Ethereum May Drop Towards $140 Before Falling Wedge Sparks Next Run

Ethereum has plummeted lower today concurrently with Bitcoin’s drop below $8,000, which points to an underlying bearishness for the aggregated crypto market and may mean that significantly further losses are in store for ETH before it is able to find support and climb higher.
One analyst is now noting that Ethereum is caught in a technical formation that may lead it as low as $140 in the near-term, but is also noting this price level may spark the next bull run that sends it surging higher.
Ethereum Plummets Towards $170 as Bears Take Control of Crypto Markets 
At the time of writing, Ethereum is trading down nearly 3% at its current price of $172.5, which marks a notable drop from its daily highs of nearly $180 that were set yesterday.
It is important to note that ETH did find some support around $170 overnight, but the lack of follow through on its subsequent bounce may signal that bulls do not have any notable strength at the moment.
Importantly, Ethereum does currently have strong fundamentals in spite of its current bearishness, as Spencer Noon – a popular figure within the crypto industry – recently noted that a significant amount of ETH is currently locked up in DeFi, meaning that the DeFi trend is leading to a lower circulating Ethereum supply.
“$ETH: price vs. fundamentals,” he concisely noted while pointing to the below charts.

$ETH: price vs. fundamentals pic.twitter.com/ExfbVZ9zGl
— Spencer Noon (@spencernoon) October 17, 2019

Assuming the DeFi trend continues to garner widespread support and utilization, it is probable that even more ETH will be temporarily removed from circulation, thus reducing the circulating supply and creating supply side pressure.
ETH May Dip Lower Before Next Uptrend Begins
The Crypto Dog, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum appears to be caught in a large falling wedge, which may mean that it will drop as low as $140 in the near-term before it breaks above the upper boundary of this wedge and surges higher.
“That mini-falling wedge played out on $ETH, looks like a larger one may be forming now. Unclear yet if we get another “big drop” across the board, but if we do, I’m eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I’ll long to new highs,” he explained.

That mini-falling wedge played out on $ETH, looks like a larger one may be forming now.
Unclear yet if we get another "big drop" across the board, but if we do, I'm eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I'll long to new highs. pic.twitter.com/dybaIHAbee
— The Crypto Dog (@TheCryptoDog) October 17, 2019

The coming few hours and days will likely elucidate whether or not the aforementioned technical formation will play out, or if it will be able to surge higher based on strengthening fundamentals.
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Analysts Target $6,200 as Bitcoin Faces Bearish Technicals

After a short period of upwards momentum earlier this week that appeared to be bull’s attempt to bolster Bitcoin’s price action, bears have once again gained the upper hand and have now pushed BTC’s price decisively below $8,000.
One prominent technical analyst is now noting that he believes this latest movement downwards points to the possibility that a movement towards the lower-$6,000 region is imminent, which may be further validated by multiple bearish technical formations that crypto is currently expressing.
Bitcoin Plummets Below $8,000 as Bears Roar
At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,960, which marks a notable retrace from its daily highs of nearly $8,200 that were set yesterday.
Although BTC had long found noteworthy support around the lower-$8,000 region, its inability to garner any upwards momentum during its time in this region was a bearish sign that elucidated that bulls were incurring were losing their strength.
In the near-term, it is important to note that Bitcoin is highly likely to incur further bearishness as it faces weak technical strength.
Josh Olszewicz, a popular crypto analyst on Twitter, explained in a tweet that the latest drop was sparked when it was denied at its 200-day EMA, and that a daily death cross is close to forming.
“4h $BTC – still in 3+ week range – straight down since denial at 200DEMA – daily death cross soon – daily bbands tight & rdy to expand down – unconfirmed bull div here,” he said.

4h $BTC
– still in 3+ week range– straight down since denial at 200DEMA– daily death cross soon– daily bbands tight & rdy to expand down– unconfirmed bull div here pic.twitter.com/liNAIVflv0
— Josh Olszewicz (@CarpeNoctom) October 18, 2019

Analyst: BTC May Target $6,200 Next
The bearishness that Bitcoin has incurred during its recent bout of sideways trading and subsequent drop below $8,000 may extend significantly further, as Olszewicz is further noting that an accurate fractal pattern may signal that a movement to $6,200 is imminent.
“12h $BTC: alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick). TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag,” he said while pointing to the chart seen in the below tweet.

