an event was seen was when BTC “began its move from $340 to $20,000.”
It is important to note that last time Factor’s moving average reversed from a downtrend, BTC was susceptible to one more pullback before embarking on the aforementioned parabolic run.

The last time Factor's benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800. pic.twitter.com/uFJSkV9NwM
— Peter Brandt (@PeterLBrandt) May 2, 2019

Moving averages aside, on-balance volume (OBV), a technical trading signal that weighs both volume flow and price action to determine market momentum, has continually trended higher since January. As analyst Income Sharks points out, the fact that Bitcoin’s OBV has not broken a clear uptrend, and that it continues to establish higher lows has him convinced that the recent foray past $5,600 is not the end of bulls’ ongoing reign.

OBV is the main reason I've been bullish on $BTC since the end of January. Not once has the trend been broken, and we continue to make higher lows. pic.twitter.com/hGeGAxGZsH
— Income Sharks (@IncomeSharks) May 3, 2019

And even if this technical analysis is moot, there is always the chance of a short squeeze. Since the NYAG released its report about Tether, the number of Bitcoin short contracts open on Bitfinex has rallied from 25,000 to 29,894 — an increase of 20% in under a week’s time. Alistair Milne, the chief investment officer of the Atlanta Digital Currency Fund, claims that with Bitfinex users liquidating their Bitcoin and withdrawing funds en-masse, coupled with the margin funding rates on the platform skyrocketing to 0.09% a day, there is a “high risk of a very significant short squeeze, especially if BTC withdrawals continue.”
Bitcoin Isn’t Home Free Just Yet
While the crypto bulls, or wolves rather, are howling for the moon, BTC isn’t exactly ready to skyrocket just yet. That’s what some analysts expect anyway. Dave The Wave explains that his model, which shows that a parabolic curve has depressed BTC throughout all of 2018, shows that Bitcoin is currently encountering resistance, and has yet to break through.
In another chart, he noted that Bitcoin’s Moving Average Convergence Divergence (MACD) reading is currently “rolling over the zero line.” The last time BTC saw such similar action in this specific reading was when the cryptocurrency market saw one final capitulation event before heading decidedly upward.

MACD rolling over on the zero line. pic.twitter.com/XyFrsZoM99
— dave the wave (@davthewave) April 29, 2019

But technicals and charts aside, fundamentals are surely leaning in Bitcoin’s favor. As Tom Lee of Fundstrat recently remarked on a CNBC “Fast Money” segment, the transactional value of on-chain BTC transfers has turned positive on a year-over-year basis, while the average daily transactions processed have almost reached all-time highs. What’s more, big names, both in terms of institutions and corporations, continue to siphon time, capital, and talent into this space without much of a concern.
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Is Bitcoin Poised to Pullback, Time For More Accumulation Before Bull Run?

Major signals are flashing bearish at the moment for Bitcoin. While it has held on to gains this month a break higher has not been forthcoming so the only way for BTC in the short term could be back down again, at least according to a number of technical analysts.
Major Resistance at 50 Week MA
According to TradingView’s charts Bitcoin is trading at $5,500 however this includes the ‘Bitfinex premium’. Elsewhere BTC prices are closer to $5,250 where they have been since the Tether imbroglio at the end of last week. Since the rally began at the beginning of April Bitcoin has hit a 2019 high of $5,650 on the 24th but has dropped back over the past few days.
Looking at the longer term weekly charts it is clear to see there is massive resistance at this current level where the 50 week moving average lies.

$BTC Weekly Chart (GDAX exchange).
The no indicator chart. Doesn't take rocket science to figure out where resistance is.#BTC pic.twitter.com/CQ9TQfw5rf
— CryptoFibonacci (@CryptoFib) April 30, 2019

