Bitcoin Price Analysis (Week of April 10th)
Bitcoin’s price has not formed a medium-term trend. Such behavior only makes the environment more strained for the traders who are currently holding on their medium-term positions. All that can result in a strong movement. Which direction will Bitcoin choose? The rebounds which are currently happening near the key level of $428 indicate the lack of people who are willing to bet on further growth. The most likely explanation is that the traders are closing their positions whenever the price nears that resistance line. Doubts about the medium-term trend are prevailing over the traders who....
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Litecoin price remained around the $2.00 level throughout today's trading sessions. Litecoin traded midway between the 23.6% and 38.2% Fibonacci retracement levels, during most of today's sessions, as per the trend line we spotted through our analysis on the 10th of March. By studying the 4 hour Bitfinex (LTC/USD) chart from tradingview.com, plotting the William's Alligator indicator and keeping the Fibonacci retracement levels we plotted on the 10th of March (look at the below chart), we can conclude the following: On the 10th of March, litecoin price rose to test the 23.6% Fibonacci....
KnCMiner sold a whopping $3m worth of bitcoin mining equipment over the course of just four days last week. The Sweden-based mining machine manufacturer has now sold out of Saturn and Jupiter rigs and has taken its maximum number of pre-orders following the frenetic period of sales from 7th November to 10th November. Andreas Kennemar, CEO at KnCMiner, said: "While we have seen a significant increase in demand for our line of machines from the last quarter to this one, what happened in [that period] has been unprecedented for us, maybe unprecedented anywhere in the bitcoin mining industry."....
The bitcoin markets were frothing last week as the price soared to a high of $458 on Thursday. Trading volumes more than doubled as markets were stimulated by the surging price. Volumes rose by 2.3 times to nearly 6m BTC traded over the last seven days, compared to a week earlier. The stage was set for a price surge a week ago, as the markets digested the news of the inter-continental dark markets bust called Operation Onymous. In the last week, prices swung a massive $97.57 from a trough on 11th November to a peak two days later. The price rose from $360.58 at the week's bottom to $458.15....
Speculation has been going on in the crypto community as to whether the $69k Bitcoin top was the peak of this bull run. Here’s a comparison between some indicators to see how this top compares with the $65k April peak. Comparing the Metrics Between The Nov 10th And April 14th Peaks As per the latest weekly report from Arcane Research, most of the sentiment measuring metrics highlight the differences between the two tops. The first relevant metric is the futures open interest indicator, which shows the total amount of Bitcoin involved in futures contracts at the end of a trading day.....
Altcoins are in a downward trend. How strong is that trend, and for how long will the fall continue? At which levels are the current trends most likely to change? ETH/USD. Ethereum’s price has went along the downward scenario and formed the third wave of decline. The key level for that scenario was at $10.3. Ethereum’s price is at a key long-term resistance line, where rebounds usually happen. The critical level for a rebound is the line with the largest accumulated trading volume, somewhere around $10. If the coin’s price manages to fortify at that level and form a turn to growth, there....