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EOS Price Sighting Upside Break: BTC, ETH, XRP Climbing Higher

EOS Price Analysis Chart

EOS price formed a decent
support base above $5.700 and $5.800. EOS seems to be eyeing a strong upward
move above $6.100, while bitcoin, ETH, XRP and litecoin are currently rising
steadily.

Key Talking Points

  • EOS price is showing a lot of positive signs above
    the $5.800 support area (Data feed of Kraken) against the US Dollar.
  • There is a major breakout pattern forming with
    resistance near $6.050 on the 4-hours chart.
  • The price is likely to break the $6.050 and
    $6.100 resistance levels to start an upward move.

EOS Price Analysis

After a sharp decline, EOS price found support near the $5.520 level. Recently, it started a steady rise above the $5.800 resistance. Besides, there were decent gains noted in bitcoin, EOS, Ethereum and litecoin against the US Dollar.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a decent support base above $5.700 and $5.800, but it is still well below the 100 simple moving average (4-hours).

The price settled above the $5.800 level and the 50% Fib
retracement level of the last slide from the $6.383 high to $5.520 low. However,
the price is facing a strong resistance near the $6.050 and $6.080 levels.

Moreover, there is a major breakout pattern forming with
resistance near $6.050 on the 4-hours chart. The 61.8% Fib retracement level of
the last slide from the $6.383 high to $5.520 low is also acting as a
resistance.

If there is an upside break above the $6.050 and $6.080
resistance levels, the price could climb further higher. The next key
resistance is near the $6.250 level and the 100 simple moving average
(4-hours).

Above the 100 simple moving average (4-hours), the next major
resistance is near the $6.600 level and a connecting bearish trend line on the same
chart. On the downside, there are many supports forming near the $5.800 level,
below which the price could revisit $5.500.

Overall, EOS price seems to be preparing for the next key
break above the $6.050 and $6.080 resistance levels. If it fails to climb
higher, it could decline again towards $5.500.

The market data is provided by TradingView.

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Litecoin (LTC) Price Analysis: Approaching Next Crucial Break

Litecoin Price Analysis (LTC)

Litecoin price is holding the
$115.00 support area, but it is facing many hurdles. LTC may soon make the next
move either above the $122.50 resistance or towards $112.00.

Key Talking Points

  • Litecoin price is currently consolidating above
    the $117.00 support area (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line forming
    with resistance near $122.50 on the 4-hours chart.
  • LTC price could either break the $122.50 resistance
    or decline again towards the $112.00 support.

Litecoin Price Analysis (LTC)

In the past three sessions, there were mostly range moves in bitcoin, Ethereum, ripple, EOS and Litecoin against the US Dollar. Earlier, the LTC/USD pair declined below the $115.00 support area, but the $112.00 level acted as a strong support once again.

Litecoin Price Analysis (LTC)

Looking at the chart, LTC price traded as low as $112.21 and recently corrected higher. It broke the $115.00 resistance area and the 50% Fib retracement level of the last drop from the $136.59 high to $112.21 low.

The price climbed above the $125.00 level, but it struggled
to gain momentum above the $127.50 level and the 100 simple moving average
(4-hours). Moreover, there is a crucial bearish trend line forming with
resistance near $122.50 on the 4-hours chart.

The price even struggled to clear the 61.8% Fib retracement
level of the last drop from the $136.59 high to $112.21 low. The price is
currently trading below the $122.50 level, but it is holding the $117.00
support area.

If there is an upside break above the trend line and
$124.00, the price could continue to rise in the near term. The next key
resistance is near $128.00 and the 100 SMA, above which litecoin could jump
towards the $140.00 level.

Conversely, if there is no upside break, the price break the
$117.00 support area. In the mentioned case, the price could revisit the main
$112.00 support area.

Overall, litecoin price seems to be preparing for the next
crucial break, and it could either break the $122.50 resistance or decline
again towards the $112.00 support.

The market data is provided by TradingView.

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Litecoin (LTC) Price Analysis: Risk Of Further Losses Below $120

Litecoin Price Analysis (LTC) Chart

Litecoin price started a decent
recovery from $112.00, but it failed to gain pace above the $125.00 resistance.
LTC price is currently under pressure and it could extend losses vs USD and bitcoin.

Key Talking Points

  • Litecoin price struggled to gain strength above $125.00
    and topped near $127.30 (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line forming with
    resistance at $123.50 on the hourly chart.
  • LTC price remains at a risk of more losses below
    the $120.00 support level in the near term.