12h $BTC
alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick)
TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag pic.twitter.com/VmoCadPtBN
— Josh Olszewicz (@CarpeNoctom) October 18, 2019

Assuming that Bitcoin does drop lower in the near term and forms the death cross that is currently looming over the horizon, then it may drop significantly further before it finds enough momentum to spark the next multi-month uptrend.
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XRP Surges 5% as Annual Swell Pump Quickly Nears

After incurring an influx of selling pressure yesterday, Bitcoin has been able to climb slightly today, which has allowed XRP to surge nearly 5%, leading it to quickly approach the $0.30 region that was previously a strong level of support for the cryptocurrency.
Analysts are now noting that XRP may soon surge significantly, which could be fueled by hype surrounding Ripple’s annual Swell conference, which is set to occur in roughly two weeks.
XRP Surges Towards $0.30 as Bulls Build Strength 
At the time of writing, XRP is trading up nearly 5% at its current price of $0.297, which marks a notable climb from its recent lows of $0.24 that were set at the bottom of the recent short-term bear market that has gripped the markets ever since Bitcoin plummeted below $10,000.
Prior to its drop below $0.30, XRP had previously established this level as a strong support region, so if it is able to reclaim this level then it may be able to post significantly further gains.
MoonOverlord, a popular cryptocurrency analyst on Twitter, spoke about XRP in a recent tweet, explaining that he believes XRP may have further room to climb in the near-term.
“I think $XRP might have more juice left in the tank on this run,” he concisely noted.

I think $XRP might have more juice left in the tank on this run
cc $ZRX chart for template
— moon (@MoonOverlord) October 17, 2019

It does appear that XRP’s upwards momentum is independent of Bitcoin’s price action, which could mean that it will continue to climb higher as BTC consolidates, barring any type of major downwards movement that generates a market-wide sell-off.
Ripple’s Swell Conference May Lead to Pump, Claims Analyst 
Ripple’s annual swell conference has historically been preceded by XRP bull runs, which may stem from a combination of the hype surrounding this conference and the potential announcements the company may make regarding their XRP-related products.
Galaxy, a popular cryptocurrency analyst on Twitter, spoke about this event and the historical XRP rallies that typically precede it, explaining that in years past it has climbed as much as 220% in the weeks before the event.
“The trade of the year is coming once again on $XRP. Long 2 weeks before Swell, and short when the event is over. Price increase before event (USD) +115% (2017) +220% (2018). Price decrease after event (USD) -43% (2017) -51% (2018). Time to see what this year brings,” he said.

The trade of the year is coming once again on $XRP.
Long 2 weeks before Swell, and short when the event is over.
Price increase before event (USD)+115% (2017)+220% (2018)
Price decrease after event (USD)-43% (2017)-51% (2018)
Time to see what this year brings. pic.twitter.com/bW9qKUGv8Y
— Galaxy (@galaxyBTC) October 13, 2019

The next few days will likely validate or invalidate whether or not the “Swell pump” is still relevant in the current market conditions, but it is probable that any rally in the near-term may be associated with the historical precedent of this event.
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Bitcoin May Have Room to Run Before Downtrend Continues

After plummeting below $8,000 overnight, Bitcoin’s bulls were able to propel the crypto slightly higher, showing signs that bulls are not ready to let the cryptocurrency drop lower in the near-term, which could mean that bulls will garner greater strength in the near-term that could help propel BTC higher.
Analysts are noting that Bitcoin likely has further room to run in the near-term, but it is important to note that a strong resistance level that exists just slightly above Bitcoin’s current price could halt this rally and force BTC to extend its recent downtrend.
Bitcoin Climbs from Daily Lows as Bulls Attempt to Spark Rally
At the time of writing, Bitcoin is trading up just under 1% at its current price of $8,090, which marks a climb from its recent lows of $7,900 that were set yesterday when the crypto lost the support it had previously built at $8,000.
Today’s bounce pales in comparison to even that seen earlier this week when Bitcoin ran to highs of just below $9,000 before it found significant resistance that sent it reeling lower, and the lower highs that BTC has been setting in the time since this fleeting rally may point to an underlying weakness amongst the cryptocurrency’s bulls.
Bitcoin has established the upper-$8,000 region as support over the past couple of weeks, which was previously a resistance level that was formed when BTC was trapped beneath this level overnight.
Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:
“$BTC – previous resistance now acting as support…#bitcoin,” he said while pointing to the below chart.

$BTC – previous resistance now acting as support…#bitcoin pic.twitter.com/ddeoVoLdyQ
— Big ChonisFlux Trading Group (@BigChonis) October 17, 2019

Analyst: BTC May Have Further Room to Run Before Downtrend Continues
In the near-term, analysts are noting that Bitcoin may further extend its upwards momentum before it hits its current resistance level that will likely halt its rally and lead it to incur further downside.
Big Chonis also spoke about this resistance level in a recent tweet, noting in his chart that the resistance level currently sits around $8,200, which could be where BTC surges to before it revisits its range lows in the upper-$7,000 region.
“$BTC – a little running room to test this consistent line of resistance on the #bitcoin 6hr chart,” he noted.

