Ethereum’s Volatility Is at Multi-Year Lows; Is a Massive Movement Imminent?

Ethereum and the aggregated crypto markets have been caught in a firm downtrend since early-November, and dwindling trading volume has resulted in ETH and other cryptocurrencies facing an ongoing period of sideways trading that has been frustrating for investors and traders alike.
This lack of volatility has especially impacted Ethereum, which is currently witnessing the lowest 60-day volatility levels seen since 2016, which may signal that a massive movement is imminent.
Ethereum Enters Tight Trading Range as Volume Dives
At the time of writing, Ethereum is trading down just under 1% at its current price of $144.55, which marks a slight decline from its daily highs of just over $146.
Over the past week, ETH has been ranging within the mid-$140 region, finding strong support at roughly $140 and strong resistance at $150.
This trading range has been growing tighter in recent times, as ETH has been stuck between roughly $142 and $145 for the past few days, and it is currently showing few signs of any major trend shift being imminent in the near-term.
This bout of sideways trading has come about concurrently with a major drop in Ethereum’s 60-day aggregated volatility, which is currently sitting at multi-year lows.
CoinMetrics, a blockchain research firm, spoke about this in a recent tweet, noting that this could mean that a big price movement is imminent.
“With $ETH’s 60d volatility falling to levels not experienced since 2016 are we finally due for some price action? Or just more of the same,” they noted while pointing to the chart seen below.

With $ETH's 60d volatility falling to levels not experienced since 2016 are we finally due for some price action? Or just more of the same… pic.twitter.com/QiViLIDnO6
— CoinMetrics.io (@coinmetrics) December 13, 2019

It is highly probable that any near-term ETH movement will still remain somewhat dependent on Bitcoin, as BTC has been a strong guiding force over major altcoins in recent times.
Will Fundamental Strength Help Push ETH Higher?
Although it remains unclear as to whether or not Ethereum’s low volatility will result in a massive movement, growing fundamental strength could ultimately help propel the cryptocurrency higher.
Joseph Lubin, Ethereum’s co-founder and the founder of ConsenSys, spoke about Ethereum’s strength in a recent tweet, pointing to the massive amount of ETH currently locked DeFi initiatives as one reason why the blockchain is fundamentally strong.
“Over 20M total #Ethereum accounts were created in 2019. Over $650M USD is currently locked in #DeFi. Over 4.5M $ETH was issued this year from block rewards. The @ethereum machine just keeps chugging!” He explained.

Over 20M total #Ethereum accounts were created in 2019.
Over $650M USD is currently locked in #DeFi.
Over 4.5M $ETH was issued this year from block rewards.
The @ethereum machine just keeps chugging! https://t.co/nmu7guIcHS
— Joseph Lubin (@ethereumJoseph) December 13, 2019

While considering Ethereum’s low volatility and bullish fundamentals, it does appear that a bullish trend could be right around the corner.
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Bitcoin is Entering a Critical Junction; Here’s What Analysts are Saying

Analysts widely anticipated Bitcoin to begin incurring heightened volatility following its recent movement up to $7,500 that was instantly followed by a full retrace. Despite these expectations, BTC has remained stuck within the $7,200 region as it struggles to garner any momentum.
Analysts are now noting that the cryptocurrency may currently be at a critical junction that will determine the direction it trends in the coming weeks and months, which comes as BTC finds itself caught within a tight trading channel.
Bitcoin Caught in Ascending Channel as Analysts Look Towards Next Big Movement
At the time of writing, Bitcoin is trading up just under 1% at its current price of $7,275, which marks an extension of the bout of sideways trading that it has been experiencing over the past week.
Earlier this week, BTC incurred a swift and decisive surge that sent its price all the way up to $7,500 on major trading platforms like BitMEX, although its inability to maintain this momentum led it to fully retrace all of these gains.
The candle wick that resulted from this movement signals that mid-$7,000 region is a strong resistance level for the cryptocurrency and led many analysts to expect further short-term losses for the cryptocurrency.
In spite of this, BTC has been able to hold steady within a tight trading channel, which may continue to hold strong in the near-term.
Scott Melker, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that BTC is “channel surfing” while pointing to the chart below.

$BTC
Channel Surfing. pic.twitter.com/GuMoti07jW
— The Wolf Of All Streets (@scottmelker) December 13, 2019

Analyst: BTC Could Be Nearing a Critical Junction 
As for where this channel could lead Bitcoin’s price, one analyst is noting the where BTC closes in the coming hours could offer significant insight into where it heads next, as it is currently at a “critical juncture.”
“$BTC: Critical juncture here, plays to be made depending on the outcome of the next 1H close. Close above and I’ll look for longs, below and I think we move south. At the moment it is looking like a rejection… let’s see,” HornHairs, a popular cryptocurrency analyst on Twitter, explained.

