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Bitcoin Ethereum Roundup: Bitcoin Deja Vu

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Bitcoin Ethereum

As we start Monday, September 17th, it certainly feels like deja vu for me. We keep seeing the same Bitcoin price of 6100 to 6500 that we have seen all year. This is where Bitcoin has spent the majority of 2018. While some are disappointed, I look at as a positive. Bitcoin has been able to retain value and a floor looks to have been established. The shorts had the opportunity to push the price down when Ethereum was under $180 and Bitcoin held its own. Furthermore, talking to guys on the OTC desks and the feedback that I am getting is that there are a lot of shorts covering around the 6100 level and many buyers come out of the woodwork.

Looking at the Daily Chart (I post the BitMex price because that’s where I trade to take advantage of leverage opportunities) and you will see the wedge getting tighter. We are going to see a breakout one way or another. While I think it will be to the upside, we cannot rule out the downside, especially when I look at the 4-hour chart.

My only concern right now is time. If you look at the 4-hour chart, we’ve been hovering near resistance of 6500 for quite a while. We’ve had 2 momentary selloffs where the stops were run. Lows of 6350 and 6330 came into play. What I am looking at on the downside is the 6100 double bottom on the 4-hour chart. If we take the 6100 out, the downside can get pretty aggressive and we might see fresh lows for the year.

Ethereum

Ethereum has had a nice bounce off the lows and has run into resistance at 230. At the time of this writing, Ethereum is trading at 215. As long as we hold above 200, we should be alright. The market consolidating above 200 is a positive and believe we have seen the lows. I could be wrong, but I have wagered accordingly and I’m long Ethereum.

As you can see from the 4-hour chart above, the market is straddling the 220 level in much the same way that Bitcoin is straddling the 6500 level. The market is consolidating and there is a lack of momentum from the bulls or the bears to press prices.

When there is a lack of momentum, I call this the neutral zone. If one doesn’t already have a position, best off staying on the sidelines. Let the market find it’s direction and then jump on it.

Bottom line

I just want to stress that no one truly knows where crypto prices are heading. Price predictions are just hot air and noise. Ignore it! Focus on the market and the price. While I am do believe the lows are in and we are above those lows, that doesn’t mean I will be correct. The market can turn on a dime and we could be plunging. If that happens, I will be stopped out and look to possibly go short or I will wait and look to buy at lower prices. I have to watch the market and that will determine my next moves. Right now, I am long but nervous. Stops are in place. Trade accordingly.

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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. This author is long Bitcoin and Ethereum. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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