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Crypto News Updates

Ethereum’s Rebound is “Getting Tired” as Analyst Eyes Move to $520

  • Ethereum has been climbing higher today alongside Bitcoin and the rest of the crypto market
  • The strength seen as of late comes as Bitcoin puts some serious distance between its recent lows and its current price levels
  • This indicates that bulls are in full control and are looking to form a “V-shaped” recovery that could allow for significantly further upside in the days and weeks ahead
  • Where the entire market trends next will depend largely on BTC, but ETH’s price action may influence that of altcoins
  • One trader is noting that Ethereum’s rally appears to be “getting tired,” which could indicate that it will retreat lower before seeing any type of intense rebound

Bitcoin has been guiding the entire market higher over the past couple of days, with Ethereum rallying up towards the mid-$500 region. This comes close on the heels of an intense correction that led the entire market to plunge.

The recovery from the recent lows has favored bulls, as it shows that the market is still caught within a crystal-clear bull market, and that further upside could be imminent in the near-term.

In a recent tweet, one trader stated that Ethereum’s recent rally might get tired and require a pullback towards $520 before extending further.

Ethereum Sees Slowing Momentum as Bulls Struggle to Break Key Resistance

At the time of writing, Ethereum is trading up just over 2% at its current price of $550. This is where it has been trading throughout the past few days and weeks, with the selling pressure seen around the price region being somewhat significant.

Where the rest of the market trends in the days, weeks, and months ahead will depend largely on Bitcoin.

Although ETH may guide the altcoin markets, it has been taking its cues from the benchmark cryptocurrency.

At the moment, Bitcoin’s strength is lending itself to bulls’ favor, and there’s a chance that they will be able to erase all of the market’s recent losses in the days and weeks ahead.

Trader Claims ETH Rally is Getting Exhausted

One trader isn’t optimistic that this ongoing Ethereum rally will last for too much longer.

He contends that it will see a pullback towards $520 before it can recoup its momentum and rally past the resistance within the mid-$500 region.

“Think ETH is getting pretty tired now, seeing if I can squeeze out $550-555, happy with the 10% moves from spot and 6% from lev today. Will be looking for the reaction around $520 for clues on the next strong move.”

Ethereum

Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.

Bitcoin’s continues reaction to its break above $18,000 should provide some insights into whether or not Ethereum will climb higher.

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Charts from TradingView.

Source: Bitcoinist News

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Bitcoin Claims Crucial Level, But Break Below It Could Lead to $16,000

  • Bitcoin has been caught within a strong uptrend in the time following its recent selloff, with bulls largely absorbing the inflows of selling pressure
  • After reeling down to lows of $16,400, the cryptocurrency faced a massive rebound that has now led it past $18,000
  • Its present momentum is showing few signs of slowing down, and there’s a strong possibility that further upside is imminent in the near-term
  • One trader is noting that it is now imperative that bulls hold the crypto above $17,700-17,850
  • He notes that a break below this support could cause the crypto to reel down to the $16,000 region

Bitcoin and the rest of the crypto market are currently rallying, with Bitcoin’s recent selloff doing little damage to the market as bulls aim to erase all of the losses.

BTC is now trading back above $18,000 and isn’t showing signs of slowing down. If this level becomes a base of support, it could allow for significantly further growth in the days and weeks ahead.

One trader is now noting that holding above the upper-$17,000 region is critical for the market to move higher.

He notes that a break below this price region could open the gates for a decline down towards $16,000.

Bitcoin Gains Momentum as Bears Falter 

At the time of writing, Bitcoin is trading up just over 2% at its current price of $18,115. This marks a notable surge from its lows of $16,400 set at the bottom of the recent selloff.

The strength seen by the aggregated market as of late does seem to indicate that further upside could be imminent and that this latest selloff was simply another “buy the dip opportunity.”

For this to be confirmed, BTC will need to show signs of stability in the days and weeks ahead.

Trader: BTC Must Hold Above Upper-$17,000 Region for Uptrend to Persist

One trader explained in a recent tweet that Bitcoin needs to hold steady above $18,000 for the market to maintain its momentum.

He specifically points to the upper-$17,000 region as a key area of support, noting that a break below could open the gates for a move down towards $16,000.

“Crucial level to hold is the $17,700-17,850 breaker. If that is lost, I think we’ll see the 16’s again.”

Bitcoin

Image Courtesy of Michaël van de Poppe. Source: BTCUSD on TradingView.

The coming few days should provide some insight into the strength of this ongoing rebound. Any continued uptrend here should allow for significantly further gains in the days and weeks ahead.

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Charts from TradingView.

