Bitcoin Crypto News

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

Bitcoin price action on monthly timeframes has made a historic move to the touch the lower Bollinger Band – a popular technical indicator and volatility measuring tool. Although he warns there isn’t yet a sign that a bottom is in, the tool’s creator says where price action tapped is a “logical” level for such a bottom to occur. Unprecedented Bitcoin Price Action Taps Monthly Bollinger Band For First Time In History Expectations for Bitcoin price in 2022 were closer to $100,000 per coin and above. Yet the top cryptocurrency today is trading close to its former 2017 all-time high at $20,000. But unprecedented macro conditions has caused unprecedented price action in Bitcoin and other cryptocurrencies. Never in the past has the top cryptocurrency by market cap retested its former all-time high this way. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? And never did Bitcoin price on monthly timeframes ever reach the lower Bollinger Band. But that’s exactly what happened this past month when crypto market contagion spread and brought asset prices down considerably. BTCUSD monthly touches down on the lower Bollinger Band | Source: BTCUSD on TradingView.com Touching the lower Bollinger Band, however, could be a logical place for a bottom according to the tool’s creator. Time To Pay Attention: John Bollinger Points Out Logical Level For Potential Bottom The Bollinger Bands are a technical analysis tool that can help to measure and predict volatility, or find areas of potential resistance and support. It was created in the 1980s by John Bollinger, who today is a frequent Bitcoin speculator. It relies on a 20-period simple moving average and a dynamic upper and lower band set each at two standard deviations. Mr. Bollinger pointed out the touch of the lower Bollinger Band in a new tweet, where he suggests the area would be a “logical” level to bottom. Bollinger did warn, however, that there still aren’t signs of such bottoming yet. In the past, Bollinger was able to call out the April 2021 peak by spotting a “three pushes to a high” bearish reversal pattern with striking accuracy. The analyst says his tools later confirmed what he says was an “M-type” double top. Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https://t.co/KsDyQsCO1F — John Bollinger (@bbands) June 27, 2022 Bollinger also shared in his chart a look at ancillary indicator, B%, which also has set historical lows. Monthly Bollinger Band Width can be used to measure volatility, and still has room to fall compared to past cycles. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison Does Bitcoin price have more room to fall also? Or will a bottom form in this “logical” zone as the tool’s creator calls attention to? Either way, it seems to be “time to pay attention.” Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Crypto News

Cardano Formed This Pattern On Its Chart, Where Is The Coin Headed?

Cardano was bullish on the chart, as market movers picked up optimistic price movement, so did ADA. Over the last 24 hours, the coin rose close to 6% and in the last week, and in the past week ADA secured a 12% gain. The coin has been trading between the range of $0.46 and $0.51 over the last few days. Price of Cardano has steadied itself at the $0.51 price level. Both Bitcoin and Ethereum also logged double digit gains in the past week. Technical of ADA pointed towards bullishness, however, it is crucial that the coin moves past its rigid resistance of $0.51. A move above the $0.51 mark can help Cardano secure another 6% appreciation. Buying strength had grown over the past few trading sessions, however, if ADA continues to remain at the current price mark then buyers can exit the market. The coin noted a slight fall in buying strength on the four hour chart. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.51 on the four hour chart. The coin has been facing considerable resistance at the $0.51 mark and it hasn’t been able to move past it despite daily gains. The next price ceiling for the coin stood at $0.53, if ADA manages to trade above that then the bulls could stick around for long. A fall from the current price level will push ADA to trade near the $0.48 level. Cardano portrayed bullishness and it formed an ascending triangle pattern in agreement with the same. Trading volume of the coin has remained low indicating that there has been a fall in buying pressure. Technical Analysis ADA formed an ascending triangle but it also noted a fall in buyers in the market. If there is continued fall in buying strength then the altcoin’s price can soon walk on a bearish trajectory. The Relative Strength Index was parked above the half-line which is a sign of increased buying strength, however, there was a small downtick on the indicator. Despite the downtick, Cardano was above the 20-SMA line, which meant that there was significant buying strength and buyers were driving the price momentum in the market. Related Reading | Why Pain May Not Be Over For Bitcoin Holders Just Yet ADA’s buying strength fell but the coin displayed a buy signal. The Awesome Oscillator portray the price direction and the trend of the coin. AO depicted green histograms which can be construed as buying signal for the coin. Directional Movement Index outline the price direction of the altcoin and also highlights the change in the same. DMI was positive as the +DI was above the -DI line which indicates bullishness on the chart. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Featured image from Unsplash.com, chart from TradingView.com

