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

Price Predictions
Tue, 06/09/2020 - 08:54
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Denys Serhiichuk
Are traders likely to see Bitcoin (BTC) above $10,000 this month?
Bitcoin (BTC) Price Analysis — Slowly Approaching $10,000 Mark

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

June 9th has started with a negative mood on the cryptocurrency market. Most coins from the top 10 list are in the red zone. XRP is the only one trying to remain bullish, having risen by 0.01% since yesterday.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The decline of most of the cryptocurrencies has not affected the dominance rate of the main crypto, which remains at the same level at 64.4%.

BTC’s market share
BTC’s market share

The relevant data for Bitcoin is as follows.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $178,464,060,180

  • Price: $9,699.65

  • Volume (24h): $22,958,180,494

  • Change (24h): -0.42%

The data is relevant at press time.

BTC/USD: Is it still possible to reach $10,000?

On the hourly chart, Bitcoin (BTC) made a false breakout of the $9,900 mark. The decline over the past 24 hours of the main crypto has amounted to 0.42%

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

Even though the bullish scenario has not yet fallen apart, there is strong resistance at $9,900 that is preventing Bitcoin (BTC) from moving forward. Thus, the trading volume is decreasing and mostly dominated by sellers. In this case, one should not also exclude the possibility of a retest of the $9,600-$9,650 zone shortly.

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

On the 4H time frame, there is no dominance from bulls or bears. The liquidity is high enough. However, trading volume is too low to push the rate higher. Summing up, the more likely scenario for the next days is a sideways trend in the yellow area between $9,600 and $9,750.

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

Bitcoin (BTC) is about to finish its bullish trend as 'fuel' for further growth is running out. Such a statement is confirmed by the declining trading volume and falling heights.

Related Galaxy Digital CEO Mike Novogratz: 'Bitcoin (BTC) Is Still Hard to Buy'
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Galaxy Digital CEO Mike Novogratz: 'Bitcoin (BTC) Is Still Hard to Buy'

If bulls cannot seize the initiative, the next stop is $9,150. In this case, the Triangle pattern will be formed and the bearish trend will start.

Bitcoin is trading at $9,672 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.