Source: Bitcoinist News

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Bitcoin Could Be Mirroring This Extremely Bullish Gold Fractal from the 1970s

  • Bitcoin is currently caught within a strong upswing following its recent selloff
  • Bulls are pushing the crypto towards $18,000 as they move to erase its recent losses
  • Where it trends next will depend largely on how sustainable this ongoing move higher is
  • One investor is now noting that a gold fractal from the 1970s seems to indicate that this selloff could be followed by a powerful push higher in the days and weeks ahead

Bitcoin and the entire cryptocurrency market are currently caught within a strong uptrend that has come about just a day after the cryptocurrency witnessed a massive inflow of selling pressure that caused it to erase a good portion of its recent gains.

Where it trends next will likely depend largely on whether or not buyers can push it back above $18,000. Reclaiming this level could provide a strong new support base to grow upon.

It could confirm a “V-shaped” recovery from its recent lows, potentially allowing it to see a strong upswing that pushes it beyond its previous all-time highs in the upper-$19,000 region.

It could also confirm that a gold fractal from the 1970s is in play, allowing it to see some significant upside.

Bitcoin Shows Signs of Strength as Bulls Target $18,000 

At the time of writing, Bitcoin is trading up just over 3% at its current price of $17,700. This marks a serious upswing from its recent lows of $16,400.

These lows were set at the bottom of the recent market-wide selloff, which came about shortly after BTC faced a rejection around its previous all-time highs of $19,500.

The selling pressure seen here drove it significantly lower and could indicate that further downside is imminent.

This move was also perpetuated by a surge in regulatory fears due to recent comments from U.S. Treasury Secretary Steve Mnuchin.

Prominent Investor: BTC’s Latest Dip Could Confirm Bullish 1970s Gold Fractal 

Investors recently brought attention to a potential fractal pattern first shared by Paul Tudor Jones, a billionaire asset manager. Tudor Jones is widely regarded as one of the world’s best asset managers, having outperformed most other asset managers in periods like the 1970s and in the 2008 Great Recession.

The fractal, seen below, suggests that Bitcoin is trading similar to gold did in the 1970s. Should the fractal play out to a T, there is a good likelihood that Bitcoin will push to new all-time highs by late 2021.

Bitcoin

Bitcoin’s upcoming weekly candle close should provide some insights into where it is trending in the mid-term.

A close above $18,000 could put the trend back into bulls’ control for the week ahead.

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Pricing data from TradingView.

Source: Bitcoinist News

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Ethereum’s Technical Outlook Strengthens as Market-Wide Recovery Begins

  • Ethereum has been closely tracking Bitcoin’s price action throughout the past few days and weeks, which has led it to see some immense turbulence as of late
  • Just two days ago, the benchmark cryptocurrency faced a rejection at its all-time highs that resulted in it reeling from $19,500 to $16,400
  • This selloff was the most intense one seen since this uptrend first got started a handful of weeks ago
  • Where it trends next will depend almost entirely on whether or not bulls can extend the ongoing rebound
  • One analyst does believe that Ethereum is in a position to rally higher in the near-term, as it is now looking strong from a technical perspective

Ethereum and the entire crypto market have witnessed some of the most intense turbulence seen in weeks over the past couple of days.

Bitcoin’s rejection at its all-time highs, coupled with fear regarding a new wave of regulations, sent the entire market reeling lower, with ETH plunging from its recent $620 highs to lows of $490.

Where the market trends in the mid-term will depend largely on whether or not bulls can extend the ongoing rebound that is taking place at this moment.

One trader expects further upside, noting that the cryptocurrency is looking increasingly strong from a technical perspective.

Ethereum Rallies Higher Alongside Bitcoin 

At the time of writing, Ethereum is trading up over 4% at its current price of $539, which marks a massive rebound from its multi-day lows of $490 set at the bottom of the recent selloff.

The strength seen in the time following the recent market-wide selloff is a positive sign, as it indicates that the major digital assets were all brought into oversold territory.

ETH may face some resistance around $540, but a firm break above this level could lead it to see some significant upside.

Analyst Claims ETH is Poised to See Further Upside

One trader explained that Ethereum is now looking technically strong and may be well-positioned to see further upside in the days and weeks ahead.

He does note that he’d like to see one more sweep of the range lows to make a sustained push higher in the days and weeks ahead.

“Back to blue. I bought spot ETH at $500 and I’m now long on lev. I’d still like to see another sweep of the lows, just hoping to not get chopped. Signals have been strong enough from this chart that it warrants me being long when we’re blue.”

Ethereum

Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.

The coming weekend should shine some light on the present state of the market, and provide valuable insights into where Bitcoin, Ethereum, and other major crypto-assets will trend in the mid-term.