Litecoin Price Analysis (LTC)

Recently, there was a decent recovery in bitcoin, litecoin and Ethereum against the US Dollar. The LTC/USD pair broke the $120.00 resistance level, but it struggled to gain momentum above the $125.00 resistance.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price topped near the $127.30 level and recently started a fresh decline. There was a break below the $123.50 support and the 23.6% Fib retracement level of the last wave from the $112.16 low to $127.30 high.

Moreover, the price traded below the $120.50 support and the
100 hourly simple moving average. It even broke a key connecting bullish trend
line with support near $122.00 on the hourly chart.

It is now trading below the $120.00 level and the 50% Fib
retracement level of the last wave from the $112.16 low to $127.30 high. It
seems like there could be more losses below the $120.00 and $118.00 support levels
in the near term.

The main supports are near the $113.50 and $112.00 levels. On
the upside, there is a strong resistance forming near $125.00. There is also a crucial
bearish trend line forming with resistance at $123.50 on the same chart.

Therefore, a proper close above the $124.00 and $125.00
levels is needed for a decent rise in litecoin price in the near term. If
LTC/USD continues to struggle below $125.00, there could be more losses below
the $118.00 and $115.00 support levels in the near term. The price may even
test the $110.00 support.

The market data is provided by TradingView.

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Bitcoin (BTC), Gold, Safe Havens Continue to Skyrocket in Tandem, Why?

Bitcoin & Gold in Lockstep

Over the past few months, the Bitcoin (BTC) price trend has been eerily similar to that of gold. While some have cast aside this correlation as a pure coincidence, citing the fact that they see the two assets as polar opposites, many suggest that the correlation is fundamentally-backed.

According to eToro’s Mati Greenspan, the reason why Bitcoin has been rallying alongside its physical counterpart is due to the liquidity that central banks have begun to pump into the global economy.

As the popular crypto-friendly analyst explained on Twitter, this is a result of capital from stocks flooding into alternative assets, due to a search for stores of value and ways to mitigate against a U.S. dollar devaluation, which is already starting to occur against some foreign currencies (Canadian Dollar, Japanese Yen, for instance).

This would seemingly be the case. As Max Keiser of RT explained in a recent television segment, the BTC bottom at $3,150 was put in when the Federal Reserve announced it was going to be dovish, meaning it is actively looking to instate the next round of quantitative easing.

More importantly, the search for safe havens was recently made even more important with a tweet from Donald Trump.

Seen below, the businessman-turned-leader accused China and the European Union of manipulating their currencies, and “pumping money into their [economic] system in order to compete with the USA.”

What the American leader is presumably referring to is the skewed balance sheet of Europe and the rumors that China’s (anti-crypto) central bank is toying with the forex market to improve the optics of its current account.

To counter this supposed manipulation, Trump urged the Federal Reserve to “MATCH” the fiscal policy of the aforementioned regions’ respective central banks.

As markets analyst Alex Kruger explains, this will result in lower interest rates, a cheap dollar — foreign currencies have already begun to move against the U.S. Dollar; and soaring stock markets, which will be pushed higher by greater exports and investors rushing to escape an inflating currency.

So, why exactly is this bullish for Bitcoin and gold?

Well, as Travis Kling, the libertarian chief of crypto fund Ikigai, has hinted at, with a low-interest rate environment, hyperinflation, a sovereign debt default, and other horrible economic events become that much more likely. As Kling likes to quip, “[this is] brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” By this, the former Wall Street fund manager obviously means Bitcoin, but gold kinda fits the bill too.

All this comes as BTC has begun to gain traction as a viable store of value in today’s economy. As reported by Ethereum World News previously, two mainstream media contributors, Jim Iuorio of CNBC and Tyler Cowen of Bloomberg, have both lauded the leading cryptocurrency as a way to hedge against fiscal/economic uncertainty.

Photo by Dmitry Moraine on Unsplash

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Tom Lee: Bitcoin (BTC) Could See ‘Fireworks’, $50,000 Closer Than You Think

Bitcoin Recovers to $12,000, Lee Expects Further Gains

It’s July 4th. You know what that means — fireworks, fireworks for Bitcoin (BTC) that is. According to a recent tweet from Thomas Lee of Fundstrat Global Advisors, the leading cryptocurrency may soon “see fireworks”, which, in the context of his Twitter timeline, suggests a strong move higher in the near future.

Case in point, in the tweet, Lee explained that since crossing above $10,000, the cryptocurrency market has been graced with “Level 10 FOMO”, which is a level of positive sentiment only seen during 3% of the asset’s history.

To be fair, Bitcoin has already beat the expectations of most analysts. As covered by this outlet last week, most analysts were projecting a strong downturn, but BTC is now sitting snug at $11,750 — up around 20% from the local bottom of $9,700.