$BTC
Critical juncture here, plays to be made depending on the outcome of the next 1H close.
Close above and I'll look for longs, below and I think we move south. At the moment it is looking like a rejection… let's see. pic.twitter.com/Qx3QKW5IvR
— HornHairs (@CryptoHornHairs) December 13, 2019

The coming weekend trading period may elucidate whether Bitcoin will be able to gain some upwards momentum and end the year on a high note, or if the ongoing downtrend will extend into the new year.
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Industry Execs Have Been Calling For $100k Bitcoin, But What’s it Actually Based Off Of?

$100,000 has long been a popular Bitcoin (BTC) price target amongst cryptocurrency investors and analysts, but there is much debate as to whether or not this is a realistic target for the cryptocurrency.
Although the calls for an imminent $100k Bitcoin keep pouring in, there is a limited number of events that could catalyze this type of movement, with the most imminent event being BTC’s upcoming mining rewards halving.
But the question remains, will the halving be enough to send the cryptocurrency’s price skyrocketing to fresh all-time highs?
Industry Leaders All Setting $100k Bitcoin Price Targets
2019 has proven to be a rocky year for Bitcoin and the aggregated cryptocurrency markets, with Bitcoin incurring some bullish momentum throughout the first half of 2019 before beginning a multi-month downtrend that has extended throughout the latter part of the year.
In spite of this bearishness, major figures within the cryptocurrency industry are all still setting relatively near-term price targets in the six-figure price region.
Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital and a prominent Bitcoin bull, recently noted that he believes BTC will be trading at $100k by December of 2021.
“Bitcoin Price At $100,000 By December 2021: Anthony Pompliano – CRYPTOS | Dec 09, 21:49 GMT,” Jason Williams, the other co-founder of Morgan Creek Digital, noted in a recent tweet.

Bitcoin Price At $100,000 By December 2021: Anthony Pompliano
CRYPTOS | Dec 09, 21:49 GMT
— Jason A. Williams (@JWilliamsFstmed) December 10, 2019

What Could Make This BTC Prediction Come to Fruition? 
Naturally, Pomp is not alone in his bullish price target for the cryptocurrency, as there are other prominent industry leaders – including John McAfee – who have set near-term BTC price targets within the seven figures.
In order for any of these lofty predictions to actually come to fruition, it will likely require some sort of major catalyst – beyond just another cycle of market frenzy – to stimulate this movement.
One potentially bullish event that could spark this type of movement is Bitcoin’s upcoming mining rewards halving, which has historically been a bullish event for the cryptocurrency.
PlanB – a popular cryptocurrency analyst on Twitter – recently shared a chart based on Bitcoin’s “stock to flow” (S2F) model that shows that Bitcoin could end 2019 above $10,000 before climbing up towards $100,000 in the first part of the new year.
“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+… opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare,” he said while pointing to the S2F model seen below.

Call me crazy, but it wouldn't surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare. pic.twitter.com/ADwqixd9EF
— PlanB (@100trillionUSD) November 25, 2019

It remains unclear, however, if this bullish theory will be invalidated if Bitcoin fails to end the year above $10,000, as the cryptocurrency’s near-term price action remains firmly bearish.
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Ethereum Completes Istanbul Hard Fork, but Buyers Aren’t Too Excited

Ethereum’s price action has been closely correlated to Bitcoin’s over the past several weeks, leading ETH’s price to dip into the lower-$150 region, which is where it has been able to find some levels of support.
Ethereum’s much-anticipated Istanbul hard fork has come about concurrently with ETH’s ongoing downtrend, and it appears that investors are not too enthused with this latest development, as sellers remain firmly in control of the cryptocurrency.
Ethereum Struggles to Gain Upwards Momentum Despite Istanbul Hard Fork 
At the time of writing, Ethereum is trading up over 1% at its current price of $151, which marks a slight climb from its recent lows of $146 that were visited on multiple occasions over the past week.
It is important to note that Ethereum did face some resistance at $152, which appears to be a strong level of resistance for the cryptocurrency. It is important to note that ETH has incurred some upwards momentum today as Bitcoin begins moving towards its near-term resistance level at $8,000.
Ethereum has been caught within a firm bout of sideways trading ever since it faced a massive drop to lows of $135 in late-November, which appears to be an incredibly strong support level for the cryptocurrency.
One event that some investors had been looking towards as a potential bullish catalyst is Ethereum’s Istanbul hard fork, which was successfully implemented today.
Teddy, a popular cryptocurrency analyst on Twitter, spoke about this much delayed hard fork in a recent tweet, saying:
“After 950 delays #Ethereum finally completed its hard fork – Istanbul,” he noted.