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Charts from TradingView.

Source: Bitcoinist News

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This Pattern Suggests Bitcoin Could Plummet to $12,000 Before Uptrend Continues

  • Bitcoin and the entire crypto market are showing some signs of strength on this relatively quiet morning for the markets
  • Following a brief bout of trading below $17,000, the benchmark cryptocurrency has firmly reclaimed this price region
  • It is now attempting to push higher as bears lose steam, which could be a sign that its recent $16,400 lows are a long-term bottom
  • Where the market trends in the mid-term will depend entirely on Bitcoin and whether or not it can stabilize
  • One trader is now pointing to a pattern that indicates BTC could soon see a strong decline that sends it to $12,000 before it rebounds

Bitcoin and the rest of the crypto market are currently caught within a bout of consolidation following the recent market-wide decline.

This tempered trading favors bulls, as BTC and most altcoins have pushed higher over the past day.

Where the entire market trends next will depend on whether or not Bitcoin can confirm $17,000 as a long-term support level.

However, one trader is now musing a potential scenario in which BTC reels as low as $12,000 before finding enough support to begin journeying past the resistance that exists around its all-time highs.

Bitcoin Gains Momentum Following Recent Selloff 

Bitcoin is now trading up nearly $1,000 from its multi-day lows, with the recent dip to $16,400 clearly marks a knee-jerk reaction to a culmination of a few factors seen as potentially bearish.

At the time of writing, BTC is trading up just under 2% at its current price of $17,420. This marks a notable decline from its recent highs of $19,500.

The rejection at these highs, coupled with fears of a new wave of regulations, sent the price tumbling lower, but this fear seems to be subsiding.

Trader Indicates Move to $12,000 Could Be Imminent

One trader explained in a recent tweet that Bitcoin could be on the cusp of reeling down towards $12,000 before it can fund enough support to climb back up towards its all-time highs in the upper-$19,000 region.

“Three notes: – this is just a scenario, one of many, describing the most savage correction I could envision – probabilities on this? no idea, lots of other scenarios to consider, too early to tell – don’t bet your bank to the downside on this, seems a lot of people want this,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of Bitcoin Jack. Source: BTCUSD on TradingView.

The coming few days should provide insight into where the entire market will trend next. A sustained bout of trading above $17,000 could result in Bitcoin navigating back up towards its all-time highs.

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Charts from TradingView.

Source: Bitcoinist News

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Here’s Why Bitcoin May Need to Tap $13,000 Before Continuing Its Uptrend

  • Bitcoin has been spiraling lower ever since it tapped its all-time highs within the mid-$19,000 region
  • There are a few factors driving this move lower, including selling pressure stemming from the rejection, fear regarding a regulatory crackdown in the U.S., and withdraws on OKEx resuming
  • The confluence of these factors has created a perfect storm for bears, and they appear to be taking full advantage of it
  • One trader believes that Bitcoin has quite a way to fall before it finds any significant support and begins pushing higher
  • He is specifically watching for a move down towards $13,000, noting that it still appears to be “way overextended”

Bitcoin has done a full 180-degree turn, with the cryptocurrency’s previous upwards momentum now degrading as bears aim at sending it significantly lower.

The selling pressure seen as a result of the rejection at $19,500 is undoubtedly what sparked this movement, but a couple of other factors have perpetuated it.

Recent comments from the U.S. Treasury Secretary regarding a crackdown on private crypto wallets spooked investors and caused the crypto to see a sudden inflow of sell-side pressure.

Furthermore, OKEx reopening withdraws has also coincided with this dip, signaling that their users are possibly taking profits off the table.

Bitcoin Shows Signs of Weakness as It Breaks $17,000

At the time of writing, Bitcoin is trading down just over 1% at its current price of $16,900. This is around the price at which it has been trading throughout the past day.

The support previously holding BTC above $17,000 appears to be evaporating, which could be a sign that downside is imminent in the near-term.

If this level flips into resistance, it may put Bitcoin’s price action firmly in bulls’ control.

Analyst Claims Move to $13,000 Could Be Imminent

While sharing his thoughts on Bitcoin’s price action, one trader explained that a move towards $13,000 could be imminent in the near-term.

He notes that it may first consolidate above its weekly support around $16,200, with this level eventually breaking and opening the gates for an even larger move lower.

“Differently from ETH, BTC looks way over extended from the weekly 21EMA, still far from interesting support. My ideal entry would be the outlined major support @ 13k’s. Currently we might hold the 16213 weekly support, then head lower for an ABC correction.”

Bitcoin

Image Courtesy of Wolf. Source: BTCUSD on TradingView.