$BTC – a little running room to test this consistent line of resistance on the #bitcoin 6hr chart… pic.twitter.com/zyAIdTDwkR
— Big ChonisFlux Trading Group (@BigChonis) October 17, 2019

The coming few hours may confirm the above technical analysis, which may mean that Bitcoin will run further before it continues its recently incurred downtrend and sets new multi-month lows.
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Ethereum Caught in Descending Triangle as Analysts Eye Further Losses

Ethereum (ETH) has been facing a significant influx of selling pressure over the past 24-hours, which has partially been driven by the selloff that Bitcoin experienced earlier today that sent the embattled cryptocurrency reeling below $8,000.
Analysts are now noting that ETH is caught in a wide descending triangle that could send the cryptocurrency plummeting significantly lower in the near-term, and analysts are now targeting $170 as its next target.
Ethereum Plummets Towards $170 Amidst Crypto Market Sell-Off
At the time of writing, Ethereum is trading down nearly 5% at its current price of $175, which marks a significant drop from its recent highs of over $190 that were set last week when ETH quickly surged towards $200 before incurring a massive influx of selling pressure that sparked its current downtrend.
It is imperative to note that Ethereum’s bearishness as of late has simply been the result of Bitcoin’s inability to find any significant stability within the lower-$8,000 region, as bears were able to force BTC below its previous support levels and towards its long-established support at $7,800, and its lack of bullish momentum may spell trouble for its near-term trend.
Although it remains unclear as to whether or not altcoins will be able to break free of Bitcoin’s influence, it is probable that they will trend lower unless there is some sort of event that sparks a fresh influx of capital into the markets.
Analysts Note That ETH is Caught in Descending Triangle
One bearish technical formation that Ethereum is currently caught within may point to the possibility that significantly further losses are imminent for the cryptocurrency, as it is currently in a descending triangle similar to that which Bitcoin was caught in for months prior to its drop below $10,000.
The Cryptomist, a popular crypto analyst on Twitter, told her over 40k followers about this formation, explaining that she believes ETH will target $170 next.
“$ETH: Descending triangle, similar set up to what btc was yesterday before the drop (see yesterday bitcoin post). We may have one more resistance touch before drop too $170,” she said while pointing to the below chart.

$Eth
Descending triangle, similar set up to what btc was yesterday before the drop (see yesterday bitcoin post)
We may have one more resistance touch before drop too $170 pic.twitter.com/0t7lr7rq3h
— The Cryptomist (@TheCryptomist) October 16, 2019

Unless Bitcoin finds massive support around its current price levels and surges higher, it is highly likely that major alts like Ethereum will continue to trend lower until the entire markets are able to incur a decisive uptrend.
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Bitcoin Breaks Below Key Support; Movement to $7,000 May Be Inbound

Bitcoin (BTC) and the aggregated crypto markets have incurred some bearish momentum over the past several hours, as sellers have pushed the cryptocurrency’s price below a key support level, which could mean significantly further losses are imminent.
It is important to note that BTC did wick as low as $7,900 overnight before bulls stepped up and pushed it back towards $8,000, although multiple key technical indicators signal that the crypto will likely further extend its recent downtrend.
Bitcoin Breaks Below $8,000 Amidst Bearish Bout of Trading
At the time of writing, Bitcoin is trading down nearly 4% at its current price of just over $8,000, and it has recovered from its lows of $7,900 that were set in the past few hours.
Bitcoin’s slow grind lower over the past several days and weeks has been a bearish sign, and the inability for buyers to sustain any upwards rally in the time since it found major support around $7,800 points to an underlying weakness.
In the near-term, how Bitcoin reacts to its long-established support level at $7,800 will likely elucidate what the crypto’s short-term trend will be.
DonAlt, a popular crypto analyst on Twitter, recently noted that BTC’s next major support region exists right above $7,000, which likely means that a dip below its slight support level at $7,800 will send it reeling to this region.
“$BTC daily update: Still following the plan. A lot of low time frame volatility shaking people out of their positions. In contrast to that, the high time frames haven’t really been that volatile. Just slowly bleeding out. Bulls need to close the daily above $8200 (black),” he explained in a recent tweet,

$BTC daily update:
Still following the plan.A lot of low time frame volatility shaking people out of their positions.In contrast to that, the high time frames haven't really been that volatile.Just slowly bleeding out.Bulls need to close the daily above $8200 (black). pic.twitter.com/bfHTuzfg03
— DonAlt (@CryptoDonAlt) October 15, 2019

BTC Technical Indicator Shows the Crypto is Caught in a Downtrend
DonAlt is not alone in his bearish assessment of Bitcoin’s short-term price action, as other analysts believe that the crypto will drop lower in the near-term before it finds meaningful support that allows it to climb higher.
Josh McGruff, another popular cryptocurrency analyst on Twitter, echoed a bearish sentiment in a recent tweet, explaining that he expects BTC to visit lows of $7,400 as multiple technical indicators are flipping bearish.
“We dropped to 7600, didn’t come as low as 7400 but I think we will still. OBV is in a clear downtrend now, would need to see that break up before I expect us to recover. 200EMA was broken and retested as resistance which rejected $BTC. Guppy is Bearish, Ichi Bearish,” he explained.

