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Bitcoin (BTC) Ethereum (ETH) Price Analysis – Is This a Giftwrapped Pullback?

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Bitcoin
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In the context of the recent rally across the cryptocurrency complex, we have seen sustained inflows and strength for a number of large market cap coins, chief among them clearly being Bitcoin.

However, yesterday evening, we saw news related to regulators once again stepping up to deny the existence of a Bitcoin ETF. As technicians, whenever we see robust trending action, and that action is interrupted by a new headline-driven input, we often salivate about the potential opportunity.

You see, headlines never change trends.

Today, we’re going to take a close look at the charts for Bitcoin (BTC) and Ethereum (ETH) with that in mind.

Bitcoin (BTC)

Price Analysis:

  • High: $7932.00
  • Low: $7852.10
  • Major Resistance Level: $8633
  • Hourly MACD: Sudden Pullback in Play

Chart courtesy of tradingview.com

As noted above, Bitcoin (BTC) has been in fine form of late, ramping higher by over 30% – and over $40 billion in market cap – in just over the last couple weeks.

Key resistance at the coin’s 200-day simple moving average certainly represents a key stumbling block, but that’s not our focus here today.

Instead, we’re taking a look at the fact that the market is pulling back sharply in reaction to headlines that one may see as somewhat predictable given the bearing of the SEC thus far on the concept of the Bitcoin ETF.

When you see a technically strong market reacting against that new trend in response to headlines that come likely as something other than a true surprise, you have to ask yourself just exactly why the universe is acting so generous.

All we have to say is: get ready to back up the truck.

Ethereum (ETH)

Price Analysis:

  • High: $465.08
  • Low: $461.47
  • Major Resistance Level: $500
  • Hourly MACD: Emerging Upward Momentum

Chart courtesy of tradingview.com

As we have noted in our coverage, Ethereum (ETH) has clearly lagged Bitcoin (BTC) in terms of its performance during the recent run higher in the cryptocurrency complex.

This is an issue not so much just for gauging the potential upside for Ethereum (ETH), but for gauging when the real bullish spirit has returned to the space.

In many ways, Ethereum (ETH) represents the future as far as a disruptive vehicle far more than Bitcoin (BTC), and therefore we would far rather see Ethereum (ETH) leading a rally like this.

In any case, the rally that we have seen in Ethereum (ETH) is nothing to sneeze at. The coin has made a steady flow of higher lows and has come into contact with key resistance.

A break above the $500 level would go a long ways toward convincing us that it was ready to play some serious catch up on the chart.

Not only would that move us back above the 50-day SMA, but it would also likely turn that average into an upward sloped measure as the coin got into gear above long-standing resistance. It is precisely this type of shift that can rejuvenate a bullish tone in a market like this.

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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