Top 5 Signs Bitcoin Is Quietly Entering a New Bull Market Phase

Top 5 Signs Bitcoin Is Quietly Entering a New Bull Market Phase

Five signs are pointing to Bitcoin being in a bull market despite its inability to break through the multi-year resistance at $10,500.

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Bitcoin (BTC) price has been sideways for several weeks with now over a month since the halving. This is very much reminiscent of early 2017 when Bitcoin hit $1,180 for the second time, triggering a catastrophic sell-off causing the top-ranked cryptocurrency to fall by nearly 40% in a single day.  

It was over, Bitcoin was declared dead, and what happened after is the first sign that we were in for a bull market. 

Daily crypto market performance

Daily crypto market performance. Source: Coin360.com

First sign: the trap 

BTC/USD 1-day Chart

BTC/USD 1-day Chart TradingView (2017)

BTC/USD 1-day chart

BTC/USD 1-day chart TradingView (today)

Having studied the charts for repeating patterns, you can see that the pattern that played out after the 40% dump from $1,180 in January 2017 is almost identical to that of the 57% dump that occurred on March 12, otherwise known as Black Thursday. 

On both occasions, the price recovered to the pre-dump levels and shortly after an M pattern, typically signaling a bearish double-top.  

However, what is different about the M pattern in 2017 is that the end of the M was actually the beginning of a W. Not quite a double bottom, but what came next was a 2000% rise in the value of Bitcoin. 

Right now in 2020, we are seeing the same pattern play out. The only question is where is the bottom of the W? Is the bottom in? Or are we expecting another small pullback?

Second sign: the range 

BTC/USD 1 hour chart

BTC/USD 1 hour chart Source: TradingView

June 11 saw a breakdown from the ascending channel that was forming since the black Thursday dump. It was inevitable that a pullback was due after such a huge recovery.  

10 days on and we’re seeing a new descending channel opening up that has perfect Fibonacci levels lining up.

The upper part of the channel, which shows resistance at around $9,600, sits perfectly on the 618, and the midpoint of the channel shows a level of support is on the 236 fib at $9,168.  

However, while this isn’t something that may seem like the sign of a bull market on face value as far as the charts are concerned, what is interesting is the relevance of the 50% fib which sits around $9,470, and the support of the channel at around $8,635, as these levels become something of a highlight when you look at the orderbook heat map. 

Third sign: the orderbook 

BTC/USD heatmap chart

BTC/USD heatmap chart Source: Tensorcharts.com 

Taking a look at the Binance order book on Tensorcharts and you can see that there are significant sell-orders as denoted by the yellow line around the 50% fib at $9,450 and interestingly a lot of buy orders around $8,800, and another batch at the bottom of the descending channel at $8,696. 

There are two things that this tells us: resistance is at $9,450 and support is at $8,700. However, with the current sidewards chop, and the equally matched buyers and sellers, it doesn’t take much for whales to spoof the orderbook to force the market in their favor. 

As such, placing large sell orders at $9,450 in order to scoop up some more sats at $8,700 almost looks like too much of an obvious play. But if you spend enough time watching the charts and the orderbook, you will notice that by doing this, it’s easy for whales to accumulate on leverage exchanges.  

As the shorts pile in targeting $8,700, the spoofers can take a large long position, remove their $9,450 sell-wall and scoop up all those liquidations — something that is particularly easy to do on the weekends when the volume is thinner on spot exchanges. 

But while this isn’t a sign of a bull market, it is a sign of accumulation, and what follows after is a bull market. 

Fourth sign: altseason 

Total CryptoCap monthly chart

Total CryptoCap monthly chart. Source: TradingView

In case you missed it, the long-awaited “altseason” is seemingly upon us. Taking a look at the total crypto market cap chart, we can see that after a 22-month downtrend, the Moving Average Divergence Convergence (MACD) Indicator has flipped bullish. 

The first green candle on the histogram combined with the bullish MACD cross is a clear sign that momentum has returned to the overall crypto market. Since doing so, several top-100 coins have experienced massive gains such as ZIL, for example, which recently surged by 300%

History tells us that when altcoins run, smart money sells back into Bitcoin — rinse and repeat this process a few times and the super cycle occurs. But what drives this madness? Well, that would be thanks to the crypto influencer space, and that brings us to the fifth sign.

