Connect with us

Blockchain

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

Avatar

Published

on

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?

You Might Also Like:

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.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


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

Blockchain

Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

Avatar

Published

on

Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

Continue Reading

Blockchain

$100M of Bitfinex’s Stolen Bitcoin Is in Transit

Avatar

Published

on

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: https://cryptobriefing.com/100m-of-bitfinexs-stolen-bitcoin-is-in-transit/

Continue Reading

Blockchain

Price analysis 11/30: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, BNB, XLM

Avatar

Published

on

Bitcoin (BTC) price came within striking distance of hitting a new all-time high today. This shows that institutional and retail investors continue to buy on every dip and BTC is in a strong uptrend. Hence, traders should not urgently looking to call a top.

While Bitcoin has been creating new records, gold has corrected about 15% from its all-time high. This shows that traders are dumping their positions and this led to the largest weekly outflow in gold.

Daily cryptocurrency market performance. Source: Coin360

Analysts believe that some of the money flowing out of gold could enter Bitcoin as institutional interest continues to soar. A new high could also attract momentum traders who like to piggyback on a strong trend.

Traders are now wondering if Bitcoin’s momentum will pull the whole crypto sector higher or if it will continue to hog the limelight at the expense of the altcoins?

Let’s analyze the top-10 cryptocurrencies to find out.

BTC/USD

Corrections in a strong uptrend usually last for one to three days and that is what happened with Bitcoin price. The pullback from the intraday high of $19,459.22 on Nov. 25 bottomed out at $16,191.02 on Nov. 26.

BTC/USDT daily chart. Source: TradingView

A shallow correction is generally a sign of strength. It shows that existing owners of the BTC/USD pair are in no hurry to book profits while traders who want to buy are not waiting for lower levels to enter.

The upsloping moving averages and the relative strength index near the overbought zone suggest that bulls are in command. The momentum picked up today and the bulls pushed the price above $19,459.22.

But the bears have not yet given up. They are trying to mount a stiff resistance in the $19,500 to $20,000 zone. If the price turns down sharply from this resistance, a drop to $17,200 is possible.

On the other hand, if the bulls can push the price above $20,000, the momentum could pick up further and a rally to $22,727 and then to $25,000 will be on the cards.

ETH/USD

Ether’s (ETH) strong rebound off the $488.134 support shows that the bulls are buying aggressively as they expect the next leg of the uptrend to resume.

ETH/USDT daily chart. Source: TradingView

If the bulls can push the price above $625, the ETH/USD pair could start its journey towards the next major resistance at $800. The upsloping moving averages and the RSI near the overbought territory suggest that bulls are in command.

Contrary to this assumption, if the price again turns down from $625, the pair may consolidate for a few days before resuming its up-move. A break below the 20-day exponential moving average ($523) will be the first sign of weakness.

XRP/USD

The pullback in XRP had been facing resistance at the 61.8% Fibonacci retracement level of $0.649138 for the past two days. Today, the bulls pushed the price above the resistance but failed to sustain the higher levels.

XRP/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the overbought territory suggest that bulls have the upper hand. If they can push the price above $0.649138, the XRP/USD pair could rally to $0.706942 and then to $0.780574.

This bullish view will be invalidated if the price turns down from either overhead resistance and plummets below the 20-day EMA ($0.47).

BCH/USD

Bitcoin Cash (BCH) rose above $280 on Nov. 29 and has picked up momentum today. However, the relief rally could face resistance at the 61.8% Fibonacci retracement level at $324.01.

BCH/USD daily chart. Source: TradingView

If the price turns down from the overhead resistance, it will suggest that the bulls who are stuck at higher levels are bailing out of their positions. The bears will then try to sink the price to $280.

Contrary to this negative assumption, if the bulls can push the price above $324.01, the BCH/USD pair could move up to $344.98 and then to $371.70. The gradually rising moving averages and the RSI above 58 suggest that bulls have a minor advantage.

LINK/USD

Chainlink (LINK) bounced off the 50-day simple moving average ($12.25) on Nov. 26 and 27 and the bulls have pushed the price back above the overhead resistance at $13.28. The recovery is currently facing resistance at the 61.8% Fibonacci retracement level at $14.4433.

LINK/USDT daily chart. Source: TradingView

The flattish 20-day EMA ($13.40) and the RSI just above the midpoint does not give a clear advantage either to the bulls or the bears.

