Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Analysis

Ethereum With A Record Number Of Short Positions (300,000) At The Moment

Published

on

Etherium

This week hasn’t been the best one for Ethereum, mainly because of the steep fall and a massive sell-off which affected most of the coins and brought down the total market capitalization of cryptocurrencies to $200 billion – something that we covered in our crypto news section earlier.

The market cap is down $25 billion and Ethereum has suffered even more. According to data from recent investor behavior, the market expects Ethereum to fall even further – mainly because of the sell-off in which ETH was the biggest loser, holding a record number of short positions that crossed 300,000.

In other words, this means that more than 300,000 people shorted Ethereum as investors continued to bet on its price to fall even lower. One of the possible reasons for this is the current existence of sizeable ICO selloffs. Furthermore, many ICOs have sold their ETH positions to make up for potential losses that may occur in the future and to fund their continued project development as well as operations.

According to Thejas Naval who is an analyst at Element Digital Asset Management:

“There’s a narrative that the crypto market was simply falling in lockstep with the equity markets, which are slowly entering into correction zones. We believe this move in cryptocurrencies had nothing to do with the stock market.”

As Naval said, there is evidence that the price of Bitcoin and global stock indices have a little link between them, since Bitcoin was also affected from the recent crypto market crash, falling to as low as $6,200.

Share This With Your Friends
Continue Reading
Comments

Analysis

Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%

Published

on

By

expected bitcoin drop
Expected bitcoin drop that happened over the past 24 hours has led the other major crypto assets to plunge by 7 percent. Bitcoin’s price dropped by around four percent against the US dollar and we find out more in the coming altcoin news. The anticipated drawback of both bitcoin and all of the other major crypto assets comes after the technical analyst Josh Rager proposed that a healthy bitcoin pullback will surely come due to the coming off a massive 100 percent gain. He pointed out:
“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’
Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news. The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
 “BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’
The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
`
Continue Reading

Analysis

Bitcoin To 6k: Will BTC Drop To New Monthly Lows?

Published

on

By

bitcoin to 6k
As we already reported in our coming altcoin news, the pullback has begun and wiped away $14 billion on the market overnight, taking losses from almost every single coin. Many analysts think that Bitcoin to 6k is a big possibility now, after scanning the charts and looking for support zones. Meanwhile, BTC has spent the past three days trading sideways below $8,000. Ever since its meteoric rally to $8,300, BTC has hit resistance twice and pulled back sharply twice. Aside from the Bitcoin to 6k reality, a weekend dump to $7k was quickly recovered as the charts now show. During the morning Asian trading session, Bitcoin managed to fall 4% to an intraday low of $7,620 but later corrected more, going below $7,500. The steep decline made a lot think if Bitcoin to 6k is the next scenario in the latest cryptocurrency news. Unlike the previous minor correction when BTC dropped like a stone, this is a more gradual descent (for now) until the price of the most dominant cryptocurrency finds support. Speaking of dominance, Bitcoin sits at 57.1% dominance which is relatively good for it, but not that good from the perspective of the latest coins featured the altcoin news which are all losing dominance on the market. According to the crypto trader 'The Cryptomist', the drop was expected and Bitcoin to 6k is a reality if it continues:
“Forewarned this drop earlier, and secured most of this month’s profits. I expect us to drop further and test support upon 7.4k region. 1D Rsi still needs to drop. If this support breaks, 6.8k is next regional support,” he tweeted.
https://twitter.com/TheCryptomist/status/1131335063902273542 If the correction continues, Bitcoin to 6k could be the next thing we see this week. However, many analysts are also eyeing the $6,400 level as major support and some predict a 30% retracement. This was the most traded price in 2018 and therefore a return to it does not seem to be too farfetched.
“Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week,” the Twitter analyst CryptoFibonacci tweeted.
https://twitter.com/CryptoFib/status/1131377214593949697 The dip today pushed the market cap below $240 billion, and the altcoins are getting punished as usual. Many best cryptocurrency news sites predict that it will extend in the next day or two.
`
Continue Reading

Altcoin News

BNB Price Analysis: Bullish Trend Forming After Token Sale Announcement

Published

on

By

BNB price analysis
BNB price analysis shows that the price of the altcoin shows signs of reversing the bearish trend and increased up to 12 percent over the 24 hours. The current price of the altcoin is now up to $21.80 and in the coming altcoin news, we make a broader analysis. Binance has recently announced the next Binance Launchpad token sale or the next Harmony Protocol which is a new innovative platform. With the announcement, the price of the BNB coin also increased. Harmony is a low-latency and low-fee consensus platform but more details about it we have to expect after May 15 during the new announcement. If you take a look at the BNB/USD1-Day charts, you can see the price action of the BNB coin. For example, after the latest BNB price analysis, we can see that the pair is falling even lower and it reached the outlined support at $18.81. The support at the current level is provided by a short-term downside at 1.414 Fibonacci Extension level. The BNB coin has rebounded before reaching this level and has also broken back above the $20 price point. It is also currently trading at the same position. The nearest resistance level of the coin is located at $22. Another resistance level could line with the $24.40 and $25.18 price points. Above the $25.18 price point, a higher resistance could be located somewhere around $26.60. On the downside, the nearest level of support is now at $20.85 or $20. Further downside support can be found at $19.50 and $18.81. If the sellers manage to break the low level at $18.81, the next support line could be found at $17.84 and $16.30. The trading volume of the coin has managed to remain average over the past few days but it still relatively high. The RSI index shows an extremely oversold area. A crossover above could even spike a positive correction. The previous BNB price analysis which we covered in the latest cryptocurrency news shows that the coin continued to decline against BTC and has even fallen beneath the support of the 100 days moving average. The initial support line lies at 00.0031 BTC and the 0.0030 BTC area. The Stochastic RSI indicator could produce a crossover above oversold territory and a further bullish correction is approaching.
`
Continue Reading

Analysis

Bitcoin Will Triple And Surpass $20,000 By 2021: Mike Novogratz

Published

on

By

bitcoin will triple
Bitcoin will triple by 2021 at least this is what Mike Novogratz believes will happen in the next year-and-a-half. The BTC billionaire thinks that the price of bitcoin will surpass the $20,000 all-time high after it recovers from the price slump in 2018 and we find out more in our altcoin news below. The Galaxy Digital CEO strongly believes that bitcoin is on its way to recovery and is currently doing great by reclaiming the $6,000 price mark. This is a good sign since it reached this point again since November 2018. Analysts believe that BTC bottomed out during the 2018 price crash when the number one cryptocurrency fell below the $3,000. While speaking at the SALT Conference in Las Vegas, Mike Novogratz predicted that the price of bitcoin will triple in the next 12-18 months:
 “Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”
Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well.  Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

june

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X