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Bitcoin (BTC) Price Analysis — Will Ongoing Impulse Reach $9,500?

Price Predictions
Mon, 07/06/2020 - 11:49
Denys Serhiichuk
Is the current bounce from Bitcoin (BTC) false?
Bitcoin (BTC) Price Analysis — Will Ongoing Impulse Reach $9,500?
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 decline of the cryptocurrency market that occurred over the weekend was absorbed by a Monday rise from all of the top 10 coins. Bitcoin SV (BSV) has shown the biggest growth over the past day, having risen by 4.59%.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The fast rise of altcoins has affected the dominance rate of the main crypto, which has dropped slightly and is now at 63.2%.

BTC’s market share
BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $169,268,004,298

  • Price: $9,187.03

  • Volume (24h): $14,946,026,484

  • Change (24h): 1.36%

The data is relevant at press time.

BTC/USD: How long will the ongoing bounce last?

Last weekend, the activity of market participants remained low. On Saturday, buyers again tried to overcome the two-hour EMA55, but the growth was not supported by volume, and on Sunday the price of Bitcoin (BTC) returned to its previous level. Slow sliding to the weekly low point led it to $8,900.

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

By the beginning of this week, the pair has recovered to the average price range and today the flat movement will continue within the lateral corridor, the borders of which were slightly expanded over the past weekend.

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

An important goal for bulls is to break through the resistance of $9,300, which would open growth prospects to the area of $​​9,800. However, if buyers do not support the growth, then this week BTC may return to the downward orange corridor to support at $8,600.

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

On the 4H chart, Bitcoin (BTC) has held above $9,000. The trading volume is still low. However, the liquidity is high at current levels. What is more, the lines of the MACD indicator have switched to bullish, which means that the first resistance in the bulls' way is $9,300, which they may hit shortly.

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

On the daily time frame, the scenario is more bearish than bullish, even though sideways trading has continued for a second month. Highs are getting lower and lower, which confirms the absence of buyer resistance. If bulls cannot take it to $9,500 and hold above that mark, traders can expect another drop below $9,000, to the $8,700 mark.

Bitcoin is trading at $9,206 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.

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.