Bitcoin Buying Pressure Rises, But Here’s Why A Pullback Could Be Coming
A recent analysis from BaroVirtual, a CryptoQuant analyst, offers a nuanced perspective on the current state of the Bitcoin market. According to the analyst, fluctuations in the Coinbase premium—a key metric that tracks the price difference between Bitcoin on Coinbase and other exchanges—can offer significant insights. Related Reading: Bitcoin ETFs See Historic Surge – Institutions Go Bullish On BTC With $1.38 Billion Record Inflows Retail Leverage And Premiums: A Double-Edged Sword Rising or elevated Coinbase premiums typically suggest intense buying pressure, indicating strong....
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As my readers likely know, Bitcoin price has been marching higher for the past 40 hours or so. $304 provided support to stop the panic selling of a couple days back, and has since propelled the price higher. We now see 'Elliott Waves of 5' pointing upwards. Hence, we now expect the worst of the selling to be over. What's next? Most traders do not yet know the selling is over. They don't trust this rally and are, therefore, not aggressively buying. They are waiting for the other shoe to drop. When the next pullback begins, they will expect that new lows are coming. It is only when the....
Bitcoin had been on a downtrend for the past few weeks, the coin, however, started to show an uptrend over the past 48 hours. BTC was optimistic as the coin finally broke over its crucial resistance of $40,000. It was seen trading above $41,000 at the time of writing. Price fluctuations had initially caused some minor deterrents in terms of buying pressure. Over the last two days, however, buying pressure mounted. BTC was on a bullish sentiment on its four-hour chart. If bulls continue to push prices on the upside, BTC could soon challenge $42,000. The coin could also move towards a price....
After indicating increased upside momentum on its longer-term chart, darkcoin price could make a quick pullback to the moving average on its 1-hour chart. As seen on the DRK/BTC chart from Cryptsy, the cryptocurrency seems to be retreating from its latest rally against bitcoin. The shorter-term moving average is still treading above the longer-term moving average on the 1-hour chart, confirming that the uptrend is likely to stay intact. Price pulled back to the longer-term moving average, which held as a dynamic support level. The pullback candle formed a long spike near the MA, indicating....
Bitcoin price showed strong bullish momentum with a consolidation breakout and a continuation pattern visible on the 1-hour chart. The 100 SMA is below the 200 SMA for now but it looks like an upward crossover is ready to take place, signaling a buildup in buying pressure. Stochastic and RSI are also heading down, which brings the possibility of profit-taking before further gains. If so, a pullback to the broken triangle resistance at $370 or the moving averages around $375 might take place. Once the oscillators reach the oversold areas and turn higher, bitcoin price could resume its....
MATIC has been on a bullish streak over the past week now. Despite the bullish streak, it hasn’t been able to move past the $1 psychological level. Technical indicators have remained bullish on the chart and pointed towards chances of reaching the $1 price ceiling. Over the last week, MATIC surged 22% and on the daily chart the coin moved up by 7%. MATIC had managed to touch the $0.97 mark however a small fall in buying strength caused the altcoin to fall on the chart briefly. Buying strength was positive displaying that bullish strength hadn’t faded away. A pullback can bring....