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Bitcoin (BTC) Price Analysis: Continuing Decline or Bounce Back Awaits Us at $9,400?

Price Predictions
Sun, 06/28/2020 - 14:21
Denys Serhiichuk
Does Bitcoin (BTC) have enough strength to move towards the $10,000 mark?
Bitcoin (BTC) Price Analysis: Continuing Decline or Bounce Back Awaits Us at $9,400?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Yesterday's decline by most of the coins confirmed that the bulls are not yet ready to update their local peaks. With no exception, all of the Top 10 coins have dropped towards their support zones.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

While Bitcoin (BTC) has lost much less than the altcoins, its dominance rate has strengthened and now sits at 64.3%.

BTC’s market share
BTC’s Market Share

Below is the relevant data for Bitcoin (BTC) and how it's looking today.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $166,811,257,928

  • Price: $9,057.50

  • Volume (24H): $16,671,619,172

  • Change (24H): 0.01%

BTC/USD: Is the Current Bounce Off May Lead to $10,000?

Bitcoin (BTC) is finishing up the week with a loss of 3.30%, while its rate (since yesterday) remains relatively unchanged. The bulls bought back the leading coin at the $8,900 mark.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the 4H chart, traders might expect short-term growth towards the $9,350-$9,400 area, where most of the liquidity is located. What is more, the selling volume is almost nonexistent, which means that the bears are out of fuel to continue pushing the rate further down. Thus, a bullish divergence has been formed on the Relative Strength Index (RSI), confirming the potential by the bulls.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the daily time frame, the sideways trend has carried on for about 2 months. At the moment, neither the bull nor the bears are in control. The trading volume is low; however, there is interest between the $9,500 and $9,600 range, where a high level of liquidity is concentrated. In this particular case, there is a high probability of seeing Bitcoin (BTC) trading near the top level of the channel at $9,800.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

The sideways trend also dominates the weekly chart. However, an upward trend is more likely than an update of the local bottoms. The trading volume is at medium level and the bulls are buying back each drop brought on by the sellers. The current bounce back might be another chance for buyers to inch closer towards the $10,000 mark. Furthermore, Bitcoin's liquidity is high at that level. 

At press time, Bitcoin was trading at $9,059.

 
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?

Price Predictions
Tue, 07/07/2020 - 10:22
Denys Serhiichuk
Will Ethereum (ETH) get to $240 in the ongoing growth?
Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV), whose rate has risen 14.34% over the past day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The market capitalization has also increased against the rise of the market. At the moment, its index is $265.3 Bln.

Market Capitalization
Market Capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $26,416,726,830

  • Price: $236.59

  • Volume (24h): $8,170,001,858

  • Change (24h): 1.61%

The data is relevant at press time.

ETH/USD: Is the rise coming to an end?

The price of Ethereum (ETH) showed steady growth yesterday. During the day, the pair broke through the resistance at $233 and tested the POC line ($243.34) late at night. In the Asian session, growth stopped and the price rolled back to $240.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

If the bears strengthen the onslaught, then they can return the pair to $233. On the other hand, on the daily time frame, the Stoch RSI indicator lines have not yet reached the overbought zone and there is still some potential for growth. Overall, after a short pause, bulls might try to test the resistance at $247.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H chart, Ethereum (ETH) is forming a Triangle pattern. The decline is supported by the rising trading volume which means that there is still space for going deeper. In this case, the first stop might be at the zone around $232 where most of the liquidity is concentrated. This scenario may unfold within days.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger time frame, the growth potential remains, despite the highs becoming lower and lower. The bullish trend since March 2020 has not been broken so far, which means bulls may still set new local peaks. Such a statement is confirmed by the rising channel, which has continued since the end of June. If bulls keep pushing the altcoin higher, traders can expect Ethereum (ETH) to trade around $245 by the end of July.

Ethereum is trading at $235.65 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.