After 950 delays #Ethereum finally completed its hard fork – Istanbul
Make @VitalikButerin relevant again!$ETH https://t.co/oEqxZoPx5k
— TEDDY (@teddycleps) December 8, 2019

Will Strong Multi-Year Resistance Force ETH Lower?
It is important to note that Ethereum has been stuck beneath one strong descending resistance level for two years, and it has shown few signs of having enough strength to break above this level.
Teddy also spoke about this resistance in a tweet, noting that it spells trouble for the future price action of the cryptocurrency.
“#ETHEREUM | $ETH: Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy: – is hitting lower support levels and thus cover those gaps burning my eyes – look at that 2 year long resistance, NOT a scratch,” he said while pointing to the chart seen below.

#ETHEREUM | $ETH
Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy:
– is hitting lower support levels and thus cover those gaps burning my eyes
– look at that 2 year long resistance, NOT a scratch@VitalikButerin – maybe you can pump it pic.twitter.com/kbBDQaRTXI
— TEDDY (@teddycleps) December 7, 2019

Although Istanbul is unlikely to have any sway on Ethereum’s near-term price action, it is highly probable that ETH will only break above its strong resistance if Bitcoin gains some notable upwards momentum.
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Bitcoin Buyers Grow Aggressive; is a Rally Around the Corner?

After incurring a significant influx of volatility earlier this week, Bitcoin (BTC) has been able to gain some tempered upwards momentum as its buyers attempt to push it up towards its near-term resistance that exists at $7,800.
This momentum comes about as buyers grow aggressive at BTC’s near-term support levels, which one analyst believes is a bullish sign that signals it may see further upside in the near-term.
Bitcoin Moves Towards $7,800 Resistance as Analysts Eye Further Gains 
At the time of writing, Bitcoin is trading up marginally at its current price of $7,630, which marks a notable climb from its recent lows of just over $7,200 that were set early this past week just prior to its rapid surge up to $7,800 – where it met significant resistance that led it to plummet lower.
This movement confirmed $7,800 as a strong level of resistance for the cryptocurrency, but its recent climb up towards this level likely signals that it will soon test this resistance.
Assuming that Bitcoin does break above the resistance it faces at this price region, it will likely also face some further selling pressure at $8,000, with a break above this level opening the gates for significantly further upside.
Cantering Clark, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that it is imperative for BTC to hold above its near-term support level at roughly $7,400 in order for it to see further near-term gains.
“Holding here is going to be pretty important. Otherwise it has the potential to just be a LH and bulls can get back to the pre-amnesia state of realizing and accepting HTF market structure breaks are often retested,” he noted while pointing to the chart seen below.

Holding here is going to be pretty important.
Otherwise it has the potential to just be a LH and bulls can get back to the pre-amnesia state of realizing and accepting HTF market structure breaks are often retested.$BTC pic.twitter.com/DqQrYR3UzF
— Cantering Clark (@CanteringClark) December 8, 2019

Will Aggressive Buyers Push BTC Higher? 
One interesting trend that investors should be aware of is the fact that buyers at BTC’s near-term support levels are growing incredibly strong.
Cantering Clark also spoke about this, noting that the rapid increase in buy orders at Bitcoin’s near-term support levels signals that buyers feel a sense of urgency to defend these levels.
“What is interesting is the amount of initiative aggressive buyers we have that step in lately right at support, not just passive. Plenty of imbalances right at support. Almost like buyers feel a real sense of urgency,” he explained.

What is interesting is the amount of initiative aggressive buyers we have that step in lately right at support, not just passive.
Plenty of imbalances right at support. Almost like buyers feel a real sense of urgency.$BTC pic.twitter.com/bq7o4KF9La
— Cantering Clark (@CanteringClark) December 8, 2019

It will likely soon grow clear as to whether or not this bourgeoning buying pressure will be enough to send BTC surging past the resistance that lies directly above it.
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Ethereum Trapped Beneath Multi-Year Resistance as Analysts Target Further Losses

Ethereum and most major altcoins have been closely tracking Bitcoin’s price action as of late, and the aggregated market has been unable to find any decisive momentum over the past few weeks. This lack of momentum has caused ETH to hover around the $150 region as bulls and bears remain deadlocked.
Analysts are now noting that Ethereum may soon see significantly further losses as it fails to break above a descending resistance line that has held strong for two years.
Ethereum Stable Around $150
At the time of writing, Ethereum is trading up marginally at its current price of $149, which marks a slight climb from its daily lows of $147.
Over the past week, Ethereum has found itself caught within an incredibly tight trading range between $144 and $152, and it appears that this trading range been tightening, as ETH has been trading between $148 and $150 over the past couple of days.
This bout of sideways trading came about after ETH incurred tremendous volatility in the latter part of November, when the cryptocurrency plummeted from $190 to lows of $135, which occurred concurrently with Bitcoin’s capitulatory drop to lows of $6,500.
This lackluster price action as of late has made it unclear as to whether or not the market’s recent lows will mark a long-term bottom, or if they will face further losses before finding any significant support that can help establish a long-term bottom.
Analyst: ETH Likely to See Significantly Further Losses in Near-Term
Teddy, a popular cryptocurrency analyst on Twitter, elucidated why he is currently bearish on Ethereum’s price action in a recent tweet, noting that its inability to break above a multi-year descending resistance line is one factor that signals that further losses are imminent for the cryptocurrency.
“#ETHEREUM | $ETH: Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy: – is hitting lower support levels and thus cover those gaps burning my eyes – look at that 2 year long resistance, NOT a scratch. @VitalikButerin – maybe you can pump it,” he explained while pointing to the chart seen below.

