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Ethereum Double Bottom Scenario Plays Out

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    A couple of days ago, we spoke about a double bottom formed on ETH/USD charts, which is a strong bullish formation, and we predicted a jump higher

Ethereum Double Bottom Scenario Plays Out
Cover image via u.today

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.

A couple of days ago, we spoke about a double bottom formed on ETH/USD charts, which is a strong bullish formation, and we predicted a jump higher. This scenario came true, and now Ethereum is trading at $106, comfortably above the major hurdle at $100.

Keep in mind that despite the major upside movement seen across the board over the last few days, we are not yet dealing with a bull market from a longer-term perspective. The entire 2018 has been bearish, and this cannot be erased by a few days of bullish action. Seeing green on the charts is great, but don’t go “all in” just yet.

Chart Analysis – ETH/USD

ETH/USD chart

With gains of almost 12% in the last 24 hours and more than 15% for the last 7 days, Ethereum seems to be at the beginning of a stronger recovery. Similar to other cryptocurrency pairs, ETH/USD shows an overbought Relative Strength Index, which is an early warning that a retracement lower will soon follow.

As long as this potential retracement doesn’t break any of the two Exponential Moving Averages, the bias remains bullish, anticipating a move into the next resistances (110 and 120 as psychological levels followed by the technical level at 127). If the pair remains above 100, it will greatly increase the chances of an extended bullish move.

Support zone: 95 – 100 and the two EMAs

Resistance zone: 110, 120 and 127

Most likely scenario: upside price action takes a “breather” (sideways or shallow retracements) and then continues into the next resistances

Alternative scenario: drop into the 50 EMA (red line)

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper

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    World-famous investor and Bitcoin bull Tim Draper explains what reasons will push Bitcoin price to $250,000 by 2023

Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper
Cover image via en.wikipedia.org

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.

Contents

While speaking to the audience at the Malta AI & Blockchain Summit last week, the billionaire and prominent Bitcoin supporter Tim Draper confirmed his previous forecast for the BTC price hitting $250,000 in the near future.

This time he explained that this high price per one BTC will be achieved through the growing use of the Lightning Network and explained how it will happen from his point of view.

Bitcoin still to hit $250,000

The Bitcoin permabull Tim Draper again stated that the Bitcoin price is going to hit $250,000 by 2022-2023. He said this will happen due to the growing use of the Lightning network which allows conducting payments in BTC easily.

Being a major global investor, he nevertheless shares the opinion of many crypto enthusiasts that BTC is not only a store of value but it can also be used to pay for things in everyday life – micropayments, the retail sector, etc, i.e. is perfect for adoption.

Previously, Tim Draper stated that his forecast of BTC reaching $250,000 was actually a quite conservative prediction.

Will Bitcoin get to be worth $1 mln?

As reported earlier on Wednesday by U.Today, the crypto asset manager and a trader Marius Landman tweeted that before Bitcoin hits $1 mln, it is bound to go through ‘super hyper inflation’, in which price drops by $20,000 will be considered insignificant.

He also expects Bitcoin and Litecoin to show ‘subito motus’ (Latin for ‘sudden movements’) soon, saying that this will leave uninformed investors and technical analysts at a loss.

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Smaller bullish BTC forecasts

Other traders and analysts seem to think more vaguely when they are looking at technical analysis graphs. They are bullish, nevertheless.

The @crypto_rand trader with over 216,000 followers on Twitter simply posts a chart, saying that Bitcoin ‘still looks bullish’.

Another analyst and trader PlanB has published a chart of the way the changes in the Bitcoin mining difficulty have impacted the BTC price. People in the comment thread agree that this data at the moment is bullish for the Bitcoin price.

At press-time, Bitcoin is sitting at $8,823.

BTC price CMC
Image via CoinMarketCap

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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