This long term indicator served as resistance before during the middle of last year and has been above the price levels for the entire bear market. A break above it would signal a major move upwards but most are of the opinion that things will turn south again before any serious trend reversal can be measured.
The ‘golden cross’ on the day chart also happened on the 24th but it has yet to be fully confirmed since the uptrend has not continued at Bitcoin has remained in a sideways channel. On the low side is the 200 day moving average which is likely to serve as support if Bitcoin falls back. This is currently positioned around the $4,500 price range.
Other signals such as Bloomberg’s GTI Vera Convergence Divergence indicator have also just turned bearish showing the first ‘sell’ call since mid-March. Several industry observers are still blaming the Bitfinex Tether fiasco for the cessation of momentum and the end of Bitcoin’s current rally. Analysts on twitter have shared this sentiment with further predictions, some calling for a fall to $4,000 before any leveling out at support.
A pullback may not be the worst thing to happen since many are waiting in the wings to accumulate more satoshis at a lower price. The next phase of accumulation will be the catalyst to drive the next rally which should see these major resistance levels broken.
Some Still Bullish
Not all are bearish and some still see more upwards momentum. Crypto analyst going by the moniker ‘Bleeding Crypto’ posted;
“There is a $30 million dollar wall directly above the current price of BTC. Will this act as fuel for another move up like its done in the past or will there be a resistance wall for the current PA. We will have to wait and see. I vote UP! Only time will tell. #Patience”

$BTC There is a $30 million dollar wall directly above the current price of BTC. Will this act as fuel for another move up like its done in the past or will the be a resistance wall for the current PA. We will have to wait and see. I vote UP! Only time will tell. #Patience pic.twitter.com/IBoOIgw83m
— Bleeding Crypto (@Bleeding_Crypto) April 30, 2019

Either way things are not looking bad for Bitcoin regardless of where markets go next. A pullback means more accumulation at better prices and a swing to the upside will pull the entire market back up with it.
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Analyst: Bitcoin Isn’t ‘Hungover’ Anymore, But Don’t Expect A Rally Just Yet

As traders have begun to realize that the news regarding the financial status of Tether Limited (USDT’s issuer) and Bitfinex isn’t all too harrowing, Bitcoin (BTC) has recently stabilized. In fact, analysts have claimed that the crypto market’s lack of reaction to the seemingly bearish news shows strong fundamental strength, and may, in fact, be a precursor to a bull run.
Related Reading: Bitcoin Price Reaction to Tether Fiasco May Signal Strong Fundamental Strength
However, a number of chartists have recently taken to Twitter to note that contrary to popular belief, Bitcoin isn’t poised for a rally just yet.
Bitcoin Could See One. More. Drop.
Since BTC has become a liquid, tradable asset, it has followed short-term and long-term trends, most of which can be charted and extrapolated for price prediction purposes. One popular technical analyst, Brian “The Rational Investor” Beamish, argues that if Bitcoin follows its four-year cycle again, a move lower may soon be inbound.
As depicted below (chart courtesy of Beamish), Bitcoin’s price action in 2017 was evidently a “blow off top” and 2018’s was “the hangover,” two macro trends seen in the previous bubble. If Bitcoin continues to follow its trend, 2019 will see BTC rally tremendously, but not without another influx of capitulation first. Beamish suggests that a move to near December 2018’s levels will come in the coming months, potentially as soon as June.

And he isn’t alone in touting this belief. Through the medium of a Trading View post, Magic Poop Cannon, a somewhat ill-named analyst that predicted Bitcoin’s drop to $3,200, noted that BTC’s current chart structure is almost identical to that seen before the “second bottom” in 2015. (For those not versed in crypto market history: in 2015, BTC fell below $200 once, and then touched $200 again months later.)
Magic explains that Bitcoin’s current price action, the 50-week exponential moving average, 50- and 200-day moving averages, Fibonacci retracement levels, and Relative Strength Index (RSI) readings are all looking eerily similar in structure to that seen in mid-July 2015. And thus he wrote that if BTC tracks its historical trend, the golden cross will form (check), a trading range of $5,000 to $5,300 will hold until May 7th (check), and will collapse to $4,025 by the end of May. He explained further:
“Based on this comparison, from a technical standpoint, I have absolutely no reason to believe that we won’t retrace to at least the 0.618 [Fibonacci retracement], which is just above $4,000. People who think we are just going to skyrocket above that major resistance around $6,000 are delusional. It took months of testing for us to break down below that level. It will take months of testing for us to break out above it.”
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Despite Tether Concerns, Notable Analysts Remain Bullish On Bitcoin (BTC)