#ETHEREUM | $ETH
Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy:
– is hitting lower support levels and thus cover those gaps burning my eyes
– look at that 2 year long resistance, NOT a scratch@VitalikButerin – maybe you can pump it pic.twitter.com/kbBDQaRTXI
— TEDDY (@teddycleps) December 7, 2019

While looking at this chart, it appears that Teddy is targeting 0.011 BTC for Ethereum’s next price target, which would mark a notable decline from its current BTC price of 0.0197 BTC.
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Prominent Analyst: Bitcoin Likely on Cusp of Making a Major Price Movement

Following the immense volatility that Bitcoin (BTC) experienced earlier this week, the cryptocurrency has once again found itself caught within a period of consolidation as it trades sideways within the upper-$7,300 region.
This sideways trading, however, may soon draw to a close, as one highly respected analyst is now noting that Bitcoin is bound to break above or below its current range boundaries in the near-term, which could spark a massive movement that determines BTC’s next trend.
Bitcoin Stable Around $7,400 Following Recent Volatility 
At the time of writing, Bitcoin is trading down marginally at its current price of $7,400, which marks a slight decline from its daily highs of just below $7,500 and a very minor increase from its daily lows of $7,350.
This tight trading range that has been formed over the past day marks a massive narrowing of the range that has been established between $7,200 and $7,500 over the past week, as Bitcoin has been unable to break above or below either of these levels, which both appear to mark its immediate levels of support and resistance.
This period of sideways trading may be fleeting, however, as Scott Melker – a prominent analyst – noted in a recent tweet that Bitcoin is nearing the end of a large pennant that it has been caught within in recent times, and how it responds to the apex of this pennant could set the tone for where it goes next.
“$BTC 4 Hour: Consolidating against resistance of both the local descending channel and from the top of the ‘China pump.’ The blue line represents local support. Something has to give soon on one side or the other,” he said while pointing to the chart seen below.

$BTC 4 Hour
Consolidating against resistance of both the local descending channel and from the top of the "China pump." The blue line represents local support. Something has to give soon on one side or the other. pic.twitter.com/99p3sa1Rxl
— The Wolf Of All Streets (@scottmelker) December 6, 2019

Will the Next Big Movement Favor Bulls or Bears? 
The Cryptomist, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes the next major movement will favor Bitcoin’s bulls, but also that BTC may dip to its next level of major support at $6,900 before the bull-favoring rally commences.
“$BTC: 6hr falling wedge. Suspecting/ hoping for one more touch to support which I can long. Breakout would lead to the 3day falling wedge resistance. In other words, one more possible drop towards $6.9k before the bulls take the wheel,” she explained while referencing the below chart.

$Btc
6hr falling wedgeSuspecting/ hoping for one more touch to support which I can long Breakout would lead to the 3day falling wedge resistance
In other words, one more possible drop towards $6.9k before the bulls take the wheel https://t.co/pes1g7c5Ez pic.twitter.com/gfIqelrLoA
— The Cryptomist (@TheCryptomist) December 6, 2019

The coming few days and weeks may give analysts and investors alike significant insight into where Bitcoin and the aggregated crypto markets will head as 2020 fast approaches.
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Bitcoin: Extreme Fear Amongst Investors May Signal That a Trend Shift is Imminent

Bitcoin (BTC) has been firmly caught within the throes of immense volatility over the past several days and weeks, with its recent bout of sideways trading ultimately resulting in a massive movement that caused a maximum pain scenario for traders.
This volatility has come concurrently with “extreme fear” amongst investors, which may be a counter-trading signal that means a bullish shift in trend is imminent, and this may be perpetuated by a rise in volatility that is expected by analysts.
Bitcoin Dropped to $7,000 Before Bulls Propelled it to $7,800 
At the time of writing, Bitcoin is trading up just under 3% at its current price of $7,520, which marks a notable climb from its daily lows of just over $7,000 that were set in the midst of a major sell-off experienced by the cryptocurrency yesterday.
This sell-off – which had led many analysts and investors to believe further downside was imminent – ultimately resulted in a strong bounce that led the cryptocurrency to post an incredibly strong movement up to highs of $7,800.
From this point, Bitcoin has retraced slightly to its current price levels, and its inability to sustain the bounce has called into question the long-term significance of this rally.
Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes that the crypto markets, and Bitcoin in particular, will soon see a large increase volatility.
“$BTC: Stopped on 7800 swing shorts at 7300. Reshorted 7680. Think I’m done with swing trading for a while, seems like volatility is going to start ramping up again,” he explained.