We dropped to 7600, didn't come as low as 7400 but I think we will still.
OBV is in a clear downtrend now, would need to see that break up before I expect us to recover.
200EMA was broken and retested as resistance which rejected $BTC. Guppy is Bearish, Ichi Bearish. pic.twitter.com/1uaJ2KK0Au
— Josh McGruff (@JoshMcGruff) October 16, 2019

How BTC reacts to $7,800 will likely offer insight into where the embattled cryptocurrency will head in the near-term.
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XRP Surges as Crypto Markets Express Bearish Volatility

Throughout the first half of 2019, XRP’s price was stagnant within the mid-$0.20 region, and it failed to incur any momentum that matched that incurred by other major altcoins that posted meteoric gains throughout the first several months of 2019.
It is important to note, however, that the embattled crypto has been able to garner some upwards momentum over the past couple of weeks, surging even in the face of instability surrounding Bitcoin and the aggregated crypto market.
XRP Surges Towards $0.30 as Bitcoin Takes a Break
At the time of writing, XRP is trading up roughly 4% at its current price of $0.29, which marks a notable climb from its daily lows of $0.27.
XRP’s climb today comes about as Bitcoin shows multiple signs of bearishness that were formed during its recent drop to the lower-$8,000 region, and XRP is currently trading up over 5% against its BTC trading pair.
Importantly, analysts do anticipate altcoins to put some distance between their recent lows, which could come about as Bitcoin’s dominance over the markets begins to recede.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is looking to long multiple major altcoins, with a rally amongst these cryptos potentially being driven by a drop in Bitcoin’s dominance over the markets.
“I think $BTC Dominance is cooked for a little while. I chose $BNB, $XRP, $TRX, and $ETH to long… how about you?” he said while referencing the below chart.

I think $BTC Dominance is cooked for a little while.
I chose $BNB, $XRP, $TRX, and $ETH to long… how about you? pic.twitter.com/2lp5kKfF7g
— The Crypto Dog (@TheCryptoDog) October 14, 2019

Altcoins May Continue Surging as Bitcoin Consolidates
In the near-term, analysts anticipate altcoins like XRP to continue climbing higher in the near-term, which could be bolstered by a bout of consolidation for Bitcoin.
Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, pointing to the fact that XRP has been able to continue climbing higher despite BTC’s bout of consolidation.
“Backside, frontside, any side – no $BTC bounce from this retested support zone yet. Back below the monthly and I’m back to waiting for a better setup to join the trend when it starts. The one nice takeaway is $XRP can keep chugging along while Bitcoin rests,” he noted.

Backside, frontside, any side – no $BTC bounce from this retested support zone yet.
Back below the monthly and I'm back to waiting for a better setup to join the trend when it starts.
The one nice takeaway is $XRP can keep chugging along while Bitcoin rests. pic.twitter.com/7VN4VPZKfx
— Luke Martin (@VentureCoinist) October 14, 2019

It does appear that XRP may have broken its correlation with Bitcoin, which could mean that it will continue to surge higher in the near-future regardless of whether or not Bitcoin is able to find any significant support around its current price levels.
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Bitcoin Could Soon Incur Major Volatility as Bears Gain Upper Hand

Bitcoin (BTC) has failed to garner any significant buying pressure after facing a sharp influx of selling pressure yesterday that sent it reeling to the lower-$8,000 region – which is where it was able to find enough support to halt its drop and stabilize its price.
Analysts are now noting that multiple indicators signal that the crypto is positioned to incur notable volatility in the near-term, which could mean that the direction that BTC will trend for the coming few months will soon grow clear.
Bitcoin Drops Towards $8,300; Is a Big Movement Inbound?
At the time of writing, Bitcoin is trading down just over 1% at its current price of $8,300, which marks a notable retrace from its recent highs of $8,900 that were set last week when BTC’s bulls quickly pushed the crypto towards this price level, which is where it found significant resistance that sparked a short-term downtrend.
This downtrend was perpetuated yesterday when bears quickly pulled the rug out from beneath BTC and sent it to lows of roughly $8,100 before it rapidly climbed back towards its current price levels.
In the near-term, it is highly probable that Bitcoin and the aggregated crypto markets will soon incur notable volatility, as BTC is currently forming “spinning top candles” within the middle of its tight Bollinger Bands – both signs that a big movement is imminent.
“$BTC #Bitcoin – Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordingly,” Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.