You see, when BTC slipped from $13,800, its chart registered a series of signals deemed “bearish”. As reported by Ethereum World News previously, analyst Nunya Bizniz pointed out an interesting fractal (a previous bout of price action that plays out at different times) on Bitcoin’s one-day chart. He noted that 2018’s crash and 2019’s strong recovery is looking a lot like the price action seen in 2011 and 2012, which was the crypto market’s first full-fledged cycle.

During this period, Bitcoin rallied to new heights, fell by 94%, saw a rapid bounce by 260%, to then fall by 46%. Bizniz notes that if history is of any indication, Bitcoin could see a 46% decline, which would bring it back to the $7,000 range.

More importantly though, Bizniz noted in a later tweet that Bitcoin recently broke under a parabola that it has held for upwards of six months. This is notable, as the origin of this move stretches back to Bitcoin’s bottom of $3,150. For those unaware, each time BTC failed to hold a medium- to a long-term parabola, an 80% correction ensued.

So, now that a strong reversal is off the table, where exactly does Lee expect for Bitcoin to head?

While he didn’t make any explicit predictions in the aforementioned tweet, we can look to his previous comments to get some insight. Speaking to Wei Zhou of Binance, the prominent analyst noted that once $10,000 is breached, all proverbial hell will break loose in the cryptocurrency market. Lee, accentuating his optimism, went on to say that $20,000 and $40,000 should fall shortly after the achievement of $10,000.

Lee still seems to be closely eyeing $40,000, as, replying to a commenter, the Fundstrat analyst quipped that $50,000 may be crossed “sooner than most think… “

While some have suggested that much of the hypothesized buying pressure will come from retail investors, more and more data suggests that institutions will be the ones driving the rally. Speaking to Bloomberg earlier this week, Michael “Novo” Novogratz of Galaxy Digital claimed that pensions and endowments will be the ones driving Bitcoin past $20,000.

Title Image Courtesy of Unsplash

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Ripple (XRP) Price Could Tumble Further Versus Bitcoin (BTC)

Ripple Price XRP BTC Chart

Ripple price failed to climb
above the key 0.00004000 resistance against bitcoin, and declined recently. XRP
is currently under pressure and it could decline further vs BTC in the near
term.

Key Talking Points

  • Ripple price topped near the 0.0000400 resistance
    and trimmed gains against bitcoin.
  • There is a crucial bearish trend line forming
    with resistance near 0.0000380BTC on the 4-hours chart of XRP to BTC (Data feed
    via Binance).
  • The price is currently approaching the 0.0000330BTC
    support, below which it could nosedive.

Ripple Price Analysis

After trading as low as 0.0000331, ripple price started an upside correction against bitcoin. XRP broke the 0.0000380BTC resistance, but it failed to climb above the key 0.0000400 resistance level.

Looking at the chart, the price topped near the 0.0000400 resistance and recently started a fresh decline. It broke the 0000380BTC support level to enter again into a bearish zone. More importantly, it stayed well below the 0000400BTC level plus the 100 simple moving average (4-hours).

There was a clear break below the
50% Fib retracement level of the last wave from the 0.0000331BTC low to 0.0000400BTC
high. It opened the doors for more losses below the 0000360BTC support area.

The price is now trading below
the 76.4% Fib retracement level of the last wave from the 0.0000331BTC low to
0.0000400BTC high. It seems like the price may soon revisit the last swing low
at 0000331BTC in the near term.

If there is a downside break
below the 0000331BTC support, ripple price might continue to slide. It could
even test the main 0000300BTC support area in the coming days.

On the upside, there are many
hurdles near the 0000360BTC, 0000380BTC and 0000400BTC levels. There is also a
crucial bearish trend line forming with resistance near 0.0000380BTC on the
4-hours chart of XRP to BTC.

Therefore, ripple price must
close above the trend line, the 100 simple moving average (4-hours), and the 0000400BTC
resistance level to start a decent recovery in the near term. If XRP continues
to struggle below 0000400BTC, there is a risk of more downsides.

The market data is provided by
TradingView.

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Ethereum Price (ETH) Facing Uphill Task Vs Rising Bitcoin (BTC)

Ethereum Price Chart Analysis ETH BTC Chart

Ethereum price recovered
recently, but struggled near the 0.0282 resistance against bitcoin. ETH to BTC
is currently correcting lower and remains at a risk of more losses.

Key Talking Points

  • Ethereum price started a decent recovery against
    bitcoin, but struggled above the 0.0280 level.
  • There is a key ascending channel forming with support
    at 0.0260BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
  • The pair could either extend losses below the
    0.0260BTC support or it could climb again towards 0.0280BTC.