$BTC
Stopped on 7800 swing shorts at 7300.
Reshorted 7680.
Think I'm done with swing trading for a while, seems like volatility is going to start ramping up again. pic.twitter.com/iyxDxLZPSi
— Hsaka (@HsakaTrades) December 4, 2019

Investors Expressing Extreme Fear, Which Could be a Bullish Sign
One factor that should be noted alongside the imminent volatility that is expected by analysts is that investors are currently expressing extreme fear, which has historically been a factor that is counter-traded by investors.
Mr. Anderson, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that this low market sentiment could actually be a bullish sign for Bitcoin.
“$BTC Fear & Greed: The Directional bias is/has been down & this area has clear risk. However, Extreme Fear combined w/ Funding showing a week worth of Shorts willing to pay a premium to short is a setup conducive for disciplined CounterTrend trades. Inexperienced should stay out,” he noted.

$BTC Fear & Greed
The Directional bias is/has been down & this area has clear risk
However, Extreme Fear combined w/ Funding showing a week worth of Shorts willing to pay a premium to short is a setup conducive for disciplined CounterTrend trades
Inexperienced should stay out pic.twitter.com/625b9t6tnI
— Mr. Anderson (@TrueCrypto28) December 4, 2019

If bulls are able to sustain the upwards momentum that was sparked earlier today when BTC surged to $7,800, then the crypto may be poised for further near-term gains.
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Bitcoin Reaches Pivoting Point as Bulls Defend Key Support Level; Is a Rally Inbound?

After attempting to propel Bitcoin (BTC) higher yesterday, the cryptocurrency’s bulls lost some of their strength, allowing bears to push the crypto back down to $7,200 – which appears to be a key support level for the cryptocurrency that buyers have continued defending.
One analyst is now noting that buyer’s ability to defend this level in spite of seller’s current strength could mean that further bullishness is imminent, but analysts remain conflicted on whether or not this rally will be sustainable.
Bitcoin Loses Upwards Momentum, But Bulls Ardently Defend $7,200 
At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,290, which marks a slight decline from its daily highs of $7,500 that were set yesterday when bulls attempted to rally the cryptocurrency’s price.
Earlier this morning, this momentum was lost and the crypto plummeted to its near-term support at $7,200, and its slightly bullish reaction to this level further confirms its status as a key support level.
It is highly likely that BTC will find some support around $7,000 if bears are able to push it below its near-term support level, with a drop below this level potentially leading it back into the mid-$6,000 region.
Josh Rager, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes it is only a matter of time before Bitcoin plummets back into the $6,000 region.
“$BTC – as long as $7150 holds, this will be a key area because it’s the point of controls, the area with the most volume traded in this range. But let’s not kids ourselves, $6ks are coming again sooner or later. Prep your emotions, we’ll get through this like always,” he noted.

$BTC – as long as $7150 holds, this will be a key area because it's the point of controls, the area with the most volume traded in this range
But let's not kids ourselves, $6ks are coming again sooner or later
Prep your emotions, we'll get through this like always pic.twitter.com/hfNeD3YZ8O
— Josh Rager (@Josh_Rager) December 2, 2019

Analyst: BTC at Pivoting Point that Could Spark Bullish Momentum
Although Rager believes that Bitcoin will see significantly further losses before it finds enough support to propel it higher, Mitoshi Kaku, another popular cryptocurrency analyst on Twitter, noted that BTC’s ability to hold above $7,200 – in combination with other factors – could signal that further gains are inbound.
“I shared this chart yesterday on the group. But today coming back from a few days off I was hesitant and cautious to open the long, but 7195 (WP Level) held really good, I longed 7200. Today is a pivot day on the 1D. Let’s see if $BTC has legs,” he said while pointing to the chart seen below.

I shared this chart yesterday on the group. But today coming back from a few days off I was hesitant and cautious to open the long, but 7195 (WP Level) held really good, I longed 7200. Today is a pivot day on the 1D. Let’s see if $BTC has legs! pic.twitter.com/OV6bYSPxvr
— Mitoshi Kaku (@CryptoSays) December 2, 2019

The coming days will likely set the tone for how Bitcoin and the aggregated crypto markets trend throughout the final weeks of 2019 and into the beginning part of 2020.
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Ethereum Breaches Key Weekly Support Level as Risk of Further Losses Grows

