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Daily Technical Analysis: Bitcoin, Ethereum, Litecoin

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Bitcoin

Bitcoin, Ethereum, and Litecoin are currently the three of the most heavily traded coins traded in the cryptocurrency market. They are collectively considered by many market participants as a sort of “bellwether”  for the rest of the cryptocurrency market, especially Bitcoin. As bitcoin goes, so does the rest of the crypto market. So it comes as no surprise that the price action of the three seems to move in tandem. For traders, this is a good thing. It serves to give an alert when a potential move is coming and to confirm the mood and sentiment of the market. Keeping a close watch on all three is a good market analysis technique.

 Bitcoin (BTCUSD)

Bitcoin continues to consolidate around the $11,100.00 level. Bitcoin’s price action is showing signs of uncertainty as asymmetric triangle price patterns are manifesting themselves in the price charts indicating indecision by traders and investors. The Daily chart below shows the asymmetric triangle price patterns in purple. The chart also shows the 9-day average that has been flat for the lasts 4-days, further indicating that the direction of the bitcoin market is currently in flux as traders are wavering on whether to get back in on the long side and catch the next upward move, or avoid the downside risk of Bitcoin dropping even further.

Chart#1 Bitcoin Daily

It goes without saying that there are a great many traders/investors that missed the first runup of Bitcoin to its all-time high near $20,000, and don’t want to miss the next runup (if there is one). However, at a price of $11,100.00, there is a substantial amount of downside risk. In this case, timing is of the essence. The savvy trader will be patient and wait for the price to break above the triangle pattern, for the 9-day moving average to turn upward, and for volume to begin to surge.

Ethereum (ETHUSD):

Ethereum is exhibiting much of the same type of price action as Bitcoin. The chart below for Ethereum shows the 15-minute intraday price action. The asymmetric triangle price pattern is even more pronounced in the intraday chart as price action reaches the apex of the pattern. Volume patterns are also beginning to show signs of shifting to a more bullish sentiment as upward price movements are accompanied by volume surges.

Chart#2 Ethereum 15-minute

The triangle price pattern will be completed in the next few days. The savvy trader will wait to see which way price breaks out of the pattern and react accordingly. All indications are that Ethereum will break—out to the upside.

Litecoin (LTCUSD):

Just like Bitcoin and Ethereum, Litecoin is experiencing similar downward pressure. It is also exhibiting a triangle price pattern on the daily price chart, but unlike Bitcoin’s and Ethereum’s pattern, this pattern is a descending triangle, indicating a tendency for downward price movement.

Chart#3 Litecoin 15-minute

The horizontal lower line for the triangle pattern at $180.94 is holding strong, and volume and daily range have been very weak over the past 5-days, as shown in the 15-minute chart above. Although Litecoin is displaying a downward bias from a technical perspective, the potential for an upside move is just as likely when considering the price action for Bitcoin and Ethereum for which Litecoin trades in tandem with. The triangle pattern has reached its apex, however, an upward breakout move will not be confirmed until price exceeds the resistance level at $209.67.

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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.

Image courtesy of coinmarketcap.com

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 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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