Exchange tokens bounce from key support levels as COIN looks for direction
Bitcoin’s sharp correction to $50,000 brought Binance Coin, FTX Token, OKex and Huobi Token to their lower support levels but data shows there is still a bullish case for exchange tokens. A lot of hype was built up before the Coinbase listing on the Nasdaq on April 14 and several cryptocurrencies rallied in the run-up to the event. However, traders usually buy the rumor and sell the news. In this case, they bought until the event, and then several investors seem to have booked profits aggressively. This resulted in a correction in several major cryptocurrencies, including Bitcoin....
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The Bitcoin price is right now between two important resistance levels. The further trend will be decided by the traders who win the advantage. The price structure is ready for movement into both directions. Until the fortification and formation of the third wave happens, there is but one option - sideways or flat movement. The BTCUSD price will bounce off the key resistance lines, as it did the day before. This situation indicates uncertainty among traders. There is no overwhelming majority that could drive Bitcoin’s price in either direction.
Towards the end of last week, we published a bitcoin price piece detailing the action in the BTCUSD throughout Friday, and highlighting a few key levels that we would be keeping an eye on as action in the bitcoin price mature over the weekend. As we kick off a fresh week of trading, what is this action told us about the likely future direction (intraday) of bitcoin price, and what levels should we be watching to help us infer our medium-term bias? Take a quick look at the chart. Bitcoin Steadily Gained Strength. As you can see, bitcoin price steadily gained strength over its US counterpart....
The Bitcoin price is now trading below the $19,000 level after the bulls failed to defend the coin at the aforementioned level. Over the last 24 hours, BTC fell by 1.2%, indicating that the coin was laterally trading. In the past week, the Bitcoin price has depreciated 6%. Buying strength continued to remain low on the one-day chart. Sellers have taken over, and it has been the same for almost a week. If the price of Bitcoin continues in this direction, the coin may fall to its immediate support zone. If the bulls have to defend BTC at the current price level, then buyers have to come....
The broader crypto market jolted hard owing to the tension between Russia and Ukraine. Uniswap broke below its crucial support level and was priced at $8.32. Bitcoin slid off its charts at press time, after noting a 9% depreciation. The crypto market had barely recovered from the December crash. With the Russia and Ukraine tension intensifying most altcoins have again lost much of their strength. Uniswap for instance at the current price level flashed a yearly low too. Uniswap had registered an all-time high of $45 in the month of May, last year post which the coin continued to dip on its....
Ethereum has strongly underperformed over recent days, but it may bounce soon. One trader noted that the coin has reached an important technical support level as per the Ichimoku Cloud. This is likely to result in a bounce, analysts say. Ethereum Poised to See Rally as Crucial Support Is Hit Ethereum has strongly underperformed over recent days. The leading cryptocurrency has slipped from around $420 to $386, despite the price of Bitcoin setting new year-to-date […]