Bitcoin Crypto News

Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

On-chain data shows the Bitcoin coinbase premium gap has improved recently and is now approaching a neutral value, suggesting the selling pressure may be drying up. Bitcoin Coinbase Premium Gap Close To Zero, But Still Negative As pointed out by an analyst in a CryptoQuant post, the selling pressure from US investors seems to have reduced in recent days. The “Coinbase Premium Gap” is an indicator that measures the difference in the Bitcoin prices listed on crypto exchanges Coinbase (USD pair) and Binance (USDT pair). The quant notes that US investors are known to use the Coinbase platform, especially high-net entities and institutions. When the value of this metric is positive, it means the price on Coinbase is higher at the moment. Such a trend suggests there has been buying from US investors recently. Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? On the other hand, a negative premium gap implies there has been some selling on the crypto exchange as the price is lesser than on Binance. Now, here is a chart that shows the trend in the Bitcoin Coinbase premium gap over the year 2022 so far: The value of the metric looks to be negative right now | Source: CryptoQuant As you can see in the above graph, the Bitcoin Coinbase premium gap has been negative in the last couple of months. During the LUNA crash, it reached a highly red value of $131, which means there was some heavy selling from US investors then. During the consolidation period that followed, as well as during the latest crash, the value of the indicator moved sideways around a negative $20. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison Over the last few days, however, the trend seems to have changed and the premium gap is now observing some upwards movement. While the indicator still has a negative value, it’s quite close to zero now as the gap between Coinbase and Binance stands at just -$5. This shows that the selling pressure from US investors has been dying down recently, a sign that could prove to be bullish for the price of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $21.2k, up 11% in the last seven days. Over the past month, the crypto has lost 28% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been going up over the last few days | Source: BTCUSD on TradingView Since the low below $18k, Bitcoin has been trying to gradually make some recovery. However, the crypto is currently finding it difficult to leave the $21k level. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin Crypto News

Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison

Before the recent selloff, Bitcoin was positioned as the next big thing. Investing and trading legends like billionaire philanthropist Paul Tudor Jones say it is like investing in Steve Jobs’ Apple early, or like getting in on the ground floor on Google. A new comparison suggests that even the latest price action is very much like if you had bought Google early. Here is a closer look at the shocking comparison along with the happy ending that should give crypto holders feeling uneasy some comfort. Bitcoin Versus Google Comparison Predicts Bull Finale Ahead Of Recession Bitcoin is a hard subject for many to wrap their head around. The lack of a physical object associated with the asset makes it feel more akin to magic internet money. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? Those who do properly comprehend the cryptocurrency’s potential, compare it to like investing in a piece of the internet. It has also been compared to investing in Apple or Google early.  However, a new comparison inspired by technical analyst Gert van Lagen shows just how accurate that statement might be. BTCUSD compared to Google during prior to The Great Recession | Source: BTCUSD on TradingView.com On the left, is the last decade plus of Bitcoin price action. On the right is Google just ahead of The Great Recession. With a recession possibly ahead of us, the comparison isn’t without merit. The Happy Ending For Google: A Search Engine Giant Emerges The above comparison has been changed from the analyst’s initial interpretation, but the comparison remains just as jarring. The example suggests that Bitcoin is nowhere near done with the current cycle. Although that provides hope for bulls, the same comparison does show the primary motive wave coming to a conclusion with wave 5, taking the price of Google back to below wave 4. Related Reading | Did A “Zig-Zag” Correction Shake Out The Crypto Market? If the same were to happen to Bitcoin, price could fall below the 2017 low eventually, reaching $2,000 per coin during any recession ahead – if it occurs. Many believe the recession is already here, which is why the recent crypto selloff has been so severe. If it isn’t, the market could recover to new highs and while the market is blind, the recession could finally creep in. Although the correction was especially severe, Google did just fine | Source: NASDAQ-GOOGL on TradingView.com Ultimately, the correction ended, and the primary uptrend continued higher. The technical analysis methods used in the above charts is referred to as Elliott Wave Theory. The study believes that all markets move in the same wave patterns based on human emotion cycles, hence why the same patterns could appear in two entirely different assets. INVITE: join @elliottwaveintl for a FREE live #crypto trading webinar on 6/28 @ 11am. 🌊 2 EW experts will give a 1-hr lesson on Elliott Wave setups in crypto – and explain what’s really going on with #Bitcoin You can sign up for free at this link 👉 https://t.co/Hi2WUPW22y pic.twitter.com/MKMTtjZYPa — Tony "The Bull" Spilotro (@tonyspilotroBTC) June 17, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin

Solana To Launch Crypto Smartphone, Says “Time To Go Mobile”

Solana Labs Co-Founder Anatoly Yakovenko announced a suite of products aimed at harvesting crypto’s potential to integrate with smartphones. According to an official post, the digital assets industry and this network have grown and support millions of users, but apparently, they rely on desktop applications. Related Reading | Bitcoin Trading Volume Nears One-Year Highs As Volatile […]