What many thought would never happen did on Thursday. Just days after Tether Limited, the company behind the USDT stablecoin, minted $300 million worth of its crypto asset, reports revealed that its operator, iFinex, may be on thin ice. As a result of this news, Bitcoin (BTC) dropped by 10% within minutes, plunging from $5,550 on Coinbase to $4,950 in a rapid sell-off.
Related Reading: Crypto Divided Over Tether, Some “Unequivocally” Bullish On Bitcoin
But since this news broke, cryptocurrencies across the board have recovered, as some have begun to suspect that this debacle may not have a material effect on this market’s staying power.
Bitcoin Holds Strong After Tether ‘FUD’
Per analysis from The Crypto Monk, a well-followed trader, the dust from this recent imbroglio has settled, and Bitcoin’s chart structure still is “looking good for bulls.” Monk didn’t give much reasoning for this point, but the chart attached to his message did depict that BTC has held above $4.800, a key level of support as it’s where the 200-day moving average is sitting.

$BTC:dust has settled and this structure is still looking good for bulls. Eyeing $5500 again. pic.twitter.com/RIUY3i2mM4
— The Crypto Monk (@thecryptomonk) April 27, 2019

Not is the chart’s structure looking good, but trading statistics and technical indicators too. As Murad Mahmudov, a popular analyst who is 75% sure the cryptocurrency bottom is in, postulated, the long-short position ratio on Bitfinex and Relative Strength Index (RSI) leadings has led him to believe a move higher is inbound. A specific forecast was not mentioned, but Mahmudov did draw an arrow ending at $6,300, which is where Bitcoin is expected to meet major resistance at a level of historical importance.

1/ In life, always avoid being in the majority like the plague. pic.twitter.com/tniev60SRJ
— Murad Mahmudov (@MustStopMurad) April 27, 2019

The Other Side Of The Equation
Of course, others are not too sure that Bitcoin’s chart looks decidedly bullish. According to a chart from trader Financial Survivalism, this move confirms that Bitcoin’s current market structure is like that seen in December’s downturn, but inversed. Thus, if history is followed, BTC may be poised to see a $1,000 pullback, potentially to the $4,200 range.

1/2 The current $BTC market structure is looking very much like an inverse of what we saw during December 2018. First notice the bull div on the RSI with two daily red 9's. Currently we have a bear div after two green 9's. The ADX is also rolling over after spiking above 70. pic.twitter.com/bVFt5Hx8gM
— Financial Survivalism (@Sawcruhteez) April 25, 2019

But it may not be that simple. As a number of analysts, like Crypto Birb and Satoshi Flipper, have asserted, for Bitcoin to move higher from here, it will need to break convincingly past $5,200 on BitMEX and head to $5,300 for a “liquidity flip-test.” As of the time of writing this, said “liquidity flip-test” has yet to occur. With positive industry developments, like TD Ameritrade’s and E*Trade’s purported plans to offer spot Bitcoin trading, however, some are sure that BTC will recover to its pre-crash levels in no time.
Related Reading:  TD Ameritrade Follows Footsteps of Fidelity, NYSE and Enters Crypto, Boosting Sentiment
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Bitcoin Hits $5,600 in a Monumental Rally From Technical Perspective, What’s Ahead?

Bulls, it’s been a minute. Over the past few hours, Bitcoin (BTC) has begun to rally again, pushing past $5,400, $5,500, and even $5,600 (albeit briefly) after nearly a week of mundane stagnation. While this move seems to be just another Monday pump, which could be deemed not significant by some, this unexpected bump is monumental from a technical analysis perspective.
If you haven’t checked Crypto Twitter for the past week, BTC just printed a golden cross, whereas its 50-day moving average has crossed over its 200-day, signifying that bears might be finally be biting the dust. But funnily enough, some have claimed that this cross isn’t anything to really write home about.
Related Reading: Analyst: Bitcoin (BTC) Likely to Soon See Massive Volatility as Golden Cross Pattern Forms
Bitcoin To Fall After Golden Cross?
Golden cross this, golden cross that — over the past few weeks, everyone and anyone in the cryptosphere has been repeating those two words incessantly. As explained earlier, a golden cross is a technical pattern that has historically been a bullish indicator for assets across the board. And as seen just hours ago (and below), this pattern has been printed on Bitcoin’s one-day chart.
So why are some analysts now bearish, claiming that a drop is imminent?

