Nearly a month ago, federal judge Analisa Torres ruled in favor of Ripple Labs in its case against the U.S. Securities and Exchange Commission. The decision was quickly followed by bullish price action, and XRP rose almost to $1, with many investors claiming this to be only a beginning of a roaring bull market. However, fast forward to today, and XRP still has not...
Some of the pivotal ideas to the creation of Bitcoin in 2009 were anonymity, decentralization, and the inability to print more of the same asset. However, over more than a decade, all of these founding pillars have been put to the test. Starting with anonymity, it was one of the most widespread misconceptions that Bitcoin was anonymous and, therefore, it would...
During the long weekend, Bitcoin stayed mostly flat, oscillating around $26,000. Currently, it trades slightly lower, near $25,700. In the past few days, technicals on the daily chart began to turn bearish again after last week’s spike above $28,000. Besides that, the weekly time frame also continues to grow bearish, with MACD, RSI, and Stochastic pointing to the...
Last week, we drew attention to Bitcoin deviating too far from its moving averages. We noted that such extreme deviation made a good case for a significant rebound in the price of Bitcoin before further downside. After a few days, we saw the first attempt of Bitcoin to retrace toward its 20-day SMA, which failed at $26,800. After this failure and Bitcoin falling...
The price of Bitcoin was relatively steady over the past three days. In the meantime, technical indicators like RSI, MACD, and Stochastic stayed bearish on the daily time frame, and the 20-day SMA kept approaching the price. As for the weekly time frame, Stochastic and RSI continued to develop bearish structures, indicating that a trend of higher degree is turning...
On Tuesday, Bitcoin made a new low at $25,350. The next day, it bounced to $26,800 and then faltered back down to the proximity of $26,000. During the past three days, there was a slight accumulation of Bitcoin among the biggest players (reflected in the growing number of BTC addresses with holdings exceeding 1,000 tokens). In the meantime, technicals on the daily...
The price action in Bitcoin has been relatively muted for the past three days, and Bitcoin has stayed near $26,000 most of the time. During this period, there has not been any significant change in the number of wallets with holdings exceeding 100 BTC in balance; the same applies to wallets with holdings exceeding 1,000 BTC. As a result, we keep speculating that...
Those who have been watching our profile since the start of our forecasts for Bitcoin might know that in November 2021, we warned about the potential top in the cryptocurrency market. Following that, we remained bearish on the asset and rode it down to $15,000, hitting one price target after another. Then, since November 2022 lows, we have been standing firmly...
After days of waiting, Bitcoin finally marked a new low at $28,300. In addition to that, the daily time frame turned increasingly bearish, with MACD failing to break above the midpoint and RSI with Stochastic further declining. As a result, we continue to maintain the notion that Bitcoin is headed lower. However, we would like to reiterate that the bearish trend...
Litecoin is again catching our attention as it is approaching the lower bound of the pattern we introduced in late June 2023. If the price breaks below the lower bound, it will be bearish for LTCUSD in the short term, and we could see a further breakdown in the price. In such a scenario, we would not be surprised to see it drop below $70. As a result, we are on...
For about a month now, Bitcoin has been choppy, oscillating mainly within the range between $30,000 and $29,000. Such restrained fluctuations often indicate uncertainty in the market and precede times of elevated volatility. As a result of the current ambiguous situation, we can only wait for new developments to emerge in order for us to take some clues from them...
Yesterday, Bitcoin briefly surged past the $30,000 mark amid news about a new Federal Reserve program named Novel Activities Supervision Program. The statement on the central bank’s website says, “The Program will focus on novel activities related to crypto-assets, distributed ledger technology (DLT), and complex, technology-driven partnerships with nonbanks to...
On Saturday, we drew attention to the bearish crossover between the 20-day SMA and the 50-day SMA. As much has not changed since that, we have no reason to change our stance and continue to think there is a good chance of Bitcoin falling lower (to the area around $27,00). We will update our thoughts once new developments appear. Technical analysis gauge Daily...
In today’s update, we want to draw attention to a bearish crossover between the 20-day SMA and the 50-day SMA. This development confirms the presence of a very weak downtrend and bolsters the bearish case in the short term. Therefore, we will pay close attention to the support at $28,574. If it is taken out, then it is very likely we will see Bitcoin test...
In a significant development overnight, Bitcoin plummeted below $29,000, marking a new low at $28,726. In the process, Bitcoin dropped below the 50-day SMA, which previously acted as a support (now it acts as a resistance). In addition to that, DM+ and DM- performed a bearish crossover on the daily time frame, and RSI, MACD, and Stochastic continued to develop...
Overnight, multiple news media reported that according to Brian Armstrong, Coinbase's CEO, the Security Exchange Commission (SEC) advised the platform to halt trading in all cryptocurrencies except for Bitcoin before initiating a lawsuit against the company. The lawsuit, filed last month, accuses Coinbase of failing to comply with the current regulation that...
Over the weekend, the cryptocurrency market was relatively muted. Bitcoin continued to oscillate between $29,600 and $30,350. So far, it has not taken out a low at $29,508 from 18th July 2023. However, it also has not shown signs of stabilizing above $30,000. Therefore, we continue to wait for Bitcoin to either break below $29,508 or hold above the important...
Bitcoin reached a new high of $31,818 last Thursday. The next day, we voiced concern over the potential trend reversal due to the falling number of Bitcoin addresses with balances exceeding 100 and 1000 tokens, implying that big players were taking profits (the same thing happened in April 2023 after Bitcoin rose above $31,000, preceding the drop below $25,000)....