$BTC #Bitcoin – Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordinglyhttps://t.co/jEp4C2pEBO pic.twitter.com/HJXNyH5v39
— Big Cheds (@BigCheds) October 14, 2019

Could BTC Still Target $8,600 in Near-Term?
Despite the bearish price action as of late, it is important to note that there are still analysts who anticipate an upwards movement for Bitcoin in the near-term, with Mayne explaining in a recent tweet that he believes BTC could target $8,600 next.
“$BTC: Expected a test of $8150 and we got it. Preemptively long expecting another bullish week. Will compound above the weekly open/monthly open ($8278 & $8300),” he said while pointing to the below chart.

$BTC
Expected a test of $8150 and we got it. Preemptively long expecting another bullish week. Will compound above the weekly open/monthly open ($8278 & $8300). pic.twitter.com/QfdWzucfhK
— Mayne (@Tradermayne) October 14, 2019

If Mayne’s analysis does prove to be accurate and Bitcoin is able to break above $8,600, this could mark a bullish break that sparks massive volatility that favors the cryptocurrency’s bulls.
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Ethereum Fails to Break Above Critical BTC Resistance Level

Ethereum and the aggregated crypto markets have been able to incur some tempered bullishness today after facing notable selling pressure over the past couple of days, but analysts are still weary of where ETH and other altcoins will head in the near-term.
Importantly, one prominent analyst is noting that Ethereum has failed to break above the critical resistance level that lies directly above its price, which could mean that significantly further losses against its BTC trading pair are imminent.
Ethereum Climbs Slightly but Further Losses Could be Imminent
At the time of writing, Ethereum is trading down marginally at its current price of $184.40, which marks a slight climb from its daily lows of $180 that were set yesterday as the aggregated crypto market expressed significant weakness.
In the near-term it is imperative that bulls push the cryptocurrency higher, as it appears that $183 is its critical near-term support level, with a break below this level potentially leading it to drop significantly lower in the near future.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes a break below $183 could lead the crypto to drop straight down towards $174.
“$ETH: The re-test mentioned yesterday under progress right now. We fail this then $183, followed by $174. Should this fail, the Usd pairing of alts will drop also,” she noted while pointing to the below chart.

$Eth
The re-test mentioned yesterday under progress right nowWe fail this then $183, followed by $174
Should this fail, the Usd pairing of alts will drop also pic.twitter.com/cShviA7pTA
— The Cryptomist (@TheCryptomist) October 12, 2019

ETH Bears May Have Edge Over Bulls
It is important to note that Ethereum has failed to move above its key near-term resistance level, which could mean that bears currently have the upper hand over bulls.
Teddy, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes that ETH may drop significantly lower in the near-term if it fails to break above its near-term resistance level that has held strong for the past several months.
“#Ethereum – $ETH: Running out of juice? Price failed to break: – Downwards weekly resistance (early 2018 trend) – Break upwards of 16/22k dotted range (still stuck inside). Failure to break those two key levels, say goodbye to altseason and hello to bottom of dotted range,” he said while pointing to the below chart.

#Ethereum – $ETH
Running out of juice?
Price failed to break:
– Downwards weekly resistance (early 2018 trend)– Break upwards of 16/22k dotted range (still stuck inside)
Failure to break those two key levels, say goodbye to altseason and hello to bottom of dotted range pic.twitter.com/h1jmPFcJQR
— TEDDY (@teddycleps) October 12, 2019

How Ethereum reacts to this resistance level the coming few days will likely set the tone for where it trends throughout the rest of 2019, with a break above this level possibly sparking the next bull run.
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Bitcoin Forms Coveted EMA Bull Cross Amidst Early Morning Surge

After drifting lower throughout the day yesterday, Bitcoin’s bulls have attempted to push the cryptocurrency higher and have been able to propel BTC’s price above its 20-day EMA for the first time in over a month.
Today’s tempered bullishness may help the cryptocurrency climb higher in the near-term, and one prominent analyst is noting that BTC has been able to form a coveted EMA bull cross, which could mean that significantly further gains are imminent.
Bitcoin Climbs Towards $8,500 as Technical Formations Shape Up
At the time of writing, Bitcoin is trading up just under 1% at its current price of $8,440, which marks a notable climb from its daily lows of roughly $8,200 that were set yesterday.
Because Bitcoin has been caught in a wide trading range between roughly $7,800 and $8,800, without a major influx of buying or selling pressure, as long as it is in this range it may remain unclear as to where the crypto’s price is heading in the near-term.
It is important to note that analysts do anticipate BTC to incur significant volatility in the near-term that may determine how it trends for the coming months, as its Bollinger Bands are beginning to pinch.
“$BTC – with three weeks of sideways and the bbands starting to pinch, Bitcoin price could see some volatility soon. Good news is the price is above the 20-day MA for the first time in a month,” Josh Rager, a popular cryptocurrency analyst on Twitter, explained while pointing to the below chart.