Over the coming few days, Bitcoin’s price action should provide serious insights into the aggregated market’s outlook in the days and weeks ahead.

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Charts from TradingView.

Source: Bitcoinist News

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Here’s the Key Level Ethereum Must Claim to Rally Towards $800

  • Ethereum’s price has been closely tracking that of Bitcoin as of late, which has caused the cryptocurrency to see some notable losses
  • It has been defending $500 throughout the course of its recent push lower. This comes as Bitcoin breaks below $17,000 and begins seeing accelerating downwards momentum
  • If $500 becomes a strong base of support for ETH, it could help propel the cryptocurrency significantly higher in the days and weeks ahead
  • A sustained decline beneath this level, however, could open the gates for it to see significantly further losses in the days and weeks ahead
  • One trader is still expecting a move up towards $800, noting that it first needs to break above $570

Bitcoin has been leading the market lower over the past couple of days, with Ethereum erasing the bulk of its recent gains as it slides towards $500, while BTC shows intense signs of weakness as bulls fail to defend $17,000.

This decline marks the first sustained pullback seen throughout the course of the recent multi-week uptrend.

Both BTC and ETH are still up significantly from their multi-month lows, but there now seems to be a greater risk of seeing even further downside.

One trader is noting that Ethereum needs to begin rallying higher and break above $570 to see further upside. He notes a break above this level could lead it to $800.

Ethereum Defends $500 as Selling Pressure Mounts 

At the time of writing, Ethereum is trading down just over 2% at its current price of $510. This is around where it has been trading throughout the past few days.

The selling pressure seen over the past few days isn’t letting up, and Bitcoin’s break below $17,000 could create headwinds that force ETH lower in the near-term.

Analyst: ETH Could Rocket Towards $800 if One Key Level is Reclaimed

One trader explained in a recent tweet that a reclaim of $570 could open the gates for Ethereum to see a sustained move up towards $800.

“ETH: Line held. Once we reclaim $570 we’ll go to $800. For now expecting lower.”

Bitcoin

Image Courtesy of Mayne. Source: ETHUSD on TradingView.

Although Ethereum could slide lower in the near-term – as mused by the analyst – the next strong upswing seen by the crypto could mark the start of a move towards $800.

This would allow the crypto to erase its trend of underperforming Bitcoin and potentially see significantly higher highs in the months ahead.

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Charts from TradingView.

Source: Bitcoinist News

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Bitcoin Struggles to Hold $17,000 After Wiping Out $1b in Open Interest

  • Bitcoin has been struggling to hold above $17,000, despite this being an important price level for the cryptocurrency
  • Where it trends next will depend largely on whether or not bulls can continue building support at this level
  • So far, each dip below it has been met with intense buy-side support that has allowed it to ascend
  • Where it trends next will likely depend largely on its imminent price action
  • It is important to note that this recent selloff resulted in nearly $1 billion in open interest being wiped out
  • This may make the cryptocurrency fundamentally healthier in the days, weeks, and months ahead

Bitcoin and the rest of the crypto market have been facing their first sustained pullback in the time following BTC’s rally up towards its all-time highs.

The rejection right below these highs, coupled with fear stemming from Treasury Secretary Steve Mnuchin’s comments regarding a new wave of crypto regulations, have both hampered its price action.

Bears are taking increasing control over its price action, and where it trends in the near-term may depend largely on how bulls continue responding to the $17,000 level.

Bitcoin Descends Below $17,000 as Bulls Struggle to Find Support 

At the time of writing, Bitcoin is trading down just over 2% at its current price of $16,850. This marks a notable decline from the cryptocurrency’s recent $17,600 highs set a handful of days ago.

Where the entire market trends in the mid-term may depend largely on whether or not it remains below $17,000 for an extended period of time.

This level has been strong support throughout the past 24-hours, but the buying pressure here appears to be dissolving.

A sustained bout of trading here could result in the entire market seeing some massive near-term downside.

BTC Sees Massive OI Cleansing During Course of Recent Drop 

Throughout the course of the ongoing decline, Bitcoin has seen a massive decline in open interest within the derivatives and futures market.

In aggregate, $1 billion in OI was wiped out as a result of this move lower. It also led to record trading volume and $1.5 billion in long positions for all tokens being liquidated – trends that one analytics platform spoke about in a recent tweet:

“BTC yesterday: – $1 billion of Open Interest wiped out – record trading volume: $66 billion on futures and $7 billion on spot – $900 million longs liquidated – $1.5 billion longs liquidated on the entire futures market (all coins, all exchanges).”

Bitcoin

Image Courtesy of Coinalyze.