As NewsBTC explained in a previous report on the matter of bearish golden crosses, each time this pattern came to life on a chart, a rally was not always sustained. Over the past decade, gold has seen a number of golden crosses, four in fact, but only rallied to the upside once — a 25% hit rate. There are a few other examples of such cases, but we won’t bore you. Here are a number of other reasons why analysts aren’t over the moon just yet.
First off, BTC has yet to close far above its 50-week exponential moving average (EMA). As analyst Proof of Research points out, this specific moving average has “stopped the run dead in its tracks” multiple times over the past three weeks, acting as a strong local resistance. Although this point is somewhat null in that Bitcoin is currently trading slightly above its 50-week EMA ($5,550 compared to $5,480), as seen in the chart below, BTC’s ongoing move could be a mere wick of a candle that fails to close above this resistance.

Biggest impediment to price action moving UPWARD for $BTC #Bitcoin is the EMA-50 on the weekly resolution.
I've said this before and I'll say it again – the EMA50 is a *beast*. Look at this picture, you'll see how the EMA-50 has literally stopped the run dead in its tracks. pic.twitter.com/hXNMcBkKdI
— GOAT (@ProofofResearch) April 21, 2019

Secondly, Bitcoin’s one-day chart looks eerily like that seen during 2015’s bottoming process, but prior to the second capitulation event. For those not versed in BTC’s price history, the 2013 to 2016 cycle saw Bitcoin fall under $200 once, and then again in what is known as a double bottom. What makes this notable is that the second collapse came after a golden cross.
As the ill-titled Magic Poop Cannon explains, Bitcoin’s chart structure, 50-week exponential moving average, 50- and 200-day moving averages, Fibonacci retracement levels, and Relative Strength Index (RSI) readings are effectively identical to that seen in mid-July. Thus, Magic predicts that if historical precedent is followed, BTC will trade in the low to mid $5,000s until May 7th, and will then fall to its 0.618 Fibonacci retracement, which currently sits at $4,025.

The Other Side Of The Equation
Then again, some are sure that a further rally is in store for the cryptocurrency market, not a rapid 25% decline. On Monday, prominent trader Crypto Rand suggested that BTC is currently trading in a bullish pennant” pattern, marked by a tightening range and higher lows. If the pennant plays out as it does in technical analysis bibles, Rand remarks that Bitcoin will soon see a massive breakout to the upside, potentially “over the $6,000 region” as the analyst explains. This is notable, as the analyst somewhat called BTC’s previous breakout past $4,200 earlier this year.
Rand isn’t the only one sure that $6,000 is inbound. Lisa Edwards, the sister of Bitcoin Satoshi’s Vision (BSV) supporter Craig Wright (yes, the Dr. Craig Wright), recently claimed that Bitcoin’s logarithmic weekly chart is currently expressing “a strong bullish divergence and bull flag.” With this, Edwards determined that a move to $6,250 could come to fruition in the short-term.
And as trader B.Biddles explains, Bitcoin’s one-week chart still resembles a textbook bump-and-run reversal bottom, which means that a rapid “uphill” run may be in the works for cryptocurrencies across the board.

This is feeling like where this shape is confirmed or rejected. We hit 5.65 and are now sitting comfortably in the 5.5s. My leaning is we run, baby. https://t.co/KRfBlPnHVE
— B.Biddles (@thalamu_) April 23, 2019

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Bitcoin Short Positions Heavily Exposed, Golden Cross Imminent as BTC Hits 50 Week MA

The battle between Bitcoin bulls and bears rages on and the former have the upper hand at the moment. As BTC grinds ever higher those short positions which have loaded up may start to get exposed which could lead to liquidation.
Bitcoin has hit a new 2019 high of just over $5,600 and has shown strength over the past week. Higher lows have been posted several times and there is a clear uptrend on the weekly chart.
Bitcoin price 7 days. Coinmarketcap.com
According to TradingView Bitcoin matched its 2019 high of $5,450 a few hours ago before starting to retreat a little. A surge a few hours later took BTC to a new high of $5,640 just above the 50 week moving average. Daily volume is now over $15 billion and has reached its highest level for the week. The bulls are leading things at the moment.
Crypto trader and analyst ‘fil₿fil₿’ has been looking into short positions at Bitfinex which are now higher than those that preceded the breakout which took us from $4,000 to $5,000. The long positions are now the same as those which preceded the same breakout.
“Bitcoin continues to grind up, without sign of there being any leveraged positions being taken up which implies to me that there is aggressive spot buying in this market, which those shorting it cannot stop. This leads us to a scenario where there will be short positions heavily exposed – around 6k shorts are underwater and at risk of being liquidated.”

