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Consolidation and Hope Reign on Cryptocurrency Market, Bitcoin Price Stable

  • Daniel Osten
    📈 Price Predictions

    Market still consolidating, but there are signs of changes, with Bitcoin price spanning the range of $8,600-$8,800


Consolidation and Hope Reign on Cryptocurrency Market, Bitcoin Price Stable
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuesday marked yet another day that did not change the ongoing stagnation in the cryptocurrency market. In the absence of news, good or bad, the price of most assets continues to consolidate.

 


The total market capitalization is in the vicinity of $420 bln for the third day running, the dominance of Bitcoin is stabilized around 34.5 percent and its price spans the range of $8,600-$8800. However, we are seeing more and more signs of an upward movement in the market as a whole, which we discuss below.

 

Rearrangement

By the time of writing, there’s been some rearrangement in the top 10 coins: Litecoin gained 13 percent and toppled Cardano off fifth place. LTC took a while to show itself, and now, it’s ready to catch up.

 

According to technical analysis, it’s about time for investors to determine the further movement of the price, which is what they did. The news background for this is provided by the upcoming fork LitecoinCash, promoted by a third-party developer team. We would like to warn readers, though: Litecoin creator Charlie Lee believes the future fork to be a scam and advises caution. Stellar is looking rather well, having grown by five percent.

 

The remaining coins are trading near yesterday’s values. Beyond the top 10, ETC continues its victory march, gaining an impressive 23 percent and reaching $35.

 

The new logic of the market is emerging from such price breakthroughs by individual assets. While most coins continue to trade in a narrow range, the earliest birds in the form of ETC and LTC, and previously BCH and XRP, confirm the global reversal and future growth. Investors are simply tired of waiting and are beginning to take action regardless of the main asset price.

 

BTC/USD

Despite the apparent lack of change in the BTC graph, on Tuesday we witnessed a number of important events. First of all, the price has corrected to $8,350, tested the descending channel, as well as the relatively weak 0.236 Fibonacci retracement. If the bears wanted to succeed, there was no better time to act. However, buyers were able to protect the level and push the price into a safe zone.

 

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Second, Bitcoin continues to hold in the middle register of the rising channel, which received two more confirmations in the past 24 hours and became a substantial support. We expect a gradual price movement toward $9,000, and then a breakthrough to  $9,300-$9,500, indicated in red. Yesterday's recommendations to buyers remain relevant.

 

LTC/USD

Despite the fact that on Tuesday Litecoin practically fell out of the triangle formed by the ascending and descending channels, the downward break turned out to be fake. After returning to the figure, as we expected, prices rushed up at very large trading volumes. The current maximum was recorded at $185, after which the price went on to test the important level of $175.

 

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We see a lot of buyer activity and Litecoin is likely to continue growing toward the goals indicated earlier. However, the fluctuations in Bitcoin price may inhibit growth, which is true for all altcoins in general. In the case of quick arrival to the goal of $215, medium-term investors have every moral right to book part of the profits.

 

ETC/USD

In the course of 24 hours, Ethereum Classic climbed up to two places in the ranks of coin capitalization and came very close to number 13. On the way there, it reached the goals indicated in the previous review and broke through the ascending channel. At the moment, ETC looks somewhat overbought and we expect a slight correction to the levels of $29-$32.

 

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Ethereum Classic is precisely following the levels determined by Fibonacci extensions, which are clearly visible on the graph. Therefore, the next prospective target is seen at $43, but there is certain to be a stop on the way, in the region of $38 where there used to be a strong resistance level. Our recommendations to readers remain the same: ETC looks like an excellent investment at least until early March. Hold.

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Pump or Dump? BTC Price Analysis Is Interpreted in Two Opposite Versions


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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

One of the most extravagant crypto traders on YouTube, Crypto Kirby Trading, has come up with his own observation of Bitcoin price predictions and technical analysis. His notes give us a hint that there are two ways for BTC to go. What are they? Watch this YouTube video and check out which BTC price theories the trader has.

Head & Shoulders pattern – a bullish sign

Head & Shoulders bearish pattern cannot stay unnoticed – we can see it forming from the beginning of April until now. However, the right shoulder hasn’t formed yet, so the pattern should be confirmed – don’t rush to make conclusions.


What happened recently when BTC fell into the abyss? According to Crypto Kirby Trading, it was resistance short. Shorts got a little bit high, and they squeezed it. In fact, the recent squeeze didn’t bring us anywhere – it’s like nothing happened.

At the moment, BTC goes sideways and sees resistance. Judging by H&S pattern, the volume peak has been reached, and now we are under resistance line in the right shoulder. If BTC’s price suddenly goes up, the pattern will be invalidated.

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Pattern within a pattern

Which pattern has been taken by BTC? It depends on how you look at it! What do we have here?

Descending triangle pattern or an ascending triangle (a little bit longer term)? Both are possible!

There has been lot of speculation about these patterns – that’s the problem. So, we have two different triangles and H&S, three patterns at the same time. If the H&S or descending triangle get validated – BTC is expected to go down to $5,000 and further into the abyss.

Take a look at the chart. We are still trading below the key resistance in the red box, and the rest of indicators still look bearish. We haven’t been trading so low since February 2018! That’s why it’s hard to believe that we will pump.

According to Crypto Kirby Trading, the $6,000 resistance might be very hard to beat – the hardest in BTC history. Very unlikely that it will happen in the nearest time, but who knows?

So, what should happen?

Crypto Kirby Trading  reckons that the possible $4,500-$4,300 would be a better bottom to buy BTC even than at the winter level. However, you should be very attentive. We are testing the November 2018 levels, and it’s important to make proper adjustments here.

Currently, the volume has been higher than in the previous months, but it’s not promising – it seems to be declining gradually. If we go down, we will reach consolidation to resistance.

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What should happen for a dump?

If we move sideways without touching resistance, expect a bearish period, and we’ll continue adjusting the triangle pattern until it breaks. Confirmation of patterns is required – don’t rush to make conclusions yet.

One more thing signifying a possible dump is the Fear & Greed Index – 61, which means we can fall as it always occurs when we get greedy and want to squeeze maximum profit from the market.

What should happen for a pump?

For pump, we should break the red box ($5,750). We should test the top of the box as well as the H&S and reach new volume – we want this boom to happen and bring us to the top, don’t we? If that happens, opportunities can get insane because the bulls vs bears battle will be epic. We might get through $6,000-$7,000, but of course not without failing the first attempts to scratch the top – it always happens this way.

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