$BTC – with three weeks of sideways and the bbands starting to pinch, Bitcoin price could see some volatility soon
Good news is the price is above the 20-day MA for the first time in a month pic.twitter.com/vm0b5DHiA1
— Josh Rager (@Josh_Rager) October 13, 2019

BTC Forms Bullish EMA Cross, But Faces Multiple Strong Resistance Levels 
This volatility may ultimately result in Bitcoin surging higher, as it recently formed a bullish EMA cross that may allow it to blast past the multiple resistance levels that lie directly in front of it.
Big Chonis, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that where BTC’s weekly candle closes tonight could determine how it trends in the near-term.
“$BTC – GOOD MORNING #BITCOIN: First EMA Bull cross on the 1hr chart since the breakdown a couple days ago…still a ways to go to test higher resistance levels…Weekly candle closes tonight… 38.2 current resistance,” he explained in a tweet.

$BTC – GOOD MORNING #BITCOIN
First EMA Bull cross on the 1hr chart since the breakdown a couple days ago…still a ways to go to test higher resistance levels…Weekly candle closes tonight… 38.2 current resistance pic.twitter.com/brRQ1MP1Hu
— Big ChonisFlux Trading Group (@BigChonis) October 13, 2019

Assuming that BTC has a bullish weekly close, it is highly probable that it will post significantly further gains in the coming week.
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Bitmain CEO Claims Bitcoin Halving May Not Spark Bull Run

Analysts and investors alike have long looked towards Bitcoin’s halving as a potential catalyst that could spark the next massive parabolic rally and usher in a new era of growth for BTC and the aggregated crypto markets.
It is important to note, however, that one prominent figure within the Bitcoin mining industry is now noting that miners should prepare for the possibility that the halving will not propel BTC’s price higher.
Bitmain Founder: Now is a Good Time to Invest in Bitcoin Mining 
Jihan Wu, the co-founder and CEO of Bitmain, spoke about the upcoming Bitcoin halving during a speech at the World Digital Mining Summit in Frankfurt, Germany, in which he explained that he believes now is a good time to invest in crypto mining, while also noting that the current correction that Bitcoin is caught in is “short-term.”
“There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continuing to invest in mining equipment. We are currently in a short-term correction of price,” Wu noted.
The correction that Wu is referring to is likely Bitcoin’s recent drop below $10,000 that sent its price reeling down to recent lows of $7,800, which is where it has consistently found support over the past couple of weeks.
Moreover, Bitcoin is also trading down significantly from its year-to-date highs of $13,800 that were set in late-June, and it has shown few signs in recent times of gaining any momentum to climb back towards these highs in the foreseeable future.
Jihan Wu Claims Halving May Not Spark Massive BTC Uptrend 
Bitcoin’s upcoming mining rewards halving – which is currently set to occur in early-May of 2020 – has been widely look towards as an event that will spark another parabolic uptrend.
During the same speech, Wu explained that miners should prepare for a lackluster response to the halving next year, and that a failure for BTC to surge after the event will require miners to find ways to increase the efficiency of their existing equipment.
“Having a long-term perspective is significant. If bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power,” he explained.
Only time will tell as to whether or not this event will truly impact the trajectory of the markets, but history shows that this event has always been directly followed by parabolic uptrends.
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Bitcoin May Target $5,000 in Near Term as Momentum Falters

After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this.
One analyst is now noting that Bitcoin may continue dropping until it reaches the $5,000 region, which is where it currently has enough support to bolster its near-term price action and help it surge significantly higher in the near-term.
Bitcoin Stabilizes Around $8,400, But Momentum Falters
At the time of writing, Bitcoin is trading up marginally at its current price of $8,400, which is where it has found stability in the time since it plummeted following its attempt to surge towards $9,000 that occurred a couple of days ago.
Bitcoin’s inability to continue surging after it visited its recent lows of $7,800 points to an underlying weakness amongst the cryptocurrency’s bulls, and may signal that it will incur further losses in the near-term until it finds a region of support that has enough buying pressure to spark the next long-term uptrend.
It is important to note that Bitcoin did respond bullishly to an attempt by bears to push the crypto’s price lower last night, which caused it to wick as low as $8,200 before climbing back towards its current prices.
Big Cheds, a popular crypto analyst on Twitter, spoke about this movement as it happened yesterday, concisely noting that the drop was a reaction to the lack of buying pressure within a demand zone.