It has been a wild week for Bitcoin and the aggregated crypto market, and major altcoins like Ethereum (ETH) have been unable to avoid the massive volatility that has been brought about by Bitcoin’s relatively large price swings that it has faced over the past month.
This volatility has been overwhelmingly bearish for Ethereum and has led the embattled cryptocurrency to break below a key weekly support level, signaling that ETH could be at risk for incurring significantly further losses against both USD and BTC.
Ethereum Closes Below Key Technical Support Level 
At the time of writing, Ethereum is trading down 1% at its current price of $148, which marks a notable drop from its recent highs of over $156 that were set late last week.
It is important to keep in mind that ETH is currently trading up significantly from its recent lows of $130 that were set on November 24th concurrently with Bitcoin’s capitulatory drop to $6,500.
Ethereum was able to post a rapid bounce from this price level, however, signaling that it was sold off and that this may mark a significant long-term support level.
Earlier this past week, on November 27th, ETH once again incurred a sharp influx of selling pressure that led its price to drop as low as $144, but buyers ardently defended this level and allowed it to surge slightly higher.
In spite of the bounce from this level, Ethereum did close below its lower Bollinger Band on its weekly chart, which may point to underlying weakness.
“$ETH #Ethereum – Weekly chart – First breach of lower BB since December 2016,” Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.
Where Will ETH Find Long-Term Support?
Although Ethereum’s previous close below its weekly Bollinger Band in 2016 was closely followed by a major rally, the conditions surrounding the aggregated crypto markets are overwhelmingly bearish at the moment, and it is unlikely ETH will break its close correlation to BTC and surge independently.
Nik Patel, another popular cryptocurrency analyst, explained in a recent blog post that he believes ETH has some support at $125, with its major support level existing at $100.
“There does not appear to be much support left below $125, so it is vital that price is able to remain above here. Given how Bitcoin looks at the moment, however, it appears that ETH/USD is poised for more downside. The following support would be at $100, which is a long way away,” he noted.
How ETH responds to its break below its weekly Bollinger Band in the near-term will likely offer significant insight into where it will trend as 2019 comes to a close.
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Will Ethereum’s Fundamentals Propel it Higher? Analysts are Conflicted

Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, with BTC leading ETH to put some significant distance between its current price levels and recent lows, but the aggregated crypto markets now appear to be at risk of incurring further near-term downside.
Analysts are now debating whether or not Ethereum’s robust fundamentals will be enough to help propel the cryptocurrency higher, or if it will post further losses as Bitcoin’s recently incurred momentum begins stalling.
Ethereum Drops 2% as Analysts Target Further Losses
At the time of writing, Ethereum is trading down 2% at its current price of $152, which marks a notable decline from its daily highs of $157 that were set yesterday when bulls attempted to spark another rally.
In the near-term, ETH has been able to find some support in the lower-$150 region, as it has bounced multiple times this morning after visiting these levels.
It is important to note that Ethereum is currently trading significantly off of its recent lows of $130 that were set during the recent sell-off concurrently with Bitcoin’s downwards movement towards $6,500.
Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Ethereum will drop slightly lower to $150 in the near-term, which could come about as a result of further BTC downside.
“Send $ETH to 150 posthaste,” he concisely noted in a tweet while referencing the chart seen below.

Send $ETH to 150 posthaste. pic.twitter.com/oNT5BbKylj
— Hsaka (@HsakaTrades) November 30, 2019

Will Fundamental Strength Help Propel ETH Higher?
One factor that analysts and ETH bulls alike have been closely watching is the DeFi trend’s impact on Ethereum, with a significant amount of the cryptocurrency being locked up as more individuals utilize DeFi initiatives.
Spencer Noon, a popular figure within the crypto industry, spoke about this in a recent tweet, noting that Ethereum’s year-over-year price gains do not match the amount of ETH that has been locked up in DeFi over the past year.
“Thanksgiving Price of $ETH: 2018: $121. 2019: $154 (+27%). The market can stay irrational longer than you can remain solvent, but I’m personally betting that price won’t lag fundamentals this good for much longer,” he explained in reference to a previous tweet that shows the meteoric growth of DeFi.

Thanksgiving Price of $ETH
2018: $121 2019: $154 (+27%)
The market can stay irrational longer than you can remain solvent, but I’m personally betting that price won’t lag fundamentals this good for much longer.
— Spencer Noon (@spencernoon) November 28, 2019

The coming months will likely offer the markets significant insight into whether or not Ethereum’s strong fundamentals will help propel it higher in the mid-term.
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Bitcoin at Risk of Reversing Upwards Momentum as Bears Fight Back

After making a strong attempt to break above $8,000 yesterday, Bitcoin (BTC) lost the momentum that it had been gaining over the past couple of days and has begun to descend back down towards the lower-$7,000 region.
The cryptocurrency’s inability to break above $8,000 has led analysts to conclude that BTC could be at risk of reversing its recent uptrend, meaning that significantly further losses could be imminent.
Bitcoin Loses Momentum as Bears Defend $8,000 Resistance
At the time of writing, Bitcoin is trading down just over 2% at its current price of $7,600, which marks a slight retrace from its daily highs of just under $8,000 that were set at the peak of the recent rally that was first sparked when BTC bounced from $6,500.
If Bitcoin fails to garner any upwards momentum in the near-term, it is highly probable that it will see further downside in the coming hours and days, as it may signal that $8,000 is an insurmountable resistance level that will suppress any potential bullishness.
CryptoBirb, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, telling his followers that BTC must break and hold above $7,960 in order for it to have a chance at moving up towards $7,960.
“$BTC must reclaim 7960 to swing 9.1k (note bullish divergence). Early signal is 3D close above MA100. Anything below is MTF~5.4k-oriented,” he noted while referencing the chart in the below tweet.

