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Bullish: Huge H&S Pattern Developing in Bitcoin With $20K Target At ATH

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After quite a volatile rally to $13,000, bitcoin price action has tempered down a bit. But, the case for future gains remains strong, according to a technical setup that popular Youtube and Twitter-based BTC analyst Carl Martin shared today. This will surely get the hopium levels of bulls soaring. According to him, the top cryptocurrency will soon hit the previous all-time high of $20,000. But there’s a catch.

Bitcoin’s Road To $20,000 In 2020 Has An Inverse Head And Shoulders

According to an inverse head and shoulders (IH&S) setup shared by Carl, who, by the way, goes by the name of ‘TheMoon,’ bitcoin price has already cleared the first two stages of the IH&S pattern. Based on this, Carl remarked that the price target of $20,000 is closer than it appears.

btc_hs_oct24
BTC/USD, chart by TradingView, Source: TheMoon

Generally speaking, market participants consider IH&S as one of the bullish indicators apart from the golden cross and some wedge formations. Explosive price runs follow the successful completion of an IH&S pattern. Sometimes the upside targets look similar to the height of the middle trough.

How Does This Setup Play Out?

According to the analyst, the bitcoin price chart printed the first IH&S trough towards the beginning of this year, when BTC rallied in response to ongoing geopolitical conditions. The next formation was after the Black Thursday crash in March. This is when the bitcoin price fell all the way down to $3,858. And then, after a brief bout of sideways trading, began rallying towards April end-May beginning.

BTC formed the third IH&S trough after picking up post the September crash (after a flat trade phase, of course). This is the current rally in which bitcoin surpassed this year’s high and tapped $13,200. Carl said that the next stop is $19,700, but for that, BTC has to post a weekly close above the delineated ‘neckline.’ But will it happen?

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JP Morgan Makes The Case For A Hyper-Bullish BTC

Macro investor Dan Tapiero just shared a snapshot of the ‘Flows and Liquidity Report’ published by JP Morgan analyst Nikolaos Panigirtzoglou. The report, as per him, draws an extremely bullish outlook for bitcoin. And how? Here’s an excerpt:

…the total market capitalization for bitcoin is $240bn. At first glance, this makes it comparable to the total size ofgold ETFs at $210bn. But gold ETFs is not the main way wealth is stored in gold. Wealth is mostly stored via gold bars and coins the stock of which, excluding those held by central banks, amounts to 42600 tonnes or $2.6tr including gold ETFs. Mechanically, the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment to gold via ETFs or bars or coins. even a modest crowding out of gold as an “alternative” currency over the longer term would imply doubling or tripling of the bitcoin price from here. In other words, the potential upside for bitcoin is considerable as it competes more intensely with gold as an “alternative” currency we believe, given that Millenials would become over time a more important component of investors’ unviverse.

Will we see bitcoin posting a weekly close above that neckline, which Carl mentioned? Let’s see.

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Source: https://cryptopotato.com/bullish-huge-hs-pattern-developing-in-bitcoin-with-20k-target-at-ath/

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Bitcoin is About to Post the Highest Monthly Candle Close Ever as Bulls Roar

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  • Bitcoin is currently caught within the throes of an intense uptrend, with bears being unable to slow its ascent
  • The strength of this uptrend has been quite intense, and seems to indicate that significantly further upside could be imminent
  • The lower and mid-$19,000 region does hold some intense resistance for the cryptocurrency, and another rejection here could strike a heavy blow to bulls
  • That said, the macro strength seen by BTC indicates that a move past this price will come about in the near-term
  • One trader is noting that Bitcoin is about to post the highest monthly candle close it has ever seen
  • This is an incredibly bullish development that does seem to indicate that upside is imminent

Bitcoin and the entire crypto market have been caught in the throes of an intense recovery over the past few days, with the recent selloff proving to be highly fleeting.

The market’s potent response to this intense decline indicates that some serious upside could be imminent in the days and weeks ahead.

Any extension of this momentum could result in the cryptocurrency seeing fresh all-time highs.

