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Bitcoin Price Analysis – Three Times A Charm?

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After finding its footing last week at the 5700 level, Bitcoin price has since started to exhibit some momentum/mojo and has begun to show some life in the past week of trade. While the overall trend remains lower, which both investors/traders need to be cognizant of such conditions, as well as further work required in order for BTC to right the ship and repair the technical damage inflicted over the past six months, nonetheless, the recent action is a start and certainly welcome for those longer-term HODL’ers.

While Bitcoin Cash (BCH); Ethereum (ETH) and LiteCoin (LTC) continue to struggle with their 20 day moving average and have been unable to overcome the hurdle thus far, BTC has not only managed to recapture its 20 SMA but, has now been capable of four consecutive closes above its 20 SMA and is presently working on its fifth if it can complete the job in today’s session, which from a short-term technical perspective, would be a favorable development.

Furthermore, when observing the daily Chart of BTC below, we can see that it appears that Bitcoin is once again in the process of forming a potential inverted Head-and-Shoulders (H&S) formation. Although additional work is required in the development process, it is something that both investors/traders may want to monitor in the days ahead for further clues.

As we can witness from the daily chart above, not only is BTC in the process of yet another potential inverted H&S formation, yet we can also see that on two (2) prior occasions in both 1Q as well as 2Q, where on both attempts at completing the formation, BTC was rejected (dark blue and light blue horizontal lines) and subsequently rode the slippery slope to lower depths.

Thus, will this recent formation for BTC be three times a charm via its completion?

With the jury remaining in deliberations and having yet to deliver its verdict, both investors/traders may want to pay particular attention to the following levels moving forward as a guide as well as providing additional evidence/clues with regards to short-term direction.

If, at any time in the days/weeks ahead, BTC can go ‘top-side’ of the 6900 level and ‘stick’, such development, should it materialize, would likely set the stage for greener pastures with a potential objective from the measured move of 7800-8000 zone.

On the flip-side, the 20 SMA (yellow line), presently located at 6388 as of this writing, provides potential short-term support and perhaps more importantly, the 6190 level. Should 6190 ‘give way’ at any point in the not too distant future, such would likely suggest another failure and void the developing inverted H&S formation currently in progress.

Needless to say, risk management remains priority number one, as always, while we await further cards from the deck to be revealed.

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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