If the bears sink the price back below $13.28, it will suggest that sentiment has turned bearish and the traders are selling on rallies. A break and close below the 50-day SMA could start a deeper correction.

On the contrary, if the bulls push the price above $14.4433, the LINK/USD pair could rally to $15.2994 and then to $16.39. A break above this resistance could resume the uptrend.

LTC/USD

Litecoin (LTC) found support near the 61.8% Fibonacci retracement level of $64.8317 on Nov. 26 and 27. The rebound since then has been sharp but the bulls are currently facing resistance at $88.

LTC/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If they can push the price above $88, a retest of $93.9282 will be on the cards. Above this level, the rally could extend to $100.

On the other hand, if the price turns down from the overhead resistance, the LTC/USD pair could remain range-bound for a few days. The pair will turn negative if the bears sink the price below $64.

ADA/USD

Cardano (ADA) surged back above the overhead resistance at $0.155 on Nov. 28, which shows aggressive buying at lower levels. However, the bulls are struggling to sustain the price above $0.17 for the past two days.

ADA/USDT daily chart. Source: TradingView

This shows that the bears are defending the zone between $0.17 and $0.1826315. If the bears can sink the price below $0.155, a drop to the 20-day EMA ($0.137) is possible.

However, if the bulls buy the dips to $0.155, it will suggest accumulation at this level. A consolidation near the overhead resistance is a positive sign as it shows that traders are not closing their positions in a hurry and are not waiting for deep corrections to buy.

If the bulls can propel the price above $0.1826315, the ADA/USD pair may start its journey to $0.2129 and then to $0.235.

DOT/USD

Polkadot (DOT) bounced off the 50-day SMA ($4.52), which shows that the bulls are defending this support. They will now try to push the price above the $5.5899 to $6.0857 resistance zone.

DOT/USDT daily chart. Source: TradingView

If they succeed, the DOT/USD pair could rally to $6.8619 and then to $7.64. The gradually upsloping moving averages and the RSI above 57 suggest that bulls are at a minor advantage.

However, if the price again turns down from the overhead resistance zone, the pair could remain stuck in the range for a few more days.

BNB/USD

Binance Coin (BNB) remains range-bound between $25.6652 and $32. The bounce off the Nov. 26 low suggests that bulls continue to buy near the support of the range. The price has now reached close to the resistance of the range at $32.

BNB/USDT daily chart. Source: TradingView

If the price turns down from $32, the BNB/USD pair may extend its stay inside the range. The moving averages are flat but the RSI has jumped into the positive territory, which suggests that the momentum favors the bulls.

If the buyers can push the price above $32, the BNB/USD pair could move up to $35.4338. A breakout of this resistance may result in a retest of the all-time high at $39.5941.

XLM/USD

Stellar Lumens (XLM) is facing resistance at the downtrend line but the positive thing is that the bulls have not given up much ground. This shows that the buyers are accumulating on every minor dip.

XLM/USDT daily chart. Source: TradingView

If the bulls can push the price above the downtrend line, the XLM/USD pair could rally to $0.231655. The bears may again mount a stiff resistance at this level and if the price turns down from the overhead resistance, a few days of range-bound action is possible.

If the bulls can drive the price above $0.231655, the next leg of the uptrend could begin. The next target to watch on the upside is $0.2933. Conversely, if the bears sink the price below $0.188, the pair may drop to $0.16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-11-30-btc-eth-xrp-bch-link-ltc-ada-dot-bnb-xlm

Continue Reading
Blockchain5 days ago

PayPal Reportedly Restricted a User’s Account for Trading Cryptocurrency

Blockchain4 days ago

South Korean crypto market records more trades in Altcoins

Blockchain4 days ago

Wrapped- DGLD brings Swiss vault held Gold to Ethereum

Blockchain3 days ago

Latin American Bitcoin & Blockchain Conference Reveals Latest Speakers

Blockchain4 days ago

Libra Hired New Payments Subsidiary General Counsel: Report

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain1 day ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain2 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain3 days ago

Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities

Blockchain3 days ago

Digital Euro: German finance minister urges ECB to accelerate its CBDC development

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain1 day ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain4 days ago

Yes, You Can Spend Your Bitcoin This Black Friday

Blockchain2 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

$100M Liquidated From Compound Following Flash Loan Exploit

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Yearn. Finance Price Analysis: Spike in Buying Pressure Could See YFI Prices Soar To $25k

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain5 days ago

Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Trending