BITCOIN: BEAR FUEL LOADED – $btchttps://t.co/oahJ1KD6Qy
— fil₿fil₿ (@filbfilb) April 22, 2019

This is a bullish scenario according to the analyst who also pointed out that there is a heavy load on the buy side as in previous situations where Bitcoin accelerated to new all-time highs repeatedly in 2017.
Crypto analyst ‘Moon Overlord’ echoes this sentiment with the focus on high number of bids and higher lows for Bitcoin which is strong upwards momentum;

Higher lows, bids stacked through the roof, momentum clearly shifting.
You want to short this be my guest.#Bitcoin | $BTC pic.twitter.com/QTAQUrJe3R
— Moon Overlord (@MoonOverlord) April 23, 2019

Golden Cross Imminent
The fabled golden cross is also imminent and this extremely bullish signal could spark off a wave of fomo which sends Bitcoin prices straight up to $6,000 in a matter of hours. Looking at the charts, the crossover of the 50 day and 200 day moving averages is likely to occur today or tomorrow.
Bitcoin price 1 day chart. Tradingview.com
Bitcoin has finally jumped to $5,600 where the 50 week moving average sits – it pulled back from this level pretty quickly as some had anticipated. A break through this also would see a clear path to $6,000 and further liquidation of all of those short positions could send Bitcoin even higher.
These scenarios are purely theoretical until they actually happen but the signals are lining up for Bitcoin and the bulls are poised for action after a long cold spell in crypto land.
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Whales Are Scooping Up Bitcoin As Crypto Seemingly Bottoms, Report Shows

While traders and chartists have quipped back and forth about the short-term prospects of crypto assets— if Bitcoin (BTC) will rally past $5,500 or fall through $4,800 — some have taken a step back, addressing this market at large. A recent report doing just this, published by cryptocurrency fund Adamant Capital, revealed that there is a multitude of reasons to be bullish on BTC.
Adamant’s established partners, all veterans of this industry’s historical harrowing sell-offs, also opined that more likely than not, this cycle has bottomed out at last. Bulls, you can rejoice at last!
Related Reading: Analyst: Bottomed Bitcoin Will Rally To $8,000, Not Collapse To $3,000
Crypto In The Midst Of Accumulation, Market Has Likely Hit A Floor
Hope. That’s the word that Adamant’s researchers and partners used to describe the Bitcoin market in its current state. Here’s why.
It was explained that the Bitcoin Unrealized Profit/Loss (BUPL) indicator, which aims to estimate how much BTC holders’ are cumulatively profiting or losing, is reading at $13 billion in the positive. If the indicator is adjusted for the approximate number of lost coins, however, BUPL currently reads at $3 billion — 3% — of unrealized losses.
While this doesn’t sound all too important, as the measure is lesser-known, as Adamant explains, the recent BUPL movements confirms that Bitcoin has exited a “capitulation” phase, entering into a stage of “hope” (and fear). It is important to note that when BTC exited the “capitulation” phase during 2014 to 2016’s cycle, there was strong BUPL uptick, as we are experiencing now due to Bitcoin’s recent rally past $5,000.
Courtesy of Adamant
All this comes as some of Bitcoin’s whales, or bigwig investors as they are formally classified, are purportedly loading their bags for the long haul. Adamant’s partners claim that as a result of the “disposition effect,” which explains that investors have a propensity to hold on to assets that have collapsed, BTC is being accumulated rapidly after a large sell-off in late-2018, triggered by the collapse to $3,150.
Per the fund’s Bitcoin HODLer Net Position Change chart, over 100,000 BTC has entered HODLers’ wallets over the past two months (February and March), indicating that investors are likely stashing coins for the long haul. This corroborates a similar noticing made by Diar weeks ago, which revealed that cryptocurrency investors had begun to stock up on BTC.
The reason why accumulation is occurring: the bottom might just be in, and investors are trying to establish a fair cost basis before the crypto market inevitably goes haywire… again. Adamant’s team, which consists of long-time Bitcoiner Tuur Demeester, Michiel Lescrauwaet, advisor Adam Back, among others, explain that the lack of volatility indicates that cryptocurrencies are bottoming. The 60-day volatility chart for BTC is currently sitting at 5%, a level not seen since late-2016, and even fell as low as 2% in early-November 2018.
As NewsBTC hinted at during a similar report, in which short-term bear Murad Mahmudov claimed that low volatility has historically preceded jaw-dropping Bitcoin rallies, a lack of staggering price action suggests that “fast-money speculators” have been shaken out, meaning that only holders (and upside) are left.
Adamant’s recent comments come just a week after Binance’s research division proclaimed:
“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the crypto market has already bottomed out.”
Bitcoin Fundamentals Look Stronger Than Ever
Well if cryptocurrencies have really bottomed, what is next?
Adamant was unable to provide an explicit prediction, but it did mention that Bitcoin’s fundamentals are looking stronger than ever, setting a precedent for a hefty recovery in the years to come. The fund classified fundamentals into three categories: scaling, financialization, and the rise of millennials and how that relates to BTC in particular.
Firstly, the merchant-friendly Lightning Network has seen monumental growth over recent months, with its channel capacity rising parabolically, as sidechains and improvement protocols have started to come to life. This, in the eyes of Adamant, confirms that BTC is far from dead in the water, as the network’s underlying development has continued amid a nasty collapse.
Secondly, Adamant claimed that if financialization, effectively the arrival of institutions, isn’t already here, it is well on its way with upcoming vehicles like Nasdaq’s Bitcoin futures, Bakkt’s physical-backed crypto contracts, and Fidelity Investments’ trade execution platform. This side of the equation may help Bitcoin “disrupt the $100 trillion investment vertical of Liquid Store of Value, and become a globally used digital gold and reserve asset.”
And lastly, as Messari’s Ryan Selkis indicated in a recent tweet, the rise of the millennial demographic and their wealth will likely entice a capital flight from traditional assets to digital ones, as this generation is dispositioned to take a liking to anything Internet-related.
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Crypto Market Surges Again: Bitcoin and Other Assets Having Another Green Day