This could ultimately help the crypto see more sustainable growth in the future, as high OI can often lead to immense turbulence in both directions.

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Pricing data from TradingView.

Source: Bitcoinist News

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Why One Analyst Claims This Latest Ethereum Selloff is an Ideal Buying Opportunity

  • Ethereum and the entire crypto market saw a sharp downturn, with Bitcoin plunging by over 10% while ETH declined towards $500
  • This selling pressure has been quite intense and may continue hampering the cryptocurrency in the near-term
  • Where it trends in the near-term will depend largely on whether or not bulls can stop it from breaking below $500
  • A decline beneath this level would strike a serious blow to the cryptocurrency’s technical outlook
  • The coming few days and weeks will likely determine the fate of the crypto market for the months and even years to come

Ethereum is in the process of reeling to its key $500 support level, with the selling pressure seen at its $620 highs recently proving to be quite intense.

The rejection here certainly sparked this movement, but it was primarily perpetuated by recent comments from the U.S. Treasury Secretary regarding potentially imminent regulations on the crypto space.

These regulations would target private wallets and require that companies make their users use KYC to use them. This would strike a devastating blow to the DeFi ecosystem especially, while also hurting the broader market.

There’s no doubt that this is why the crypto market is reeling lower today. However, it remains unclear whether these regulations will be pushed through before the executive branch’s leadership changes in January.

Ethereum Plunges as Analysts Eye Key Support Level 

At the time of writing, Ethereum is trading down just over 11% at its current price of $490. This marks a serious plunge from its recent highs of $620 set just a few days ago.

Where it trends in the mid-term will depend largely on its continued reaction to the support that exists around its current price level.

Any sharp decline here could lead it to see some major downside in the days and weeks ahead.

Analyst Claims ETH Could Be Providing a Buying Opportunity 

One analyst explained in a recent tweet that this ongoing Ethereum decline could be providing buyers with an ideal opportunity to buy into the cryptocurrency.

He notes that its monthly chart, the macroclimate of the market, and some technical factors indicate it could be poised to see a serious rebound.

“I had zero ETH exposure since I got stopped on the knife-catch, but this dip looks like the best buy opportunity we can currently hope for. Taking into consideration the Monthly chart, H12 and the market cycle conditions.”

Ethereum

Image Courtesy of Livercoin. Source: ETHUSD on TradingView.

The coming few days should provide some serious insight into where Ethereum and the entire market will trend in the days, weeks, and months ahead.

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Charts from TradingView.

Source: Bitcoinist News

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Mass Carnage: Bitcoin Bulls Face $750m in Liquidations During Latest Selloff

  • It has been a rough past 12 hours for Bitcoin, as the benchmark cryptocurrency is currently in the process of erasing weeks of gains as it plunges lower
  • The crypto came within a stone’s throw of its all-time highs before the selling pressure began mounting
  • From here, its price rejected and began its descent down to where it is currently trading at
  • One reason behind this dip is concerns regarding a new wave of crypto market regulations in the U.S., due to comments made by Treasury Secretary Steve Mnuchin
  • Bulls were hit hard by the recent selloff, with $750 million worth of long positions being liquidated

Bitcoin and the entire cryptocurrency market have been caught within the throes of an intense uptrend throughout the past few days and weeks.

The buying pressure that the crypto has seen has been unprecedented, with billions of dollars being added to its market cap on a weekly basis.

This 2017-style run-up eventually led to highs of $19,500, which is just below its previous all-time highs. It faced an intense influx of selling pressure at this price that sparked the ongoing descent.

The effects of this were compounded by growing fears of a regulatory crackdown on crypto in the U.S., and Bitcoin bulls faced widespread liquidations.

Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up

At the time of writing, Bitcoin is trading down 10% at its current price of $16,900. This marks a notable decline from highs of $19,500 that were set yesterday.

The selling pressure seen at these highs indicates that significantly further downside could be imminent for the aggregated market.

Comments made by the U.S. Treasury Secretary regarding a potential crackdown on the market are likely the main force driving this move lower.

BTC Faces Wave of Long Liquidations as Bears Take Charge

One byproduct of this recent Bitcoin selloff has been a massive inflow of long-side liquidations.

As one analyst noted while referencing data from Coinalyze, the crypto has faced a total of $800 million in long-sided liquidations.

“Almost 800 mil in long liquidations alone. The derivs market hasn’t gotten this rekt since the black swan in March.”

Bitcoin

Image Courtesy of Byzantine General.

This type of mass-liquidation event hasn’t been seen in quite some time, as bulls have taken firm control of the cryptocurrency over the past few days and weeks.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News