Fifth sign: crypto influencer IQ is at an all-time low 

Some of you may or may not know this, but I personally thrust myself in the crypto scene in 2016 on YouTube, and in the process picked up close to 50,000 subscribers talking about Bitcoin and altcoins. 

Being my first halving cycle, I was in fairness very naive and I personally believed that many altcoins would outperform Bitcoin. While this is true of a handful of projects, it is not something that the majority of crypto influencers have a clue about and I was no exception.  

Either you get lucky with a pick or you have a big enough following to push a low cap coin up 400% by talking about it for a few minutes making you look like a crypto investment guru.  

The sheer number of crypto videos and crypto tweets I am seeing lately of people attempting this, as well as the rise or even the return of so-called “crypto experts,” is simply staggering. 

All this combined with the fact that my email inbox is filled with offers to promote various coins and ICOs again reminds me of the beginning of the 2017 bull market, the bull run that changed the public perception of Bitcoin forever.  

Fortunately, I will not be participating in the circus of clowns doing it this time around. However, one has to admit, it does help to get people into the crypto space, and one can argue that it can help fuel the altcoin to Bitcoin super cycle.

Bullish scenario 

So with all these signs, what does the week ahead have in store from a bullish perspective? 

The first level of resistance will be getting through that $9,450 sell wall. From here, closing above $9,600 (as discussed in a recent analysis here) is needed to invalidate the descending channel, which will put Bitcoin on a path to attack the dreaded $10,500 multi-year resistance level. This is the definitive level that needs to be broken to enter a true bull market. 

Bearish scenario 

On the flip side, $9,150 is the first level of support, followed by the bottom of the channel around $8,700 as the final level for buyers to step in. Losing $8,700 could put Bitcoin in a massive death spiral, which personally I consider being wishful thinking from bitter bears that didn’t buy the dip at $4,000 in March.  

The views and opinions expressed here are solely those of @officiallykeith and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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Five signs are pointing to Bitcoin being in a bull market despite its inability to break through the multi-year resistance at $10,500.

Bitcoin Price Bullish Wedge Forms Pointing to $11K, Says Trader

Bitcoin Price Bullish Wedge Forms Pointing to $11K, Says Trader

Bitcoin price, altcoins back from the brink as $11,000 comes into view

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Bitcoin (BTC) price was returning to bullish form on Aug. 19 as markets look to break out from last week’s sideways trading. 

Market visualization

Market visualization. Source: Coin360

Bitcoin price builds on $10K support

Data from Coin360 revealed Bitcoin challenging $11,000 in morning trading as Monday delivered almost 5% gains.

Markets appeared to be reacting to news cryptocurrency exchange Binance was planning to release its own version of Facebook’s Libra digital currency, in what is also a direct response to China’s central bank.

At press time, BTC/USD was circling $10,650, capping daily gains of 4.9%, while weekly progress still totalled 5.5% losses.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

While there was no great cause for celebration, analysts were eyeing potential further progress towards $11,000, within a greater context of upper resistance circling $12,000.

Mati Greenspan, a senior market analyst at United Kingdom-based trading platform eToro, identified a bullish wedge for the pair, while noting further upward progress was not guaranteed.

Regular analyst Josh Rager meanwhile delivered an explanation of Bitcoin’s longer-term performance, arguing investors had finished buying up cheaper coins after cashing out profits at BTC/USD’s 2019 highs around $13,800. 

“In my opinion, this seems just like one large re-accumulation happening after large players took profits near $14k,” he summarized on Saturday. “This seems just like one large re-accumulation happening after large players took profits near $14k.”

He added he considered it unlikely the Bitcoin price would drop below the high $8000 range. 

Altcoins rise from the dead (at last)

Altcoin investors also had something to talk about this week as Bitcoin’s gains contributed to a recovery from previous lows. 

As Cointelegraph reported, markets saw a considerable decline last week, with some altcoins dropping to lows against Bitcoin not seen for years.