Ethereum Price Chart Analysis

After a strong decline, Ethereum price found support near 0.0245 against bitcoin. ETH to BTC started an upward move above the 0.0270BTC resistance, but it struggled to gain momentum above the 0.0280BTC level.

Ethereum Price Chart Analysis ETH BTC Chart

Looking at the chart, the price formed a swing low near 0.0245BTC and started a decent recovery. There was a break above the 0.0260BTC resistance level to start an upward move.

Moreover, there was a break above
the 50% Fib retracement level of the last drop from the 0.0298BTC high to 0.0245BTC
swing low. The price even pierced the 0.0280BTC level, but it struggled to
continue higher.

It faced a strong resistance near
0.0282BTC and the 100 simple moving average (4-hours). Besides, the 61.8% Fib
retracement level of the last drop from the 0.0298BTC high to 0.0245BTC swing
low also acted as a resistance.

As a result, there was a fresh
decline in Ethereum price below the 0.0275BTC and 0.0270BTC level. It is
currently trading near the 0.0260BTC support area. More importantly, there is a
key ascending channel forming with support at 0.0260BTC on the 4-hours chart of
the ETH/BTC pair.

If there is a downside break
below the channel support, the price could move back in a bearish zone and it
is likely to test the 0.0250BTC or 0.0245BTC support level.

Conversely, Ethereum could bounce
back from the 0.0260BTC support. However, on the upside, there are many hurdles
for ETH near the 0.0275BTC, 0.0280BTC and 0.0282BTC levels. Only a close above
the 0.0282BTC level and the 100 SMA might accelerate gains in the near term.

 The market data is provided by TradingView.

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Analysts: Bitcoin (BTC) Chart Bullish (Again) After Recovery to $11,000

Bitcoin Now Bullish After Recovery Activates

After entering the $9,700 region just the other day, Bitcoin (BTC) has bounced back. Hard. As of the time of writing this article, the leading cryptocurrency sits at $11,000 — up nearly 7% in the past 24 hours as BTC registers a strong bounce after a 30% selloff that took place over a matter of days. While this bounce is to be expected, is the Bitcoin price chart bullish once again, just like it was earlier this month?

According to a number of prominent analysts, yes. Per a recent tweet from B-Eazy, a known trader, the 30-minute chart has seen BTC break out of a declining trend line, double bottom, break clear of a cloud resistance, and push past the daily open — all bullish technical signs. He notes that Bitcoin now has a “bullish market structure” once again, and that whats next for BTC is for it to close strong above the weekly open in the highs $10,000s.

This isn’t the only sign that Bitcoin is bullish once again. As Level’s Josh Rager pointed out earlier Tuesday, a sign that buyers are stepping in to reclaim the cryptocurrency market after letting BTC slip by 30%, is a close above $10,572 on the four-hour chart. This has been achieved.

But even more importantly, Bitcoin managed to close the daily candle, which gives more of an indication as to where this market will head next, extremely strong. Per Joe McCann, a prominent technical analyst and investor, Tuesday’s close was strong due to loads of volume, Bitcoin finding itself above the 20-day moving average, and the existence of a “big hammer candle [that was] posted after many shorts closed their positions below $10,000”.

So, with this in mind, what do analysts expect is next? Interestingly, most expect consolidation, not a strong continuation to the upside. As Alex Kruger notes, his outlook on Bitcoin remains unchanged: “expect consolidation/ranging before the next large upwards move.”

There seems to be technical reasons for the expectation for Bitcoin to flatline, or maybe even fall back lower from here. As reported by this outlet previously, analyst Teddy Cleps points out that Bitcoin recently managed to bounce off the key 200-day exponential moving average. But, historically, as seen in the chart published below, BTC made contact with this key trend line multiple times to confirm support, then rallied after double or triple bottoming. The reason why this is, according to Teddy: consolidation allows for moving averages to coalesce; and the Moving Average Convergence Divergence (MACD) can flatten out for the next move.

Whether or not this historical trend holds its water this time around remains to be seen though. Anyhow, most bets seem to be on at least a few days or weeks of consolidation prior to a swing to the upside, a swing that may bring Bitcoin past $20,000 for the first time in its history.

Photo by Rodion Kutsaev on Unsplash

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Litecoin (LTC) Price Analysis: Price Trading Near Crucial Juncture

Litecoin Price Analysis (LTC) Chart

Litecoin price started a major
decline from the $140.00 resistance and dropped more than 15%; LTC price trimmed
most its gains and it is currently under a lot of pressure, similar to bitcoin.

