2 key Bitcoin trading indicators suggest BTC is ready for a 62% upside move
BTC derivatives metrics currently mirror late-September readings which preceded a strong 62% move in Bitcoin price. Bitcoin (BTC) has been below $45,000 for 14 days and is currently 40% below the $69,000 all-time high. This movement holds similarities to late-September 2021, when Bitcoin price flat-lined for 11 days and was 36% below the previous $64,900 all-time high on April 14.Bitcoin price at Coinbase, USD. Source: TradingViewTo understand whether the current price momentum mimics late September, traders should start by analyzing the Bitcoin futures contracts premium, which is also....
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Price at the time this article was written is: US$235.69. Last week the article began with: “The indicators continue to remain in neutral territory. This move still appears to have limited upside and appears to be topping out as volume and momentum have not followed the price higher and many of the indicators have flattened out. This continues to be the case. The price had a move to break nicely above the 50 day EMA but could not hold and has since retracted. The trading range continues to get tighter and a move should be expected very soon one way or the other.
Bitcoin has been trading in the green over the past 24 hours as traditional markets see an overall recovery. The number one crypto by market cap experienced an increase in selling pressure over the past month as macro-economic conditions favored a decline in risk-on assets. Related Reading | Bitcoin On-Chain Data Signals A Long Squeeze Brewing In Futures Market At the time of writing, Bitcoin trades at $31,200 with a 7% profit in the last 24-hours. Data from Material Indicators (MI) suggest support for Bitcoin below its current levels at lower timeframes. This could support bulls....
Bitcoin price is pulling up from its slide but might be ready to trend lower upon testing the resistance. Bitcoin Price Key Highlights. Bitcoin price is trading in a downtrend, moving below a descending trend line on its daily time frame. Price is gearing up for a test of the trend line and could be ready to resume the selloff soon. However, technical indicators are suggesting that buying pressure might still be present. Technical Indicators Signals. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance could still be to the upside. In that case, a break past....
Litecoin Price Key Highlights. Litecoin price has suffered a quick selloff recently and has since showed signs of a pullback. Price appears to be finding resistance at the 50% Fibonacci retracement level around 3.250 and might be ready to resume its drop. If the correction wave for litecoin price is done, the impulse wave could take price down to the previous lows at 3.050 or much lower. Technical Indicators Favor Downtrend. Apart from the inflection points already keeping gains in check, leading and lagging indicators suggest that litecoin price is ready to head back south. The 100 SMA is....
Cardano’s price started a fresh decline below $0.280. ADA is struggling and key indicators suggest high chances of more downsides below $0.252. ADA price is gaining bearish momentum below the $0.285 level against the US dollar. The price is trading above $0.280 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $0.274 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could start a recovery wave if there is a close above the $0.280 resistance. Cardano’s ADA Price Faces Uphill Task In the past few days,....