$btc must reclaim 7960 to swing 9.1k (note bullish divergence)early signal is 3D close above MA100anything below is MTF~5.4k-orientedyou are welcome pic.twitter.com/2nATQ8emDe
— Crypto₿irb (@crypto_birb) November 30, 2019

Will Further Downside Reverse the Recent Uptrend? 
Assuming that Bitcoin faces further near-term downside, the recent uptrend experienced by the crypto in the time since it surged from lows of $6,500 may be in peril of being reversed.
Josh Rager, another popular cryptocurrency analyst on Twitter, mused this possibility in a tweet, telling his followers that BTC’s recent highs could mark a local top.
“$BTC could be reversing here after a short term uptrend. Remember, the overall trend has been down, though price can’t move straight down and this relief was needed short term. Price could have certainly hit local top here as we move closer to the weekly close,” he bearishly noted.

$BTC could be reversing here after a short term uptrend
Remember, the overall trend has been down, though price can't move straight down and this relief was needed short term
Price could have certainly hit local top here as we move closer to the weekly close pic.twitter.com/2RrAMLWulD
— Josh Rager (@Josh_Rager) November 30, 2019

Although it does remain unclear as to whether or not this bearish possibility will play out in the coming hours and days, an inability for Bitcoin’s bulls to propel it back up towards $8,000 could mean that further downside is inbound.
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XRP May Target Short-Term Gains Against Bitcoin; Here’s Why

Bitcoin has been incurring some decent upwards momentum in the time since it visited $6,500, which has allowed major altcoins like XRP to similarly put some distance between their current prices and their recent lows.
Importantly, analysts are noting that XRP may see some short-term gains against its Bitcoin trading pair, which could come about as a result of the aggregated crypto market incurring momentum against BTC.
XRP Posts Strong Bounce from Recent Lows of $0.20
At the time of writing, XRP is trading up 1% at its current price of $0.23, which marks a slight climb from its daily lows of roughly $0.22.
XRP has put a significant amount of distance between its recent lows of $0.20 that were set concurrently with Bitcoin’s drop to $6,500, and the drop to this level nearly instantly sparked the bout of extreme buying pressure that has helped lead it higher over the past several days.
Bitcoin’s price action has been heavily influencing XRP, and it does appear that the near-term BTC resistance level that will likely determine whether it – and ergo other major altcoins – see further upwards momentum exists at $8,000.
Bitcoin Jack, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes XRP may soon surge against its BTC trading pair, but also noted that the poor support at its current price levels may mean that further losses are imminent before this surge commences.
“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he said while referencing a chart showing the levels he is targeting.

Let's give $XRP another go
Support here looks like shit, if it breaks this is where I want to get long
Looks like a decent opportunity to trade it back towards range high pic.twitter.com/C6H8dT1uPg
— //Bitcoin 𝕵ack (@BTC_JackSparrow) November 29, 2019

Major Altcoins May Surge as Much as 100% Against BTC in Near-Term
If Bitcoin does break above its near-term resistance level, the aggregated crypto markets may post a major bounce, with Bitcoin Jack also telling his followers this past week that further momentum could mean that altcoins will surge as much as 100% against Bitcoin.
“If we print a signal of strength, you better be paying attention because things could start moving like before. Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadruple this quickly,” he noted while pointing to the chart seen in the below tweet.

If we print a signal of strength, you better be paying attention because things could start moving like before
Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadrupple this quickly pic.twitter.com/xpBdEAiULC
— //Bitcoin 𝕵ack (@BTC_JackSparrow) November 26, 2019

The coming few hours and days will likely shine a light on where Bitcoin and major altcoins like XRP are heading next, as any further upwards momentum could mean that the market’s recent lows are a long-term bottom and that significantly further gains are imminent.
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Bitcoin is a Clear Long After Forming Textbook Bottom, Claims Analyst

It is looking increasingly likely that Bitcoin’s recent dip to lows of $6,500 will mark a long-term bottom for the cryptocurrency, as its bulls have been able to propel its price higher and sustain their momentum, with BTC now targeting a movement to $8,000.
Analysts are now noting that Bitcoin is clearly shifting its recent downtrend in favor of its bulls, which may mean that significantly further upside is imminent for the cryptocurrency.
Bitcoin Surges Towards $8,000 as Bulls Build Momentum 
At the time of writing, Bitcoin is trading up over 2% at its current price of $7,800, which marks a notable climb from its daily lows of $7,300 that were set yesterday when bears attempted to thwart the momentum that bulls have been building over the past several days.
Bitcoin’s surge that first started when it tapped $6,500 last week has been surprisingly strong and marks the first time that bulls have sustained an upwards movement over an extended period of time in the month since BTC retraced from its late-October highs of $10,600.
In the near-term, analysts anticipate the cryptocurrency to see further gains, with HornHairs – a popular cryptocurrency analyst on Twitter – telling his followers that he believes Bitcoin will tap $8,000 next.
“$BTC gameplan remains the same. I won’t be shorting these levels blindly, rather waiting for support to fail on a retest. On the other hand, expectation for longs to be the higher probability play remains intact. Next target = $8k,” he noted while pointing to the chart seen below.