Key Talking Points

  • Litecoin price topped near the $140.00 level and
    declined sharply below $125.00 (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line forming with
    resistance at $114.50 on the hourly chart.
  • LTC price must stay above the $110.00 support to
    avoid more losses in the near term.

Litecoin Price Analysis (LTC)

Recently, there was a sharp decline in bitcoin, ripple and Ethereum, resulting in bearish moves in Litecoin below $130.00 against the US Dollar. The LTC/USD pair topped near the $140.00 level and recently declined more than 15%.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price traded as high as $138.21 and it broke the main $130.00 and $125.00 support levels. There was also a close below the $125.00 support and the 100 hourly simple moving average.

It opened the doors for more losses and the price dropped below
$110.00. A new weekly low was formed near $106.84 and the price is currently correcting
higher.

An initial resistance is near the $114.00 level plus the 23.6%
Fib retracement level of the last decline from the $138.21 high to $106.84 low.
Moreover, there is a major bearish trend line forming with resistance at $114.50
on the hourly chart.

If there is an upside break above the trend line and the $115.00
level, the price could recover towards the $120.00 level. The next key resistance
is near $122.50 and the 50% Fib retracement level of the last decline from the
$138.21 high to $106.84 low.

Conversely, if the price fails to move above the $115.00
resistance, it could continue to slide. An immediate support is near the
$110.00 level, below which there is a risk of more losses below the $106.50
support area.

Overall, litecoin price is trading near a crucial juncture
and as long as it is above the $110.00 support, it could start a decent
recovery.

The market data is provided by TradingView.

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Bitcoin (BTC) Will Soon Blast by 80% to $30,000 Should Fractal Play Out

Bitcoin Ready for $30,000. What?

To say that the Bitcoin price action on Wednesday has been crazy would be somewhat of an understatement. For those who missed the memo, BTC found itself up 20% at some point yesterday, carving out a foothold for itself in and around the $13,800 price point, a key long-term resistance.

Then, within the span of some fifteen minutes, Bitcoin collapsed by 14%, depending on what exchange you refer to, then rallied by 7% within another 15-minute time span. As CNBC’s “Fast Money” recently quipped, “this is what volatility trades like.”

Despite the uncertainty on behalf of bears, one trader recently brought up an interesting fractal, which reveals that the current rally is just getting started. Optimistic, I know, but let’s take a look.

Ayan Dasgupta shows that over the past few months, Bitcoin has been experiencing patterns in its price movement, marked by larger gains (1.62x) and longer epochs (1.2x). If you look at the chart below, this surely is the case. Each rally has been larger than the last, but the gaps between each large surge have gotten longer.

Anyhow, Dasgupta’s fractal suggests that Bitcoin could hit $29,890 by August 21st — a mere 50 odd days away. He does note, however, that if this move came to fruition, traditional indicators, namely the Mayer Multiple (price over 200-day moving average), would enter unprecedented regions.

Indeed, Trace Mayer, the creator of the aforementioned Multiple, has claimed that the ongoing rally may be somewhat unsustainable if we consider historical precedent. In a recent tweet, which was made when BTC was at $10,600, the long-time cryptocurrency investor (angel investor: Kraken, Armory, others) noted that his sustainable targets for BTC would be $15,000 by September, $21,000 by December, and potentially $30,500 by the time the halving rolls about next May/June.

With Bitcoin historically being higher than its 200-day moving average by only 14.79%, the current overextension is obviously a sign that bulls may soon lose steam, resulting in a short-term yet large retracement.

Analysts Optimistic

Dasgupta’s fractal may seem a bit absurd, especially considering that Bitcoin has yet to even crack $20,000. But, he isn’t the only one expecting for the leading cryptocurrency to set new highs in the near future.

As reported by this outlet, In an email to CoinTelegraph, Simon Peters suggested that Bitcoin could reach $20,000 within one to two weeks.

The eToro analyst backed this claim by noting that when BTC first broke past $11,800 in 2017, it took just around a week or two to blast to $20,000. It is important to note that during the last boom, the conditions were different: the CME and CBOE had just announced their futures and retail investors were FOMOing.

Peters continued, adding that Facebook’s Libra project could continue to be a boon for sentiment regarding cryptocurrencies at large, giving BTC the potential to skyrocket higher even after the past week’s 40% performance.

On the matter of a move past $20,000, Peters postulated that by the end of the year, barring that momentum fails and cryptocurrency fundamentals deteriorates, $50,000 or even $100,000 should be in sight.

Photo by Matt Sclarandis on Unsplash

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