Yesterday, we warned that the (irrational) bullish exuberance among retail investors foreshadows more pain for the price of Bitcoin. Shortly after that, Bitcoin invalidated its bullish breakout for the third time and started to fall. Finally, after erasing more than 7%, Bitcoin halted its decline at 29 309.84 USD. Since then, BTCUSD has been mainly trading...
With the recent developments in BTCUSD, we do not need to change our bearish bias. Therefore, our price target stays at 25 000 USD. Negative fundamental factors Among the fundamental negative factors weighing on the higher price of Bitcoin is the prospect of the FED pursuing more rate hikes in the U.S. and its reduction of the balance sheet. We expect these...
Bitcoin had struggled around the 30 000 USD price tag over the past two weeks when low volumes proved insufficient to propel Bitcoin higher. After several false breakouts above the short-term resistance, Bitcoin always erased its profits immediately. Currently, BTCUSD trades slightly below 30 000 USD. We continue to be bearish on it as we expect economic...
Over the past week, Bitcoin mainly traded between 28 600 USD and 31 411 USD, resulting in the creation of the rectangle pattern. That suggests that the trend is turning neutral in the short-term. At the same time, the daily time frame shows bullish technical developments, implying more upside for Bitcoin in the short term. We will pay close attention to the upper...
Make your own decisions , take care and never risk too much. Emvo. *This is not a financial advice. Do not ever invest or trade by my ideas. It's on your own risk.
Yesterday, the general stock market erased most of its “bear rally” gains. As a result, Bitcoin also erased some of its recent profits; however, not as much as the stock market. We expect Bitcoin to catch up with the stock market and manifest more selling pressure in the short term. Accordingly, we remain bearish and expect BTCUSD to form a new low below 25 000...
So far, Bitcoin has failed to move above 31 411.48 USD, which puts the odds in bearish favor. Technical and fundamental factors also stay bearish. Therefore, we have no reason to change our bearish bias. We expect BTCUSD to form a new low below 25 000 USD. Technical analysis - daily time frame RSI, MACD, and Stochastic remain bearish. The same applies to DM+...
Since November 2021, the total market cap of cryptocurrencies has started to decline. Indeed, it has declined approximately 60% until now; meanwhile, the selloff has accompanied this in more than 20 000 cryptocurrencies. Moreover, volatility remains highly elevated, and short-lived bounces in the price of tokens, followed by fast crashes, suggest anxiety among...
In tandem with our expectations, Bitcoin dropped lower. As a result, we continue to maintain a bearish stance. Our short-term price target remains at 35 000 USD; our medium-term price target is 32 500 USD (due to become a short-term price target once 35 000 USD is taken out). Illustration 1.01 The bearish breakout illustrated above confirms our thesis. ...
Our short-term price target of 37 500 USD was reached just recently. Therefore, we would like to update our thoughts and change our medium-term price target of 35 000 USD to a short-term price target. Subsequently, we would set a new medium-term price target of 32 500 USD. We continue to maintain a bearish stance on the overall cryptocurrency market as we expect...
Yesterday, Bitcoin plunged below 39 000 USD. However, the drop was quickly retraced and BTC bounced as high as 41 754.05 USD today. We continue to maintain a relatively neutral stance in the short term as we expect choppy price action to persist for a little longer. However, we are turning increasingly bearish in the medium term. Because of that, we would like to...
Bitcoin continues to exhibit choppy price action around the 40 000 USD price tag. However, that does not change our stance on it. We remain bearish with the short-term price target of 37 500 USD and medium-term price target of 35 000 USD. Technical analysis - daily time frame RSI is neutral. MACD and Stochastic are bearish; however, MACD is trying to reverse...
Ethereum cost graph gives negative indications to experts after slashing around for a year. A sum of 2.1 billion ETH tokens has been singed in total, representing $6.25 trillion. Regardless of the huge decrease in circling supply, examiners don't expect enormous moves in Ethereum cost. Ethereum cost could plunge as experts distinguish indications of negative...
After reaching our price target of 40 000 USD, we predicted a temporary bottom for Bitcoin. We suggested that the price of BTCUSD might be setting itself for sideways price action. That has been the case for the past week. The prevailing trend in Bitcoin weakened even further, and volume declined. In the short term, we remain neutral on BTCUSD. However, in the...
In our previous posts, we warned about the decrease in volume which accompanied the rally. Since then, BTCUSD saw a reversal, and the price faltered by 7%. Technical and fundamental factors continue to point to the downside for Bitcoin. Therefore, we would like to update our short-term price target for BTCUSD to 42 500 USD. Additionally, we would like to set a...
Yesterday, Bitcoin managed to break through resistance at 45 850 USD. By doing so, BTC validated the bullish consensus for itself. Now, we will observe price action very closely and we will watch out for any possible retracement below short-term support. Such retracement would invalidate the bullish breakout. However, until such an occurrence, we are turning...
Recently, the picture for Bitcoin turned positive. Technical factors turned bullish across multiple time frames and the price of BTC started to rise. However, soon after that, BTCUSD found strong resistance at 45 850 USD. In our opinion, if BTC will manage to break above this resistance then it is going to bolster the bullish case. However, the inability to break...
OpenSea’s latest vulnerability poses a larger and more deeper question relating to the global NFT ecosystem’s existing security infrastructure. Despite the ongoing volatility plaguing the digital asset sector, one niche that has undoubtedly continued to flourish is the nonfungible token (NFT) market. This is made evident by the fact that a growing number of...