$BTC gameplan remains the same
I won't be shorting these levels blindly, rather waiting for support to fail on a retest. On the other hand, expectation for longs to be the higher probability play remains in tact.
Next target = $8k pic.twitter.com/9Gu5EOgc3Q
— HornHairs (@CryptoHornHairs) November 29, 2019

BTC a Clear Long as it Shows Signs of Bottoming 
Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, explained in a recent tweet that he believes Bitcoin is currently expressing signs of showing a clear long-term bottom.
“My current $BTC roadmap. Should be obvious why I believed $8000 “will trade again soon”, it’s where downtrend accelerated. The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive. Nothing to chase if not long IMHO,” he explained while pointing to a couple charts seen in the below tweet.

My current $BTC roadmap. Should be obvious why I believed $8000 "will trade again soon", it's where downtrend accelerated.
The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive.
Nothing to chase if not long IMHO. pic.twitter.com/uPzJpKqd6f
— Alex Krüger (@krugermacro) November 29, 2019

If Bitcoin is able to reclaim $8,000 as a level of support in the near-term, it is highly probable that the cryptocurrency will be able to further extend its upwards momentum and post significantly further gains in the near-term.
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Ethereum May Target Short-Term Gains Despite Bearish UPbit Hack

Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, which has led ETH to incur overwhelmingly bearish price action. However, BTC’s bullish response to an overnight dip has similarly allowed ETH to begin forming some potentially bullish technical formations.
This tempered bullishness comes about concurrently with recent news regarding cryptocurrency exchange UPbit being hacked for 342,000 ETH, which appears to have not fazed the crypto’s buyers.
Ethereum Finds Strong Support in Lower-$140 Region, But Resistance Remains Strong
At the time of writing, Ethereum is trading up 1.5% at its current price of $148.60, which marks a notable climb from its daily lows of just over $140 that were set during a sharp overnight sell-off.
ETH’s price was able to post a strong and swift recovery from these levels overnight, however, with bulls leading it as high as $150 before it settled to its current price levels.
This price action has been incredibly correlated to Bitcoin’s, as BTC similarly incurred a sharp and fleeting overnight sell-off that ultimately allowed it to climb higher until it met resistance at $7,400.
In the near-term, $150 does appear to be a resistance level for Ethereum, as it has been rejected at this price level on multiple occasions over the past several days.
One bearish fundamental development that could have some sway on the cryptocurrency’s near-term price action is the recent UPbit exchange hack, in which the hackers stole a total of 342,000 ETH.
Although the exchange is going to cover any investor losses, the hackers selling this ETH could provide a steady stream of downwards pressure on the embattled cryptocurrency.
Joseph Young, a popular figure within the cryptocurrency industry, spoke about this hack in a recent tweet, saying:
“UPbit made an official statement. All transactions apart from Ethereum were transfer of funds to UPbit’s cold wallet. 342,000 ETH was sent to an unknown wallet. UPbit says it will cover for it with corporate funds. ($51.3 million). It says only ETH is an irregular transaction.”

UPbit made an official statement.
All transactions apart from Ethereum were transfer of funds to UPbit's cold wallet.
342,000 ETH was sent to an unknown wallet. UPbit says it will cover for it with corporate funds. ($51.3 million)
It says only ETH is an irregular transaction.
— Joseph Young (@iamjosephyoung) November 27, 2019

Will ETH Soon Incur Short-Term Gains in Spite of UPbit Hack?
Josh Olszewicz, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes ETH could surge up to $165-175 in the near-term, as it forms a bullish inverse head and shoulders pattern similar to that currently being formed by BTC.
“4h $ETH: similar iHS forming w/desc vol prof. entry > 152. SL = below R shoulder. TP = 165-175. 150-160 = long term resistance turned support and now possibly turned resistance. HF likely coming in a few days,” he noted while referencing the chart seen below.

4h $ETH
similar iHS forming w/desc vol prof
entry > 152SL = below R shoulderTP = 165-175
150-160 = long term resistance turned support and now possibly turned resistance
HF likely coming in a few days pic.twitter.com/IOaSdxITfP
— Josh Olszewicz (@CarpeNoctom) November 26, 2019

How Bitcoin trades in the near-term will likely have significant influence on whether or not Ethereum is able to see any further bullishness in the near-term.
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