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Bitcoin (BTC) Price Analysis: Is the $9,000 Retest a Starting Point Before Another Move Towards $10,000?

Price Predictions
Sun, 06/14/2020 - 14:18
Denys Serhiichuk
Is there possible growth for Bitcoin (BTC) after retesting the $9,000 mark?
Bitcoin (BTC) Price Analysis: Is the $9,000 Retest a Starting Point Before Another Move Towards $10,000?
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 last few day on Coinstats are showing a bit of a positive upswing as some of the coins are showing indications of growth, while Bitcoin (BTC) is trading sideways. 

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

In terms of BTC's market share, its dominance rate has remained relatively unchanged from the previous 7 days and currently sits at 64.5%.

BTC’s market share
BTC’s Market Share

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

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $173,769,031,375

  • Price: $9,441.78

  • Volume (24H): $17,027,754,542

  • Change (24h): -0.21%

BTC/USD: Do the Bulls Have Enough Strength for a Continued Run?

Bitcoin (BTC) is finishing out the week with a 1.78% drop from the previous week. After a failed attempt to fix above $10,000, the leading crypto has lost 1,000 points and is now trying to hold the $9,400 mark.

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

Looking at the hourly chart, Bitcoin (BTC) has been trading between the narrow range $9,300 and $9,500 for the last 2 days. Trading volume remains low, which makes it difficult for buyers to buy back the coin.

Related Bitcoin (BTC) Price Analysis — Slowly Approaching $10,000 Mark
Related
Bitcoin (BTC) Price Analysis — Slowly Approaching $10,000 Mark

If the bulls do not break the $9,500 mark shortly, then pressure from the bears will become more apparent and a retest of the $9,300 and potentially the $9,200 marks will likely occur soon. The falling lines of the Bollinger Bands also confirm this statement.

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

Looking at the 4H time frame, the bulls are also losing strength, which is confirmed by the low liquidity level and the decreasing trading volume. Bitcoin (BTC) made a false breakout from the $9,500 mark, which means that this level was an important resistance marker and was difficult to break from the first time. As for the more likely price forecast, the coin might face another drop between the $9,000-$9,050 levels before another wave of growth. However, if the bears fix below $9,000, then the bullish scenario will be cancelled.

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

Looking at the daily chart, a decline is also the most likely scenario as Bitcoin (BTC) needs to accumulate power in order to maintain the bullish trend. In this regard, the 78.6% level ($8,600) of the Fibonacci retracement is of significant importance. The drop might be stopped there if buyers show an effort.

At press time, Bitcoin was trading at $9,416.

 
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.