The Second Wave of Bitcoin Price Growth May Just Be Beginning
Something interesting has been happening the last couple of weeks. I'm pretty well connected to a lot of veterans in crypto, and independently, we've all been fielding inquiries from smart money investors, the non-technical types who are now ready for a hedge instrument against global uncertainty. Our basic conclusion is that what we're seeing right now is a whole lot of new money coming into the cryptocurrency markets. ADVERTISEMENT Some have been perplexed with this unprecedented rise, and it's easy to see why. The total market cap of the space is now $46.5bn, a figure that's up roughly....
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The Bitcoin price hit $397.75 during the US trading session yesterday and has since retraced to $380. Trade has slipped back below the 20-period moving average on the 4-hour chart and downside looms... but where is it? Bitcoin Price Decline Doesn't Want to Play. The 15-minute Bitstamp chart shows the upward curve of price action as it advanced toward $400. The wave high was $397.75 which is slightly below the $398 target defined by the 1.618 Fib extension of the initial wave of advance. However, drawing Fibonacci extensions from the first subwave of the advancing wave yields wave divisions....
Bitcoin price sold off from just below $450 to $430. The market may be wondering whether this is the start of a downtrend, but wave analysis shows that the advance has more upside in store. A sell-off has drawn a long red candle in the price chart and retraced advance since Friday. According to the wave count in the chart, bitcoin price is apparently extending its 5th waves and has just completed wave 3 of the larger advancing wave. The current sell-off would count as wave 4, and that implies another advancing wave – wave 5. The 4th wave (today’s sell-off) had targeted the area (magenta....
Ethereum’s price is again testing the bottom limit of the long-term flat. The beginning of a medium-term trend is therefore likely to grow under these conditions. ETH/USD. As was predicted last week, the large amount of buy stop orders has prevented the price from falling even lower. Instead, Ether’s price is steadily forming a sub-wave of the downward trend. At the moment, ETH has again reached the bottom limit of its long-term flat. There is a pretty large volume near $10. The sentiment of the majority of the bulls hasn’t changed from the beginning of previous week, and they still expect....
Bitcoin price has taken the low road as the market sells off prior to the block reward halving. Bitcoin price, how low will you go? Bitcoin price has done the expected unexpected and stepped over the edge. Those lucky so-and-so’s at xbt.social had a Sell trade open at 04h15 UTC when a valid sell signal (red arrow) was emitted across the timeframes we track (signal restricted to subscribers). Fib extension targets for the declining price wave are near $600 and $550. The Fib extension tool is drawn across the length of the declining wave that starts at the top-left of the chart. A wave count....
Bitcoin price rose to print a high of around $298 yesterday, before declining to around $288, which touches the rising support level we spotted on Wednesday's analysis, earlier today. It seems like we are witnessing a "whiplash" downwards phase that proceeds a forwards phase that will lead to a breakthrough the $300 resistance level. By studying the 1 hour Bitfinex (BTC/USD) chart from tradingview.com and plotting the 20, 50 and 100 period EMAs accordingly (look at the below chart), we can conclude the following: Since the beginning of March's bullish trend, bitcoin price has been....