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Bitcoin (BTC) Price Analysis: Is the Correction Finished Before Moving to $10,000?

Price Predictions
Sun, 06/21/2020 - 15:35
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Denys Serhiichuk
Chances of Bitcoin (BTC) retesting the $10,000 mark remain less probable.
Bitcoin (BTC) Price Analysis: Is the Correction Finished Before Moving to $10,000?

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.

Cover image via www.tradingview.com

The cryptocurrency market has completely changed sentiments since yesterday. If most of the Top 10 coins were in the red yesterday, then all of them are in the green today.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Compared to the altcoins, the dominance rate for Bitcoin (BTC) has not changed since yesterday. BTC's current market share sits at 64.2%.

BTC’s market share
BTC’s market Share

Below is the relevant data for Bitcoin (BTC):

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $172,408,656,121

  • Price: $9,364.70

  • Volume (24H): $16,230,830,620

  • Change (24h): 0.55%

BTC/USD: Not Enough Fuel to Conquer the $10,000 Mark?

The last day of the week started on a positive note for Bitcoin (BTC); however, it could not reach the $9,500 mark. This means that this was a false breakout.

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

Looking at the hourly chart, a long wick confirms pressure by the bears as well as a declining trading volume. What is more, the lines of the Moving Average Convergence/Divergence (MACD) are going down and already located in the red. All in all, this means that a drop is more likely to occur than a rise. The $9,070 mark is the nearest support level for one more potential bounce.

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

Looking at the daily chart, the decline can be even more profound as there is a potential for buyers based on analysis of the trading volume. The last level of support before the bearish scenario comes into play is at the $8,800 mark. However, the bears are unlikely to break it for the first time as it is a far retest. TO sum it up, the aforementioned support price at $8,800 may be attained by the end of the month.

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

Looking at the weekly time frame, Bitcoin (BTC) has been trading sideways for the last few weeks. However, such price action is more favorable to the bears as the trading volume goes down. What is more, there are lowering heights every week.

Related Bitcoin (BTC) Price Analysis — Return to $9,200 Likely as Bulls Getting Weaker
Related
Bitcoin (BTC) Price Analysis — Return to $9,200 Likely as Bulls Getting Weaker

When applying the Fibonacci retracement to the chart, it is crucial to pay attention to the 38.2% level, which corresponds to $7,900. If the bulls cannot fix above $10,000 in the next days, then the previously mentioned support level may be reached next month.

At press time, Bitcoin was trading at $9,336.

 
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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
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Denys Serhiichuk
Will Ethereum (ETH) get to $240 in the ongoing growth?
Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?

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.

Cover image via www.tradingview.com

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.

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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.