Bitcoin Shows Signs of Strength as It Moves to Retest All-Time Highs

Late-last week, Bitcoin rallied into the mid-$19,000 region before facing a firm rejection that caused its price to slide significantly lower.

The selling pressure seen here has been intense, and it remains unclear as to whether or not bulls have enough strength at the present moment to break above this level.

If BTC can break above its previous all-time highs, it will likely enter price discovery mode and extend its current parabolic uptrend.

A further rejection here, however, could mean that a prolonged consolidation phase is imminent.

BTC is About to See the Highest Monthly Candle Close Ever 

Assuming that Bitcoin remains technically strong and doesn’t face any harsh selloff over the coming day, the cryptocurrency is poised to post its highest monthly candle close ever.

As one analyst observed:

“BTC / USD: This will be the highest monthly close of all time, monthly candle is currently +35% above the previously ATH close. I would expect anything below $16,500 to be bought be up extremely aggressively, on anything less than the 1W.”

Bitcoin

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

From a macro-perspective, this is an incredibly bullish sign, as it indicates that the cryptocurrency’s long-term outlook – as well as its short-term outlook – are bullish.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/bitcoin-is-about-to-post-the-highest-monthly-candle-close-ever-as-bulls-roar/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-is-about-to-post-the-highest-monthly-candle-close-ever-as-bulls-roar

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What does the new Ethereum 2.0 mean for the future of ETH?

Ethereum is the King of DeFi but Ethereum 2.0 can do even more. without a doubt, the growth of DeFi popularity has also had negative consequences on Ethereum 1.0. 99% of ETH transactions are a part of DeFi. Ethereum is popular because of its DeFi smart contracts. Smart contracts occur via blockchain code and are […]

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Ethereum is the King of DeFi but Ethereum 2.0 can do even more. without a doubt, the growth of DeFi popularity has also had negative consequences on Ethereum 1.0. 99% of ETH transactions are a part of DeFi.

Ethereum is popular because of its DeFi smart contracts. Smart contracts occur via blockchain code and are essentially a contract for tasks to occur. Smart contracts mean that Ethereum can hold value and unlocks it when specific criteria are met.

More people using DeFi has left Ethereums blockchain congested. With a congested blockchain comes a slower one, too, and inevitably, the system becomes less efficient.

There are tens of thousands of applications built on the ETH blockchain, including new apps.

Phase 0 of the Ethereum 2.0 application is being launched tomorrow, which has led to a price rise over four days of 20% on the lead up to the launch.

Ethereum managed to reach a new multi-year high of $623. Investors expect the new upgrade to do wonders for ETH, and the price has seen a year high.

What does the new Ethereum 2.0 mean for the future of ETH? 1

Since the 27th of November, ETH has seen bullish movement leading it into the promised land. The candles have been oscillating between bullish and bearish but are mostly bullish.

Looking at the Moving Average Convergence, it is clear that the bullish momentum is only picking up as the Ethereum 2.0 deadline draws. The bullish movement now has a 14-degree trend line.

Ethereum 2.0 what it means

fireworks display

The new Ethereum 2.0 is meant to address the emerging problems Ethereum has. The issues the advancements will be addressing are security, efficiency as well as scalability.

Security

gray steel chain locked on gate

One weakness that most cryptocurrencies have to deal with is security, but Ethereum 2.0 will combat the security problems. Most PoS networks like Bitcoin only require a petite range of validators, but Ethereum 2.0 will need 16 minimum.

The new system will be able to operate more effectively with DeFi too.

Efficiency

white electric windmills during daytime

The upgrade should lead to a much more efficient system because the current Ethereum is only able to process 35 transactions per second. The narrow Ethereum 1.0 capacity results in a slower approach with delays, which incurs high gas fees on the network.

The upgrade will help solve this problem as it will mean that the system can process 100 transactions per second. The costs of gas to make transactions will also be lowered by the upgrade because individuals had to pay thousands due to the inefficiencies of ETH 1.0.


Scalability

man carrying green sack

Improving the scalability is regarding the capacity the blockchain network has to handle the amount of work it receives. In short, scalability means that the system is producing more transactions per second.