Bitcoin Crypto News

Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated

The latest recovery rally in the price of Bitcoin has now slowed down as on-chain data shows signs of dumping from whales. Bitcoin Exchange Whale Ratio Continues To Be At High Values As pointed out by an analyst in a CryptoQuant post, BTC whales are sending their coins to exchanges at the moment. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top ten transactions to exchanges and the total Bitcoin exchange inflows. In simpler terms, this metric tells us how the whale transactions (that is, the ten biggest transfers) compare with the total amount going into exchanges. If the value of this ratio is high, it means whales are making up for a large part of the inflows right now. Such a trend can be a sign of dumping from these whales, and thus can be bearish for the crypto’s price. Related Reading | Two Months Of Extreme Fear Leaves Crypto In Panic, Bitcoin At $20K On the other hand, low values of the indicator imply whales are making up a healthy part of the inflows currently. This trend can prove to be either neutral or bullish for the value of BTC. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last few months: The 72-hour MA value of the metric seems to have been high recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio has stayed at pretty high values in recent days. Generally, the indicator’s value remains less than 0.85 during bull markets, while it stays at higher values than that in bear market periods. Related Reading | Bitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive The current value of the ratio is above 0.90, which means more than 90% of the exchange inflow is from the ten largest transactions right now. This can be a hint that whales are dumping at the moment. Bitcoin attempted a recovery rally over the last few days after hitting the low below $18k, but the run has now slowed down as the value of the coin now looks to be moving sideways. This halt in the move may possibly be because of selling from whales that the exchange whale ratio is signaling right now. BTC Price At the time of writing, Bitcoin’s price floats around $20.7k, down 2% in the last seven days. Over the past month, the crypto has lost 31% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been consolidating sideways over the past few days | Source: BTCUSD on TradingView Featured image from Fábio Hanashiro on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin Crypto News

Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light

Bitcoin remains in the red with a 10% loss over the past week. The number one crypto by market cap has been consolidating at its current levels after a massive crash too it to a multi-year low of $17,500. Related Reading | Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning? At the time of writing, BTC’s price trades at $20,400 with sideways movement in the last 24 hours. As many outlets have been reporting, Bitcoin miners have been reducing their BTC holdings. This has contributed to the selling pressure and to BTC’s price plunging to its current levels from the $30,000 area. A recent report by analytics firm Coin Metrics looked into BTC miners’ addresses, and funds flow to pin down Bitcoin’s crash real impact on the sector. As the firm claims, the process of tracking down BTC miners’ addresses can be difficult, despite the transparency of the blockchain. In order to get a clear picture of current miners’ BTC holdings, Coin Metrics labeled the addresses which have come in contact with mining pools. These miners combined their resources and split the rewards for including a block in the blockchain. Miners pool their resources because they have a bigger chance of receiving the rewards. These pools interact with BTC addresses which Coin Metrics called 0 Hop miners and then the split rewards go to 1 Hop address or miners. As seen below, the firm was able to discover that there are 2.9 million 1-hop miners, but this is the total number of addresses for every entity that has ever mined 1 BTC. The number has been on a decline since January 2021 when the sector became more industrialized. In that sense, active Bitcoin miner addresses interacting with the mining pools total 34,000 in 2022. A much smaller number when compared to its all-time high, and with 2021 when these addresses stood at 92,000. Bitcoin Miners Reduce Holdings, But Remain Bullish The total number of 1-hop BTC addresses have been dumping their Bitcoin since July 2020. This metric inversely correlates with the price of BTC. While the cryptocurrency rose, the BTC supply held by these addresses trended to the downside. These entities have sold at least 500,000 BTC from that period until June 2022 impacted by price volatility. As seen below, active miners have been reducing their supply as well but only sold around 25,000 BTC. Coin Metrics analyst Parker Merritt added the following to the recent findings: While most miners prefer HODLing, last week’s market turbulence threw many miners for a loop. With the wick down below $18K, several companies became forced sellers, liquidating their BTC treasuries to minimize the impacts of a margin call. Related Reading | Controlling The Chaos: Alameda Ventures Bails Out Voyager With $200M & 15K BTC There is an uptick on the chart above, which could translate into a new period of BTC accumulation from miners. Overall, less leverage in the crypto market could contribute to healthier price action.

Altcoins Bitcoin Crypto News

Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?

The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse

Analysis Crypto News Ethereum

Ethereum returns above $1000 – Should you buy

ethereum-returns-above-$1000-–-should-you-buy

For so many years, many fence-sitters in the crypto industry have waited in bated breath for the prices to crash so that they can buy in. After all, in 2021 crypto was just hot. Coins hit record-breaking highs, and Ethereum was predicted to hit $10,000 this year. But things haven’t really turned out that way.… More

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