Bitcoin a 'nice buy' at $47K despite macro dangers as key trendline nears — R...
Data from Bitcoin's Mayer Multiple suggests low risk/return conditions at current levels, but macro conditions still trouble long-term optimism. Bitcoin (BTC) is attempting to reclaim a key long-term moving average, but the time to buy is before, not after, one metric hints.In a series of tweets on March 29, on-chain monitoring resource Ecoinometrics eyed a classic entry for BTC/USD as flagged by the Mayer Multiple.Mayer Multiple nears pivotBitcoin price strength has endured as the week gets underway, the largest cryptocurrency putting in its highest levels of 2022 overnight.Some key....
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Bitcoin (BTC) is at risk of extending its ongoing downside correction as it breaks below a so-called “legacy trendline.” As spotted by an independent, pseudonymous chart analyst, the said trendline was acting as a support to Bitcoin since March 2020. On September 30, the BTC/USD exchange rate fell below the price floor and flipped the Ascending Trendline into resistance. The pair lately tested it twice for an upside breakout, but with no success. The TradingView […]
LUNA has outperformed almost every top-ranking cryptocurrency this week including Bitcoin despite the market turmoil. A rebound rally in the Terra (LUNA) market this week risks exhaustion as the price retests a key trendline for a potential pullback.Descending channel risks LUNA declineLUNA has been trending lower inside a falling channel—made up of two parallel descending trendlines—since December 2021. In doing so, the Terra token typically tests the lower trendline as support for a rebound to the upper trendline, as shown in the chart below.LUNA/USD daily price chart featuring falling....
A descending triangle breakdown coupled with XRP's correlation with Bitcoin can put downward pressure on price. XRP continued its correction trend on April 25, falling by 5.5% to reach $0.64, its lowest level since Feb. 28.More XRP price downside ahead?The plunge increased the possibility of triggering a bearish reversal setup called descending triangle. While these patterns form usually during a downtrend, their occurrences following strong bullish moves usually mark the end of the uptrend.XRP has been in a similar trading channel since April 2022, bounded by two trendlines: a lower....
Bitcoin has undergone another massive leg higher over the past day. After bottoming at $12,800 yesterday, the cryptocurrency has surged higher towards $13,800. The coin currently trades for $13,700 as it attempts to stabilize after the daily candle close. Analysts are getting ready for fireworks as Bitcoin nears the pivotal $14,000 resistance level. $14,000 has […]
Bitcoin fast approaching towards a critical intersection of macro support, according to a crypto analyst. Critical Intersection Of Macro Support As pointed out by a Bitcoin analyst on Twitter, the cryptocurrency is coming closer to an intersection with a macro support curve. BTC macro support curve | Source: TheCryptoCactus The above chart showcases how Bitcoin […]