High bitcoin volatility is expected soon according to price analysts since, over the last 48 hours, the largest cryptocurrency managed to break the upside as the bulls attempted to regain control of the price so in today’s altcoin news we take a closer look at the price analysis.
On the 4 hour charts, we can see that the downtrend over the past nine days and it formed a descending trend that was broken to the upside in less than two days ago. Since then, the Bitcoin price levels reached $10,120 whilst the POC moves up to $10,560 around the current price which shows there is a good amount of support in the current market price. The 200EMA is running through the same channels and both moving averages are the closest they have even been to each other in more than a month. When both moving averages are close to each other after a high bitcoin volatility period, it’s a sign there will be more volatility in the future. This could be started with a massive move in any direction as the bullish trend is still present so Bitcoin will be holding above the key support at $8,000.
On the hourly charts we can see that the breakout price levels have been trading close to the points of control at $10,600 and the retest of the 50MA highlighted on the chart that shows a strong wick that is usually a sign that bulls are in control and the Bitcoin price levels will move up further during the intra-day trading session.
As the latest cryptocurrency news show, the 200EMA and 50MA are in a sandwich price action as it looks as the 4-hour analysis above which shows there is a strong sign of suppression that can be noticed on the short-headed candles with large wicks. This also means that the whales are fighting for the price levels to try and maintain the tight trading range in the short-term. In the further BTC upside in the coming days and weeks, the key resistance levels are looking to reach the $10,600 and $11,900 and even the $13,270.
Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
‘’Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.’’Currently, the price of the number one crypto assets is under resistance in the region above the $10,000 level and has settled in a range between $9,000 and $12,000. Kruger also noted the possibility of bitcoin dropping to $8,500 which is the midway point of the current performances for the year. Some other commentators stated that one of the reasons for the bitcoin retracement could be the CME futures gap. For Alex Kruger, filing the CME gaps is not a mere pointing to the absence of significant support or resistance as such price levels. The focus on the unfilled gapes just takes away from the never-ending trading activities occurring in the spot market. However, if bitcoin goes below the $9,000 price point, there is a chance of a huge fall to the $8,500 price mark. According to Kruger however, any further downward slide should be taken as a ‘’gift’’ or a buying opportunity which will help traders prepare for a fast upward movement beyond the current 2019 highs. While the signs all point for a bullish long-term for Bitcoin, Kruger believes that there are some strong headwinds for BTC. The profitability for miners is still high as long as the price of the number one asset remains positive. It will not be weird for miners to simply HODL not just for profits but revenue to be plugged in to cover the rest of the nodes as explained in the altcoin news previously.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
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