$BTC #Bitcoin gone pic.twitter.com/sw3G6zXYrn
— Big Cheds (@BigCheds) October 11, 2019

Analyst: BTC May Visit $5,000 Next
As for where Bitcoin could head in the near-term, Josh Olszewicz, a popular crypto analyst on Twitter, recent shared a very bullish assessment of the crypto’s recent price action, noting that it may continue plummeting until it finds noteworthy support within the $5,000 region.
“1D $BTC: 10k or 5k. – denied at 200EMA – still in multi-year bull PF – above yearly pivot now – above VPVR volume node now – will prob take a week for alligator to flip bull – fractal calling for short <7.7k – 5k is biggest recent support node aside from multi-month 6.5k vol node,” he explained while pointing to the below chart.

1D $BTC
10k or 5k
– denied at 200EMA– still in multi-year bull PF– above yearly pivot now– above VPVR volume node now– will prob take a week for alligator to flip bull– fractal calling for short <7.7k– 5k is biggest recent support node aside from multi-month 6.5k vol node pic.twitter.com/LX0NACF2Sr
— Josh Olszewicz (@CarpeNoctom) October 11, 2019

While looking at Olszewicz’s above analysis, it becomes abundantly clear that Bitcoin is currently trading at a pivoting point that will determine which direction the aggregated crypto market head next.
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Analysts Anticipate Ethereum to Drop Towards $170 as Crypto Markets Falter

Ethereum’s recently incurred upwards momentum has faltered after Bitcoin and the aggregated crypto markets hit a massive level of resistance overnight that shifted the tides and sparked a short-term downtrend.
Multiple analysts are now noting that Ethereum may soon target significantly lower lows, which could mean that the recent uptrend was simply a flash in the pan that precedes the next major leg down for ETH and other major altcoins.
Ethereum Drops 2% as Crypto Markets Increase Bearishness
At the time of writing, Ethereum is trading down roughly 2% at its current price of $186, which marks a notable drop from its recent highs of nearly $195 that were set during a sharp upwards movement that occurred overnight.
It does appear that the mid-to-upper $190 region is a level of resistance for ETH, and its overnight drop occurred concurrently with Bitcoin’s surge to highs of nearly $9,000 before it also incurred a massive influx of selling pressure that sent it plummeting lower.
In the near-term, Ethereum has found support around its current price levels, although its key long-term support level remains around $160 while looking at its monthly chart, as this is where it has consistently found noteworthy buying pressure that has been proceeded by uptrends.
Mayne, a popular cryptocurrency analyst on Twitter, explained that he is targeting $175 for Ethereum in the near-term and $8,150 for Bitcoin.
“Retest of $175 $ETH and $8150 $BTC IMO,” he said.

Retest of $175 $ETH and $8150 $BTC IMO.
— Mayne (@Tradermayne) October 11, 2019

Analyst: $183 Critical Near-Term Support Level, Drop Below Will Lead it to $174
Offering a similarly bearish assessment to Mayne is The Cryptomist – another popular analyst on Twitter – who explained in a recent tweet that $183 is a key near-term support level that bulls must defend, with a drop below this level potentially sparking a bout of capitulation that quickly sends it to $174.
“$ETH It is important for price to sustain a successful re-test of this ascending triangle breakout at the price of $183. Should it fail to do so $174 may very well be next,” she noted.

$Eth
It is important for price to sustain a successful re-test of this ascending triangle breakout at the price of $183
Should it fail to do so $174 may very well be next here on @PrimeXbt pic.twitter.com/bwHmHVZNYN
— The Cryptomist (@TheCryptomist) October 11, 2019

The comings few hours and days will likely be quite telling when it comes to how major altcoins like Ethereum will trend, and although they will likely take guidance from Bitcoin, they may experience heightened volatility in the near-term.
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Miners May Be Perpetuating Bitcoin Volatility as Analysts Anticipate Significant Drop

After finding some stability following its bullish upwards movement earlier this week, Bitcoin’s momentum has faltered and is showing bearish signs that may point to an underlying weakness amongst BTC’s bulls.
Analysts are now noting that they anticipate a significant downwards movement for Bitcoin in the near-term and are also noting that there may be an unlikely suspect that will perpetuate any volatility seen throughout the aggregated crypto markets.
Bitcoin Retraces Towards $8,300 as Bears Gain the Upper Hand
At the time of writing, Bitcoin is trading down just over 1.5% at its current price of $8,370, which marks a notable drop from its daily highs of nearly $8,800.
Just prior to the downturn that occurred overnight, Bitcoin’s bulls rapidly pushed it to its daily highs around $8,800, which appears to be a notable level of resistance that shifted the short-term trend to the bear’s favor.
It remains unclear if the support that was built within the lower-$8,000 region will be enough to support the crypto’s price in the near-term, but one popular analyst believes that it will incur a notable drop in the coming few hours.
“$BTC Provided a target of 8670 from couple weeks ago before a potential reversal, well we went a little higher, but reversal is imminent. Big drop approaching (new lows) as we have a 4hr rising wedge on RSI. Still could climb tad higher upon apex before dump,” The Cryptomist, a popular analyst on Twitter, said in a recent tweet.

