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Bitcoin Climbs While Ethereum Struggles

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Bitcoin continues to be the leader of the pack while Ethereum and altcoins can’t make a move. Just this morning we witnessed Bitcoin blast through the 7350 double top on the daily charts. That spot was just too tempting for Crypto Arthur Hayes to run Bitcoin higher and hit all the shorts stops on BitMex.

Chart courtesy of tradingview.com

Bitcoin shorts keep coming

Over a two day span, the shorts built their positions from 22k from 34k. In all my time trading Bitcoin, I’ve never seen such a large buildup in short positions in such a short amount of time. The shorts have been rather relentless this year and must have been certain that Bitcoin was going lower after the 7350 resistance wall held firm.

Chart courtesy of tradingview.com

It seems this year that many are still betting on the Bitcoin seeing $5000. I believe that the bears had their chance this year when Bitcoin tested $5700. That strong support held and now we are sitting at $7400. I have been saying that Bitcoin is to be bought below $6500. Now that we are above $7300, us HODLers have to let things play out. While the bears will not go down without a fight, the momentum is with us bulls.

Ethereum is depressing

The talk among the Crypto Twitter universe this weekend was the article titled “The Collapse of ETH is Inevitable” by Jeremy Rubin. While I am not technologically savvy enough to determine whether there’s merits or not, I instead focus on what others are saying. The most interesting in my opinion came from Paul Everton who had an interesting response to Vitalik Buterin’s own rebuttal.

For me, I’m a trader and not a technologist, so I can only speak from a price perspective. Looking at the price of Ethereum and there is nothing to get excited about. While I am bullish Bitcoin, I believe Ethereum is heading lower. The Ethereum market is very weak and rallies are not sustainable. The ETH/BTC price keeps heading lower and I have no confidence that the market will turn. Here’s the daily chart for ETH/BTC.

Chart courtesy of tradingview.com

I expect Bitcoin to continue strengthening and that will put further pressure on Ethereum. Bitcoin has in effect became the safe haven for crypto traders. Articles on the death of Ethereum are not helping improve investor sentiment at the moment and while ETH is not a falling knife, it is at least a constant paper cut for those trying to pick the bottom. Unfortunately, I am an ETH HODLer and just watching the slow bleed take hold.

Bottom line

The next levels I am watching for Bitcoin are 7440 and then 7500. If we break above 7500, look for the market to test 7800 then 8000. I don’t expect it to be violent as we are not seeing the huge candles like before. I think Crypto Hayes just keeps running stops and gives the shorts enough confidence to come in and short again, only to be squeezed further at a later date of Arthur’s choosing. Overall, it is fun watching and I expect higher prices this week.

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. This author is long Bitcoin and Ethereum.

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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