Bitcoin and most of crypto is surging once again. The entire market capitalisation for all digital assets has risen from a daily low of $171.33 billion to over $176.5 billion at the time of writing.
Whilst this week has certainly been a dramatic one in terms of news events, there is nothing immediately apparent that has driven this latest bout of investor optimism. Almost every digital asset is up over the last 24-hours, with a couple of notable exceptions.
Bitcoin and Leading Cryptos Post Gains Almost Across the Board
Bitcoin and other digital assets are having another good day following a brief lull in recent upwards momentum. As recently as midnight last night, the leading digital asset by market capitalisation was hovering just above the $5,000 price point. Since then, the Bitcoin price has made a dramatic move upwards to its price at the time of writing of $5,225.
Other crypto assets have fared similarly. The second largest digital asset by market capitalisation, the native currency on the Ethereum blockchain, has posted larger percentage gains over the last 24 hours. It traded at close to $162 as April 16 began. It has since surged to almost $170.
In fact, the only cryptos in the top twenty by market cap to not post gains of at least one percent over the last day were XRP, USDT (Tether), and Bitcoin SV. Meanwhile, some performed even better than Bitcoin and Ethereum. The likes of Tezos (XTZ), and Monero (XMR) have seen the size of their markets expand by 5.68 and 4.69 percent respectively.
The continued upwards momentum lends support to those crypto proponents that have been saying Bitcoin has finally bottomed after the crypto bear market of 2018. However, many are still calling for the price to retrace back to somewhere in the $4,000 to $5,000.
BCHSV: The Elephant in the Room
On an almost universally green day, there is one cryptocurrency that stands out as having a much rougher time than the rest of the market. That is of course the side of last November’s Bitcoin Cash hard fork that is championed by Australian computer scientist Craig Wright and online gambling entrepreneur Calvin Ayre.
Tweets by PeterMcCormack
Bitcoin Satoshi’s Vision (BCHSV) has taken an absolute battering in the markets since a Binance-led mutiny of the crypto by leading exchanges. Wright has reportedly been sending letters of legal action to individuals who have claimed him to be lying about creating Bitcoin. This behaviour has angered much of the wider crypto community including some exchange executives:

Do the right thing. https://t.co/z7HGsAZnmR
— CZ Binance (@cz_binance) April 15, 2019

Banding together, several exchanges have decided to stop supporting Bitcoin SV in a move that has divided opinion in the space. The majority think that the delisting is a positive development since it may help to destroy Bitcoin SV once and for all, something that those of the opinion that Wright is lying about being Satoshi are keen to see. Meanwhile, others have highlighted how it shows the power centralised exchanges have over a crypto’s prospects for mass adoption. Finally, some find it odd that Binance and other exchanges have chosen to delist Bitcoin SV and not a load of other assets that they feel are equally suspect.
Since the exchanges have announced that they will no longer support Bitcoin SV, the price has taken an absolute nose dive. Prior to the announcement by Binance, the unpopular Bitcoin fork was trading above $70 per coin. It has since plunged to just over $55. That’s a drop of over 21% in less than two days. According to Peter McCormack, more delistings are expected to follow:

So far the following have delisted BSV:– @binance – @ShapeShift_io – @blockchain – @SatoWallet – @phantasmachain– @Bittylicious_
More are coming…
— Peter McCormack (@PeterMcCormack) April 16, 2019

 
Related Reading: Why Did Japan’s SBI Just Delist Bitcoin Cash? Potential Factors
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Bitcoin Beats a Retreat Below $5k, Has The Final Capitulation Started?

The inevitable pullback has started and crypto markets are beating a retreat at the moment. Bitcoin is leading them down as it drops back below $5,000 dumping 6 percent on the day. The question now is how low will it go?
Minor Pullback or Major Correction?
A number of analysts had predicted a major capitulation before any real trend reversal begins and this could be the start of it. Looking at the charts last bear market cycle in 2015 they’re virtually identical to patterns emerging this time around.
If the same scenario plays out Bitcoin is about to dump back to around $4,000 or lower in what has been termed a final capitulation. This will be the trigger for an influx of buyers to drive prices back up and through current resistant levels at moving averages to mark a longer term trend reversal.
Crypto trader Josh Rager has anticipated more sideways trading until the CME futures expire later this month. A long drawn out accumulation period has also been predicted with some not expecting any real upwards momentum late this year.

$BTC could see some sideways action in the next couple weeks up until Bitcoin CME Futures expiration on 04/26
Not exactly expecting fireworks yet but it's only one scenario and it is a volatile asset
This accumulation cycle can likely take a lot longer than most people think pic.twitter.com/nPYLOFV4IB
— Josh Rager (@Josh_Rager) April 11, 2019

Others are a little more confident that markets will not slide back to new lows. A couple of months ago several analysts were predicting a massive dump all the way down to $2,000 or lower but those notions appear to have dried up.
Technical analyst Alex Krüger does not expect Bitcoin to fall that far back as there is major support still at $4,600 where the 200 day moving average is.

Coinbase high was $5489. Don't expect a pullback to $4000. Too deep.
– Support: 5000, 4780-4680, 4550 (200DMA), 4400, 4200– Resistance: 5350, 5500, 5750 (weak), 6000, 6400 https://t.co/IbAe07wTEZ
— Alex Krüger (@krugermacro) April 11, 2019

Total Market Cap Bleeds $18 Billion
This sentiment has been echoed by other traders looking at the market cap as a whole;

Odds are this bounces very soon. If you're still holding, I wouldn't panic and sell here.$crypto pic.twitter.com/secIs3gwrr
— The Hodlonaut Dog (@TheCryptoDog) April 12, 2019

Crypto markets have dumped over $18 billion since their 2019 high of $185 billion on Monday. Altcoins are purging the most at the moment with several such as Litecoin, Bitcoin Cash, Bitcoin SV and Ethereum Classic dumping double digits on the day. Markets have hit their lowest levels for the week with total cap dropping to $168 billion today. One key take is that total volume is still at its highest levels since the 2017 bull run, currently almost $60 billion traded per day.
According to TradingView Bitcoin dropped to a weekly low of $4,940 a few hours ago before making a slight recovery back to just below $5,000. BTC RSI on the one day chart has now dropped below 70 so the selloff could decelerate a little. The next few hours will be crucial in determining whether this is just a minor pullback or a major correction which could be the catalyst for the final capitulation.
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