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A Trio of Analysts Say Bitcoin Is Ripe for an Explosive Move As Soon as Volatility Hits Three-Month Low

A trio of analysts say Bitcoin’s consolidation around $9,000 for over a month may be coming to an end as BTC’s volatility hits a critical level. Crypto analyst CryptoBirb tells his 83,000 followers that the king cryptocurrency is primed for a big move after trading in a narrow range for a month and a half. […]

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A trio of analysts say Bitcoin’s consolidation around $9,000 for over a month may be coming to an end as BTC’s volatility hits a critical level.

Crypto analyst CryptoBirb tells his 83,000 followers that the king cryptocurrency is primed for a big move after trading in a narrow range for a month and a half.

Crypto strategist Edward Morra highlights the fact that BTC’s volatility is back to the level it reached before the cryptocurrency collapsed in March.

“BTC Volatility nearing the [three-month] lows. We are back to the 7th of March pre-crash levels. Expecting ‘big moves’ this upcoming week. Probably worth setting a straddle option set.”

Source: Edward Morra

Trader Cantering Clark echoes Edward Morra’s sentiments on Bitcoin’s volatility. He says BTC’s low volatility is setting the stage for an explosive move.

“All I know is that with BTC realized & implied volatility this low, we are due for a big move in either direction that should have some follow-through for a nice amount of time.”

Earlier this month, Kraken released a VIP Bitcoin analysis that predicted elevated BTC volatility in the coming weeks. The report noted that the king cryptocurrency’s mempool transactions, a metric that indicates the number of unconfirmed transactions on the network, is on the up and up. The crypto exchange points out that a rise in unconfirmed transactions may precede a period of heightened volatility.

At time of writing, Bitcoin is trading at $9,293 according to CoinMarketCap.

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Featured Image: Shutterstock/Veronika Kunitsyna

The post A Trio of Analysts Say Bitcoin Is Ripe for an Explosive Move As Soon as Volatility Hits Three-Month Low appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2020/06/15/a-trio-of-analysts-say-bitcoin-is-ripe-for-an-explosive-move-as-soon-as-volatility-hits-three-month-low/

Blockchain

Ethereum long-term Price Analysis: 26 October

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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

Ethereum has been the most-relied upon smart contracts platform since ‘smart contracts’ became a thing. Despite ICOs raising billions and many projects promising the world, none of them have come close to competing with it.

Recently, however, the current platform, notwithstanding its popularity, has been facing issues due to its success. The platform will not be able to handle loads without higher fees, and hence, this would prevent retail from accessing it. The shift to ETH 2.0 has been promised for a while now, but it hasn’t arrived yet.

Perhaps, by the next bull run, if ETH 2.0 is up and running, Ethereum’s prospects might be given a boost of an extraordinary degree. However, at the time of writing, Ethereum exhibited weakness in its price. The following article will outline the said weakness and ETH’s potential targets.

Ethereum 1-day chart

Source: ETHUSD on TradingView

The attached chart has three parts to it – The patterns, the fib levels, and the indicators. The patterns include a large rising wedge [bearish] and a much smaller ascending channel [bearish].

While the price was almost at the end of its span, at the time of writing, a breakout was anticipated. And, at the said point, an ascending channel was forming, a formation that might trigger the bigger breakout. The ascending channel is more of a continuation pattern aka the bear flag. This showed that the initial target of the breakout will push ETH down to $330 [red arrow], and the target for subsequent breakouts will need Fibonacci levels.

The Fibonacci tool showed that 0.382 [$337], 0.5 [$289] and the golden pocket ranging from $242 to $229 were potential targets.

Rationale

This section addresses mainly the indicators. At the time of writing, the RSI was retracing from the overbought zone, highlighting the exhaustion of the market’s buyers. Further, the OBV indicator was heading higher, with the price and the OBV forming a bearish divergence. Hence, the rationale for this technical analysis is that the price will head lower.

Conclusion

One caveat here is that the price of ETH will not head down if the rest of the market [or BTC] decides to rise higher [with strong volumes]. Since BTC and ETH correlation has been constantly high, we can expect this bearish scenario explained above to go void if the markets surge. Moreover, BTC hasn’t filled the gap down at $9.600, hence, if BTC initiates a drop, then this bearish scenario will play out.

Please note that this is on a higher time frame of days/weeks, and hence, it will take time to evolve.

Source: https://eng.ambcrypto.com/ethereum-long-term-price-analysis-26-october

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Bitcoin and Cryptocurrency Market Roundup for the Week Gone By

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Bullish headlines are sending Bitcoin to the skies, with large-cap coins surging to new 2020 highs after PayPal announced on Wednesday it will be integrating cryptocurrency.


The good news continued as the week progressed. America’s biggest bank JP Morgan released a report on Friday claiming Bitcoin is a better investment prospect than gold, and Kanye West dropped Bitcoin bombs on the world’s biggest podcast — telling Joe Rogan that Bitcoiners “really have a perspective on what the true liberation of America and humanity will be.”

As the cryptocurrency market surged, Bitcoin cast off the shackles of its recent correlation with the S&P 500. This fulfills the prophecy of legendary investor Paul Tudor Jones, who called Bitcoin the “fastest horse in the race” back in May, and appeared on CNBC on Thursday to reaffirm his commitment.

This Week’s Highlights

  • PayPal Embraces Bitcoin
  • JP Morgan Flips Bullish

PayPal Embraces Bitcoin

487 million US citizens will be brought to the crypto table over the next few weeks as payment giant PayPal gradually rolls out functionality allowing users to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Bitcoin, which had been steadily climbing before the announcement on Wednesday, treated the news like rocket fuel: The price jumped vertically as the news hit, and quickly broke resistance at $13K.

Yet while Bitcoin has made 12% gains over the last seven days, the leading cryptocurrency has fallen behind Litecoin, which soared over 21% on the news.

JP Morgan Flips Bullish on BTC

JP Morgan, the investment bank that claimed Bitcoin was a “fraud” back in 2017, has changed its tune.

The Wall Street giant released a report on Friday singing the praises of Bitcoin, and suggesting that the cryptocurrency has distinct advantages over gold as a safe haven asset. 

Looking ahead, the bank claims that Bitcoin could have “considerable long-term upside”, with the market cap needing “to rise 10 times from here to match the total private sector investment in gold via ETFs or bars and coins.”

The Week Ahead

Although a pullback could be expected after such a strong rally, BTC’s exuberance shows no sign of abating.

Speaking on CNBC on Thursday, billionaire investor Paul Tudor Jones said the rally is in its “first inning.” He expects more upwards momentum as investors start buying up the cryptocurrency as an inflation hedge.

If the rally continues, the next stop could be the 2019 high of $13,900. Beyond this milestone, the price is almost hitting open sky. As there is little trading history past this point, we could see heightened volatility as the cryptocurrency seeks to establish itself at this new elevation.

Source: https://bitcoinist.com/bitcoin-and-cryptocurrency-market-roundup-for-the-week-gone-by/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-and-cryptocurrency-market-roundup-for-the-week-gone-by

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Hedge Funds Failures, Bankruptcies and Pandemic Fatigue

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As cases rise and the U.S. settles in for a fresh wave of COVID-19, the economic fallout from round one is still being felt, from hedge funds to bankruptcies and beyond. 

Our main conversation is about the rise of a new wave of COVID-19 and the economic fallout we’re still trying to address. NLW discusses why we’re starting this next wave more emotionally drained, politically divided and economically fragile than we were in March.

Source: https://www.coindesk.com/hedge-funds-failures-bankruptcies-pandemic-fatigue

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