Bitcoin Could Decline Further Before A Rebound, Here’s Why
The pattern of an on-chain metric may suggest that Bitcoin could see more downside ahead before a rebound is found. Bitcoin STH SOPR Hasn’t Hit The Bottom Zone Yet An analyst in a CryptoQuant Quicktake post explained that the BTC short-term holders are selling at a loss. The relevant indicator here is the “Spent Output Profit Ratio (SOPR),” which tells us whether the Bitcoin holders are selling their coins at a profit or a loss. When the value of this indicator is greater than 1, it means that the average holder in the market is moving their coins at a profit. On the....
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Here are two Ethereum metrics that are currently showing values that may lead to a rebound for the cryptocurrency’s price. Ethereum Could Rebound Off The Current Market FUD According to data from the on-chain analytics firm Santiment, the crowd seems to have started to bet against ETH in the past few days. There are two […]
The short-term upward trend is continuing. A major part of bitcoin price trend has already been worked out. Will there be a turn to decline? As was suggested earlier, the impossibility of a fortification at $417.5 has provoked a rebound towards the next resistance line and a turn to an upward trend. As long as the trend’s structure stays intact, the upward movement will continue to the next target. It’s important to note a key level where that rebound is most likely to turn to decline. This lies at the resistance of $417.5. A rebound off it has just confirmed the importance of that level.....
Bitcoin is undergoing a correction toward the upward trend. That rebound can become a turn to decline. What is the most likely scenario for a turn? A stop and a rebound of Bitcoin’s price off the level of large trading volumes at $456 indicates that that trend is backed by some degree of support. But that situation can change, which we’ll be able to see, when judging by the structure of the price. If the bulls will continue to hold the advantage, a fortification at the level of $456 is unlikely. That means that in an upward scenario, Bitcoin’s price has to not form a turn at that level. In....
Ethereum, aside from Chainlink, is the best performing cryptocurrency in the top ten by market cap. The top-ranked altcoin has had enjoyed a substantial rebound from bear market lows and surged all throughout 2020 on the heels of the DeFi trend. But despite the greater crypto market recovery, one crypto analyst sees a bearish Elliott […]
Calls for a sharp rebound in the YFI market are growing after the token’s 56 percent decline in the last ten days. At least three independent analysts have provided credible support ranges for YFI/USD in the last 24 hours, a period that has also seen the pair dropping by 18 percent to circa $14,700. A […]