Ethereum 2.0 will mean that more smart contracts can be processed on the network. The upgrade will inevitably use less energy.

Proof of stake

three gold-colored bitcoins on black surface

The new ETH will switch from the old, energy-consuming proof of work to proof of stake and further differentiate itself from Bitcoin.

When will Ethereum 2.0 be complete ?

round Timex analog clock at 2:33

The Ethereum 2.0 will be a slow process, and it will release different aspects of the upgrade slowly to ensure everything works well.

The Ethereum founder on Twitter mentioned that the system could take up to two years to process the process stages, which he also outlined on Twitter. Vitalik Buterin said there are three main stages.

What does the new Ethereum 2.0 mean for the future of ETH? 2

Regardless of how long the process takes, provided all the promises Mr. Buterin made are met, the upgrades will solve all the coin’s problems.

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Ripple price prediction: Price to climb above $0.660 level if support holds

TL;DR Breakdown Ripple price currently at $0.64641 Price action seems stagnated on the short-term charts Price to climb above $0.660 if support level holds. Ripple price prediction: Today’s overview Ripple price opened $0.60595 with slight bullish momentum that has defined the asset’s price movements across the day. The daily session did was not completely bullish […]

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TL;DR Breakdown

  • Ripple price currently at $0.64641
  • Price action seems stagnated on the short-term charts
  • Price to climb above $0.660 if support level holds.

Ripple price prediction: Today’s overview

Ripple price opened $0.60595 with slight bullish momentum that has defined the asset’s price movements across the day. The daily session did was not completely bullish or bearish, but wave-like activity was observed. Currently, Ripple price is $0.6 showing a 6.5 percent increase from the day’s opening price.

Ripple price across the last 24-hours

Ripple price prediction: Price to climb above $0.660 level if support holds 1

Ripple price opened the day at $0.605 as buyers found support at $0.600 to generate bullish movements. The price rose above $0.640 but failed to close above the level and subsequently declined. The price action remained bearish for the next few hours as buyers failed to defend the $0.620 support level. The price declined to $0.600 before finding strong support to initiate a bullish movement.

The price saw the wave-like activity as it rose above the $0.6200 level again, and after a brief rest, the buyers initiated a strong bull rally that raised the price above $0.6800. As the price failed to close above the level, it declined to the support level at $0.6330 and has consolidated between the support and $0.6600 resistance level. Further below, strong support lies at $0.6290

On the technical indicators, the MACD shows that the momentum is currently bearish, with the EMAs seem to be converging. Meanwhile, the RSO is neutral and does not indicate support for either side.

We expect that the price would consolidate a bit more on the short-term charts before testing resistance levels again. Buyers can expect the price to cross the $0.660 level by tomorrow.

Ripple price Long-term trend analysis

Ripple price prediction: Price to climb above $0.660 level if support holds 2

Ripple price has been consolidating in the region between $0.100 to $0.500 for a very long time. In fact, prior to the recent bull run. XRP has not closed above the $0.500 mark since November 2018. The asset’s price has spent the majority of its time between $0.200 and 0.300, with the price action rarely leaving the region.

The price action exhibited similar behavior at the start of 202 as the price went from $0.19236 to $0.33400 before facing rejection and heading downwards. The price fell to $1.200, which turned out to be the year’s lowest as the movement found support at the level and rose.

The price rose to the $0.200 level but continued to hover at the level for nearly four months. Only in late July did the price finally rose from $0.200 towards $0.300 but failed to cross the mark. Following the rejection, the price declined to the $0.250 level, where it consolidated until the recent bull run.

On 18 November, the bulls finally took control of the markets as the price crossed the $0.300 mark before eventually rising above the $0.400 level two days later. The price rose to $0.75, where it met strong resistance and fell back to $0.450, where it found support. Since then, the price has risen above the $0.600 level and currently trades near the $0.650 level.

On the technical indicators, the MACD is bullish but shows a declining bullish momentum as the two EMAs converge. On the other hand, the RSI is hovering around 70.00, suggesting the asset is overvalued but does not issue a strong signal.

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