Ether (ETH), the largest altcoin asset by market cap, gained 8.3% to hit $200 once again, some way to previous levels of $225 seen before its latest decline.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Other tokens in the top ten followed suit, with Bitcoin Cash (BCH), Litecoin (LTC) and XRP producing gains of between 6% and 8% on the day. 

The uptick had a telling effect on the overall cryptocurrency market cap, which on Monday stood at just under $280 billion, Bitcoin’s share challenging 69%.

Keep track of top crypto markets in real time here


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Bitcoin price, altcoins back from the brink as $11,000 comes into view

BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06

BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06

Are the charts pointing to exhaustion on the upside? Let’s watch the charts

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

In the previous bull market, there was hardly any institutional involvement. Barring a few die-hard crypto enthusiasts, who were ‘hodlers,’ the rest of the traders were novices who wanted to jump on the get-rich-quick bandwagon. However, retail traders are easily influenced by a change in sentiment. Hence, the market overshot both on the way up and on the way down during the bear market.

A report by Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan Chase, points to increased institutional interest in cryptocurrencies. The ratio of Bitcoin futures trading to actual volume of Bitcoin trading indicates that institutional investors are showing genuine interest. The volume of futures trading might increase further after the launch of the Bakkt platform.

United Kingdom-based interdealer broker TP ICAP now allows its clients to trade in Bitcoin futures offered by the Chicago Mercantile Exchange. Duncan Trenholme, TP ICAP head of digital asset market, believes that the new technology “could disrupt or impact other asset classes,” hence, they “want to be close to the developments.”

BTC/USD

Bitcoin (BTC) is in an uptrend. It broke out of $9,053.12 on June 17, which invalidated the developing head and shoulders (H&S) pattern highlighted in our earlier analysis. The failure of a bearish setup is a bullish sign because it forces traders who have sold short in anticipation of a fall to cover their positions, resulting in a short squeeze.

BTC/USD

The BTC/USD pair is currently rising inside an ascending channel and both the moving averages are trending up. The RSI has also climbed close to the overbought zone. This shows that bulls are firmly in command. The next target to watch on the upside is the psychological resistance of $10,000.

We anticipate the pair to enter a minor correction or a consolidation around $10,000. However, the rally has surprised to the upside and if the momentum remains intact, the bulls might push the price above $10,000 and towards $12,000.

The first sign of weakness will be a close (UTC time frame) below the support line of the channel. A breakdown of $7,413.46 will indicate a change in trend.

ETH/USD

Ethereum (ETH) is currently range-bound. It has been trading close to the resistance of the $225.39–$280 range for the past two days. A consolidation near the top indicates strength and increases the possibility of a breakout. Both the moving averages are sloping up and the RSI is in the positive zone. This suggests that the path of least resistance is to the upside.

ETH/USD

On a breakout and close (UTC time frame) above $280, the ETH/USD pair can rally to $322.06 and above it to $335. We expect some profit booking around these levels.

However, contrary to our assumption, if the pair turns down from the current levels and plummets below the 20-day EMA, it can drop to $225.39. A breakdown from this level will turn the trend in favor of the bears.

XRP/USD

Ripple (XRP) is currently trading inside a symmetrical triangle. The next move will start either on a breakout or a breakdown from the triangle. After failing to break down of the triangle, the price has risen close to the resistance line of the triangle. The horizontal zone of $0.45 to $0.47919 might act as a resistance. Nonetheless, with both the moving averages sloping up and the RSI in positive territory, the bulls have the upper hand.

XRP/USD

A breakout of the triangle has a target objective of $0.57259, above which the rally can extend to $0.6250. Conversely, if the XRP/USD pair turns down from the resistance line of the triangle, it can again slump to the trendline of the triangle. A breakdown of this level will indicate weakness. The trend will turn bearish on a breakdown of $0.35660. Traders can trail the stop loss on the long position to $0.37.

LTC/USD

Litecoin (LTC) is an uptrend. Though the bulls have managed to sustain the breakout above the ascending channel, they are struggling to push the price above the overhead resistance of $140.3450. Nevertheless, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that bulls have the upper hand.

