Connect with us

Bitcoin

Technical Analysis February 28, 2018: Bitcoin, Ethereum, Litecoin

Published

on

Bitcoin Recovery

It seems as though the cryptocurrency market has somewhat stabilized. Many of the cryptocurrencies have hit the bottom of their slide, and are now bouncing back. The daily extreme price fluctuations have tapered down, and the frenzied media that constantly beat the “catastrophe” drum has somewhat attenuated. In spite of the wild and crazy ride over the last few months, the cryptocurrency market is still here and is stronger than ever.

Bitcoin (BTCUSD)

Bitcoin has bounced off the recent low of $6,000.00 it hit on February 06, 2018 which ended its slide. It has since made a strong upward price swing to a local high of $11,788 signaling a potential reversal from the massive downtrend it has been on since mid-December.

Chart#1 Bitcoin Daily

Bitcoin is in the midst of completing an inverted head-and-shoulders price pattern, as can be clearly seen in the daily chart above (Chart #1). Bitcoin just completed a price dip that formed the right shoulder of the pattern four days ago on February 25th. Since then Bitcoin has bounced and is now trading approximately mid-range between the right shoulder price point of $9,359.90, labeled as the key support level, and an $11,788 resistance level at the high point of the prior upward price swing coming from the head of the pattern (labeled key resistance level). Breaking the resistance would complete the inverted head-and-shoulders price pattern, and confirms a reversal. If however, price dips below the right shoulder price point, or worse to the head of the pattern, the potential for a further slide of Bitcoin becomes highly probable.

 Ethereum (ETHUSD):

Ethereum also found its bottom of $565.54 on February 6, 2018, after its massive slide. The bottom was also followed by a strong upward move to a local high of $979.00.

Chart#2 Ethereum Daily

Ethereum is about to complete an asymmetric triangle price pattern, as can be seen in chart #2 above. This type of pattern is indicative of an upcoming breakout. However, as a general rule, it does not indicate the direction of the breakout. 

Litecoin (LTCUSD):

Litecoin is exhibiting price action that is very similar Bitcoin. February 6, 2018, was also the day Litecoin completed its slide to a low of $106.52. And almost in perfect tandem with Bitcoin, it made a strong upward move to a high of $252.86, also on February 20th, then dipping to form the right shoulder of an inverted head-and-shoulders price pattern. Litecoin is also trading within the neckline and the key resistance level of the pattern, as noted in Chart #3 Below.

Chart#3 Litecoin Daily

The mere fact that two of the top three cryptocurrencies are exhibiting very strong indication or a reversal to the upside is a very good sign for the cryptocurrency market as a whole. For those traders and investors who missed the wild price swings of the last few months, or worse, those that got on the wrong side, this is not the time to be discouraged. The is the point whereby six months or a year from now people will be saying “I should have pulled the trigger.” While there is still risk in the cryptocurrency market, the upside potential is better now than it was when all the cryptocurrencies were making new all-time highs on an almost daily basis.

We will be updating our subscribers as soon as we know more. For the latest updates on BTC, ETH, and LTC, sign up below!

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.

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

on

By

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…

Continue Reading

Bitcoin

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

Published

on

By

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…

Continue Reading

Bitcoin

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

Published

on

By

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…

Continue Reading

Trending