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Analysis

Analysis: Bitcoin And Ethereum Record New Gains After Mid-Week Drops

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The past 12 hours have been positive for both Bitcoin and Ethereum. The two largest cryptocurrencies by market cap have risen more than 6% in value. Still, some analysts think that this is still not a confirmation that a positive short-term trend is coming.

The quick recovery was actually a correction which made the Bitcoin price climb to $6,445 and the price of Ether, the native cryptocurrency of Ethereum, to reach $295 (at press time).

Ether, which plunged by nearly 20% two days ago, has been in a stronger movement than Bitcoin and increased from $250 to $295 in less than 24 hours. Investors think that moving above $300 is the crucial level that ETH needs to secure right now. For Bitcoin, they believe that going anywhere near $6,700 will be a confirmation that a positive short-term trend is on its way.

Willy Woo is one of the investors and analysts who were right about the price of Bitcoin dropping below the $6,000 mark since May this year. As he recently stated, the market will likely experience another drop before the next mid-term rally.

Woo said that Bitcoin will test the $6,000 support level in the near future, even if it recovers beyond the $7,000 mark. As he stated:

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday.”

Based on Woo’s analysis, a new drop would be a likely scenario for Bitcoin and the entire crypto market, before a proper rally comes on the way. This is mainly due to the lack of momentum, volume, and stability in the market.

Arthur Hayes, the CEO of BitMEX, has expressed his thoughts on the future of Ethereum, naming it a “sh*tcoin” and predicting “double-digit price levels” soon – mostly because of the market and its inability to support a huge spike with the current price trends.

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Analysis

Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low

In the latest Bitcoin news, we have a new bloodbath on the market which led the price of Bitcoin, the most dominant cryptocurrency, to below $6,000 and to the lowest price it has ever seen this year. The yearly low was $5,280, after which the Bitcoin price managed to correct. However, the BTC/USD index managed to fall more than 12% ahead of the US trading session and is now trading at $5,647. It seems like the pair was trading comfortably inside a narrow trading range since September this year, leading many to believe that Bitcoin had established a bottom around $6,000. However, the latest selling action showed the very opposite. In the crash, the market lost more than $26 billion and digital assets managed to drop by additional 15% to 20%, led by the downward trend set by Bitcoin. The flash-crash, as the analysts label it, managed to change the dynamics and technical indicators of Bitcoin. According to some fresh analysis, Bitcoin has a potential to fall to as low as $4,500 before it attempts a brief rebound towards the upper trend line of the wedge formation. What's safe to say is that the BTC/USD pair has established a new yearly low which serves a decent interim support level. In case Bitcoin breaks above the $5,650 resistance level, a long position towards $5,750 looks achievable. Nonetheless, a breakdown action is definitely possible at this moment - and no one knows how far this downtrend can go.
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Altcoin News

Crypto Market Suffers From A New $26 Billion Wipeout

In the latest cryptocurrency news, we have a new wipeout that has the crypto market suffering - and being one of the most intense daily sell-offs in all of 2018, where the market lost more than $26 billion in one single day. The price of Bitcoin, which demonstrated a high level of stability over the past 3 months, recorded a 11% drop within 12 hours, which was a decline that brought down many other altcoins and digital assets, triggering downward movements in the entire market. One of them was Bitcoin Cash (BCH) which suffered most yesterday, falling by more than 19% and losing about a fifth of its value. Over the past week, this altcoin has managed to drop by over 50% and lose half of its value against the US dollar and 40% of its value against BTC. The intensity of yesterday's selloff reached a point in which Bitcoin saw its trading volume doubling from $4 billion to $8.1 billion. Even though the volume rarely surpassed the $4 billion margin over the past few months, it now demonstrated a high trading activity because of the selloff. One respected crypto trader and analyst going by the handle DonAlt commented on the latest drop, stating: https://twitter.com/CryptoDonAlt/status/1062687627340587008 The price trend of Bitcoin has played out similarly to the trend that DonAlt laid out and small market cryptocurrencies managed to suffer against both Bitcoin and the US dollar. Throughout the first two quarters of 2018, however, tokens and small market cap assets recorded losses from 40% to 80% against Bitcoin. The recent losses of 15% to 20% managed to bring their total yearly losses to around 95% percent. Bitcoin is now trading at $5,645 - and analysts believe that a quick rally to $6,000 could recover it from this situation.
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Altcoin News

New $3 Billion Wipeout: Altcoins Start The Week Poorly

Over the past 24 hours, the cryptocurrency market lost more than $3 billion - going from $212 billion to $209 billion in less than one day. Major altcoins such as Stellar (XLM) and Cardano (ADA) were in the focus of the crypto news, falling from 3% to 6% accordingly. On top of this, Stellar and Cardano were among the three cryptocurrencies alongside Zcash that are expected to be integrated into Coinbase, which is the fourth largest fiat-to-crypto exchange behind Bitfinex, Bithumb and Upbit. Before the listing, there were some tokens such as Basic Attention Token (BAT) and 0x (ZRX) which surged in the range of 100 to 120 percent, doubling their prices. However, they also managed to record large losses afterwards. BAT, for example, saw a drop of more than 36%, going from $0.36 to $0.24. Stellar, Cardano and Zcash all experienced major rallies following their Coinbase listing - which is why investors would likely see a drop in value to come in the next weeks to come. As technical analysts explain, there are different technical indicators that demonstrate a lack of momentum for both Bitcoin and the rest of the market. The volume of Bitcoin, on the other hand, is still up from $3 billion to $4.4 billion from late October, while the daily trading volume of the crypto market is up around 30% from $10 billion to $13 billion.
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Analysis

Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart

The price of Bitcoin is in the digital currency news again, this time for bleeding and falling to the $6,300 margin - after many expected a new bullish run. Over the past 24 hours, the most dominant cryptocurrency suffered from two consecutive sell candles on the daily chart. Even though the daily trading volume of BTC still remains above the $4.4 billion mark and is up more than 46% from earlier this month, Bitcoin is really struggling to sustain momentum and break through the $6,500 price margin. It has been in the mid-$6,000 region for quite some time now. In the short term, analysts expect Bitcoin to retest the $6,200 region or bounce above the $6,450. However, a major breakout to $7,000 within the next days is still not expected mostly because of the stability in the crypto market. As the popular analyst and managing partner at UTR named Thies wrote: https://twitter.com/KingThies/status/1062117787865239552 Bitcoin has been bleed out out from the $6,500 mark since November 8th. Throughout the past three months (since August 9th), it has demonstrated stability in the mid-$6,000 region but in the past two weeks has tried to retest the support levels below the $6,300 mark several times due to the high sell pressure. As one technical analyst explained, even the low market cap altcoins started showing a lack of correlation with Bitcoin, mostly because of the poor market conditions. He wrote:
“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”
If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings. Currently, Bitcoin is trading at $6,351.
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