LTC/USD

A breakout and close above $140.3450 will propel the LTC/USD pair towards $158.91 and if that level is also crossed, the next target is $184.7940. However, as the price moves up, the probability of a sharp correction increases. Therefore, traders can trail the remaining long position with the stop loss just below the 20-day EMA.

If the price breaks down of the 20-day EMA, it can dip to the next support at the 50-day SMA. The trend will turn negative on a fall below the support line of the ascending channel.

BCH/USD

Bitcoin Cash (BCH) is in a weak uptrend. The 20-day EMA has started to turn up once again and the 50-day SMA is sloping up, which suggests that the bulls have a minor advantage in the short term. Above $450, the bulls will try to retest the recent highs of $481.99 and if this level is crossed, a move to the resistance line of the channel is likely.

BCH/USD

On the other hand, if the rally falters at either one of the overhead resistance levels, the BCH/USD pair might correct to the 20-day SMA and below it to the 50-day SMA. The critical level to watch on the downside is $360 and below it the support line of the channel. If this zone breaks down, the pair can correct to $280. 

EOS/USD

The tight consolidation in EOS resolved to the upside. On June 15, the price closed (UTC time frame) above the overhead resistance of $6.8299 and triggered our buy suggested in an earlier analysis.

EOS/USD

The next target on the upside is a rally to the resistance line of the ascending channel and if that level is crossed, a retest of the recent highs at $8.6503. The 20-day EMA has started to turn up gradually and the RSI has inched back into the positive zone. This suggests a minor advantage to the bulls.

However, if the EOS/USD pair fails to sustain above $6.8299, it will indicate profit booking at higher levels. A breakdown of the moving averages and the support line of the channel will indicate a deeper fall towards $4.4930. Therefore, traders can protect their long positions with the stop loss of $5.80.

BNB/USD

Though the long-term trend in Binance Coin (BNB) is bullish, the short-term trend is shifting to a range between $28 and $38.6463356. A consolidation after such a sharp up-move is a positive sign.

BNB/USD

If the BNB/USD pair breaks out of the overhead resistance at $38.6463356, the uptrend will resume. The next target to watch on the upside is $46.1645899. On the contrary, if the bears sink the price below the support at $28, a deeper correction is likely. Therefore, traders can maintain the stop loss on the long position at $28.

BSV/USD

The bulls are attempting to resume the uptrend in Bitcoin SV (BSV). If the price breaks out of the overhead resistance at $237.390, a retest of the recent highs at $254 is probable. Both the moving averages are trending up and the RSI is in positive territory. This suggests that the bulls are in command.

BSV/USD

A breakout of $254 has a target objective of $307.789 and above it $340.248. Contrary to our assumption, if the bulls fail to break out of $254, the BSV/USD pair might remain range bound for a few days. The pair will turn negative on a breakdown of the 38.2% Fibonacci retracement level of the recent rally.

XLM/USD

Stellar (XLM) has held above the overhead resistance of $0.11507853. However, it is struggling to rebound above the downtrend line of the descending triangle. The moving averages are flat and the RSI is just above 50, which suggests balance between the bulls and the bears.

XLM/USD

If the bulls push the price above the downtrend line of the triangle, the XLM/USD pair can rally to the overhead resistance of $0.14861760. A breakout of this resistance will complete an inverse H&S pattern that has a target objective of $0.22466773. Traders can wait for a close (UTC time frame) above $0.14861760 before initiating long positions. The stop loss for the trade can be kept at $0.1120.

Our bullish view will be negated if the price turns down from the overhead resistance and slips below the support at $0.11507853.

ADA/USD

Cardano (ADA) has been forming a doji candlestick pattern in the past three days, which shows indecision among the bulls and the bears. The price is stuck between the 20-day EMA and $0.10. Both the moving averages have started to turn up once again and the RSI is just above 50. This suggests that the bulls have a slight advantage.

ADA/USD

If the bulls push the price above $0.10, the rounding bottom pattern will complete that can carry the ADA/USD pair towards its target objective of $0.22466773. Hence, we have retained the buy recommendation given in the previous analysis. Contrary to our expectation, if the pair plummets below the moving averages, it will turn negative and can dip to $0.057898.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.


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Are the charts pointing to exhaustion on the upside? Let’s watch the charts