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

Price Predictions
Wed, 06/17/2020 - 11:59
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Denys Serhiichuk
Where is the closest resistance of Bitcoin (BTC) before it drops below $9,000?
Bitcoin (BTC) Price Analysis — Return to $9,200 Likely as Bulls Getting Weaker

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 rise in the market has slowed, which is reflected in the positions of the top 10 coins. Litecoin (LTC) is showing the biggest growth of all of them, rising by 2.33% over the past day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The slowing growth of the main coin has affected its market share, which has fallen slightly over the past few days and now is at 64.6%.

BTC’s market share
BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $175,088,555,309

  • Price: $9,512.09

  • Volume (24h): $20,112,918,258

  • Change (24h): 0.13%

The data is relevant at press time.

BTC/USD: Should we expect a decline before moving to $10,000?

Yesterday, buyers were not able to continue to lift the price of Bitcoin (BTC), and the pair fell back to $9,441. In the evening, sellers pierced this level, but the two-hour EMA55 has kept the pair in the lateral range.

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

On the 2H chart, the Stoch RSI indicator lines indicate a possible short-term price drop. It might be limited at $9,300 as the growth potential to $10,000 still remains.

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

On the daily chart, the rise from $9,000 stopped at $9,500. At the moment, Bitcoin (BTC) is trying to reach $9,700. However, it's unlikely it will happen on the first try as there is a lack of buyer power due to falling trading volume. Most likely, there will be a drop to the closest liquidity level at $9,200 to gain 'fuel' for a further rise.

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

On the weekly chart, bearish sentiments are increasing as Bitcoin (BTC) has been trading in a sideways trend for around 1 month. However, the current level is not the local bottom. As the trading volume falls, the drop might continue to the MA 50, at $8,700. If bulls don't hold this level, the long-term trend will switch to a bearish one.

Bitcoin is trading at $9,467 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.

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.

article image
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.