$Btc
Provided a target of 8670 from couple weeks ago before a potential reversal, well we went a little higher, but reversal is imminent
Big drop approaching (new lows) as we have a 4hr rising wedge on RSI
Still could climb tad higher upon apex before dump pic.twitter.com/8Kb6Ohkb1g
— The Cryptomist (@TheCryptomist) October 11, 2019

Could Miners Perpetuate BTC Volatility in the Near-Term?
It is important to note that any potential big movement, including the one that The Cryptomist is pointing to, could be perpetuated by Bitcoin’s miners, as data shows that they have been holding their mined crypto and then selling it during periods of significant volatility.
TokenAnalyst – another popular cryptocurrency analyst on Twitter – spoke about this data in a recent tweet, eluding to the possibility that another significant movement will be perpetuated by miners.
“Following up on the great analysis by @eliasimos using our miner rewards API, we tracked how much $BTC these large mining pools sent into exchanges over time. We see miners taking advantage of volatility by sitting on their mined stash and then selling around large price swings,” they explained.

Following up on the great analysis by @eliasimos using our miner rewards API, we tracked how much $BTC these large mining pools sent into exchanges over time.
We see miners taking advantage of volatility by sitting on their mined stash and then selling aroung large price swings. https://t.co/tKQDzUTOMC pic.twitter.com/Lapt0NyOsY
— TokenAnalyst (@thetokenanalyst) October 11, 2019

How BTC responds to its recent drop may prove to be critical for determining how it trends for the rest of the year, as a break below its recent support of $7,800 could spark a massive downtrend that is perpetuated by miners selling off their BTC holdings.
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Ethereum May Retrace Further Before Surging Past $200

Ethereum surged yesterday and front-ran the jump that occurred in the aggregated crypto markets, with this latest price action marking an extension of the upwards momentum that was incurred earlier this week when ETH and multiple other altcoins posted significant gains.
Ethereum’s recent price action may have further bolstered its newfound bullishness, which could mean that significantly further gains are imminent in the near-future, with some analysts setting targets above $200.
Ethereum Surges Past $190 as Markets Build Bullishness 
At the time of writing, Ethereum is trading up just under 3% at its current price of $191, which marks a notable surge from its daily lows of $184 and an even more significant surge from its weekly lows of $170.
This price action has made Ethereum one of the most bullish altcoins in the market over the past couple of weeks, and it is quickly nearing its next psychological resistance level around $200, with a break above this level possibly leading it to climb back to its recently established highs around $220.
Although Ethereum is certainly showing some signs of bullishness at the moment, it is important to note that it failed to break above the upper boundary of a trading range that it had previously been caught within, with The Cryptomist – a popular analyst on Twitter – previously telling her followers that that a break above the upper-$190 region could spark a swift movement past $200.
“$ETH: We are currently breaking out the ascending triangle here on. Should this close above resistance within next hour 30, then the target is $203. Expect alts to rise as ETH does,” she noted.

$Eth
We are currently breaking out the ascending triangle here on @PrimeXbt
Should this close above resistance within next hour 30, then the target is $203
Expect alts to rise as Eth does pic.twitter.com/5g0m8vu3KV
— The Cryptomist (@TheCryptomist) October 9, 2019

ETH May Revisit $183 Before Uptrend Extends
Although ETH failed to close above the upper boundary referenced in The Cryptomist’s tweet, its recent dip to the $180 region and subsequent bounce may help bolster its near-term price action.
HornHairs, another popular crypto analyst on Twitter, explained in a recent tweet that $183 is a critical support level for Ethereum in the near-term, and further added that a hold above this level could spark the next notable uptrend.
“$ETH #Ethereum update: $160-170 bids in profit. $200 is the next bullish objective. Want to see $183 hold from here on,” he said.

$ETH #Ethereum update:
$160-170 bids in profit. $200 is the next bullish objective. Want to see $183 hold from here on. pic.twitter.com/XQoTwODm3f
— HornHairs (@CryptoHornHairs) October 9, 2019

The next few hours and days will likely illuminate Ethereum’s mid-term trend, as further bullishness could send it surging significantly higher in the near-term.
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