A popular analyst and trader is expressing bullish sentiment on the flagship cryptocurrency, Bitcoin (BTC). Pseudonymous analyst Bluntz tells his 222,900 Twitter followers that swing failure patterns (SFPS) are forming on the daily chart of BTC and other top crypto assets in a downtrend. A swing failure pattern occurring during a downtrend typically suggests a […]
The post Top Crypto Analyst Predicts Bitcoin Bounce Incoming, Warns Now’s Not the Time To Be Short appeared first on The Daily Hodl.
A bullish signal is flashing for Bitcoin (BTC) that previously led to huge gains, but the same metric also comes with a big warning. Blockchain analytics firm IntoTheBlock says that Bitcoin’s volatility is dropping to significantly low levels that have historically come right before BTC soared. In a new tweet, analysts at IntoTheBlock say that […]
The post Bitcoin Flashing Bullish Signal That Has Historically Triggered a 46% Gain – But There’s a Catch: IntoTheBlock appeared first on The Daily Hodl.
Bitcoin and most major altcoins are selling off on rallies, proof that investor sentiment remains negative in the short term.
The United States stock markets are trying to recover on reports that the debt ceiling talks are showing promise and a debt default may be avoided. However, the same enthusiasm is not seen in the cryptocurrency markets. Bitcoin (BTC) slipped back below the $27,000 support on May 17, indicating that buyers are struggling to sustain the relief rallies.
Institutional investors seem to be booking profits due to the macro uncertainty. CoinShares’ Digital Asset Fund Flows Report shows a total outflow of $200 million from digital asset investment products in the past four weeks.
While the short-term picture remains negative, the chart structure on Bitcoin has not been broken. Bitcoin has corrected about 15% from its local high of $31,000 made on April 14, but it remains above $25,000, indicating that the weakness is looking like a corrective phase in a bull move.
What are the important support levels that the bulls need to hold to launch the next rally in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s recovery stalled at the 20-day exponential moving average (EMA) at $27,694 on May 15, indicating that the sentiment remains negative and the bears are selling on rallies.
The bears will try to sink the price below the immediate support at $26,500, which could open the doors for a decline to $25,250. This remains the key level to keep an eye on because a break below it may accelerate selling. The BTC/USDT pair could then plunge to $20,000.
Instead, if the price rebounds off $25,250, it will suggest that bulls are trying to defend the neckline of the inverse head-and-shoulders pattern. Starting a new rally is a tough task for the bulls because the recovery is likely to face selling at the moving averages and again at the resistance line.
Ether (ETH) turned down from the 20-day EMA ($1,844) on May 17, indicating that the bears are protecting the level with vigor.
The price action of the past few days has formed a falling wedge pattern, and the ETH/USDT pair could slide to the support line. This is an important level to watch out for because if bears yank the price below the wedge, the pair could drop to $1,600.
Alternatively, if the price rebounds off the support line, the bulls will make another attempt to thrust the pair above the 20-day EMA. If they manage to do that, the pair could rise to the resistance line of the wedge.
BNB (BNB) turned down from the 20-day EMA ($316) on May 15, indicating that the bears are active at higher levels.
Sellers will again try to pull the price to the strong support at $300. This is an important level for the bulls to defend because if they fail to do that, the BNB/USDT pair could extend the decline to $280.
On the contrary, if the price bounces off $300, it will signal demand at lower levels. The pair could then again rise to the moving averages. Buyers will have to clear this hurdle to enhance the prospects for a rally to the resistance line.
After trading in a tight range near $0.43 for several days, XRP (XRP) broke above the overhead resistance on May 16.
The bulls continued their buying and shoved the price above the 20-day EMA ($0.44) on May 17. However, the long wick on the day’s candlestick shows that the bears are selling the relief rallies to the downtrend line. This suggests that the XRP/USDT pair may oscillate between the downtrend line and $0.40 for some time.
Buying could accelerate after the bulls drive and sustain the price above the 50-day simple moving average (SMA) at $0.48. That may clear the path for a potential rally to the overhead zone of $0.54 to $0.58.
The bulls tried to push Cardano (ADA) above the $0.38 resistance on May 15 and May 17, but the long wick on the candlesticks shows that the bears are fiercely defending the level.
The 20-day EMA ($0.37) is trending down, and the relative strength index (RSI) is near 43, suggesting that bears have a slight edge. Sellers will next try to sink the price below the uptrend line. If they can pull it off, the ADA/USDT pair could tumble to $0.30.
On the contrary, if the price turns up from the current level or the uptrend line and climbs above $0.38, it will indicate that the bulls are back in the driver’s seat. The pair may then rally to $0.42, which is again likely to act as a strong barrier.
Dogecoin (DOGE) is finding buyers at $0.07, but the failure to achieve a strong bounce indicates that demand dries up at higher levels.
The bears are expected to fiercely defend the zone between the downtrend line and the 50-day SMA ($0.08). If the price turns down from this zone, the bears will make another attempt to sink the DOGE/USDT pair below $0.07.
Another possibility is that the price shoots up from the current level and rises above the 50-day SMA. If that happens, it will suggest the start of a strong relief rally. The pair may first rally to $0.10 and thereafter to $0.11.
Polygon (MATIC) has been stuck in a narrow range between $0.82 and $0.88 for the past few days, indicating indecision among buyers and sellers.
The downsloping moving averages and the RSI near the oversold territory indicate that bears are in control. If the price breaks below $0.82, the selling could intensify and the MATIC/USDT pair may slump to $0.69.
On the upside, the bulls are likely to face stiff resistance in the zone between the 20-day EMA ($0.91) and $0.94. A break above this zone will be the first indication that the selling pressure is reducing.
Related: Why is XRP price up today?
Buyers tried to push Solana (SOL) above the downtrend line on May 15, but the long wick on the candlestick shows that the bears are guarding the level.
The price remains stuck between the downtrend line and the horizontal support at $19.85, but this tight-range trading is unlikely to continue for long. The bears will try to tug the price below $19.85 and challenge the support at $18.70.
On the other hand, the bulls will try to propel and sustain the price above the 50-day SMA ($21.83) to signal the start of a sustained recovery. The SOL/USDT pair could then rally to $24 and subsequently to $26.
Polkadot (DOT) has been consolidating near the crucial support of $5.15 for the past few days. The failure to start a strong rebound suggests a lack of aggressive buying at current levels.
The downsloping 20-day EMA ($5.54) and the RSI in the negative zone suggest that bears are in command. If the $5.15 support cracks, the selling could pick up momentum and the DOT/USDT pair may slide to $4.50 and then to $4.22.
Buyers will have to propel the price above the 20-day EMA to indicate a comeback. The pair may then rise to the 50-day SMA ($6) and later attempt a rally to the downtrend line. A break above this resistance will signal that the tide has turned in the favor of the bulls.
Litecoin (LTC) broke above the 20-day EMA ($85) on May 15 and followed that up with another up move above the 50-day SMA ($89) on May 16.
The LTC/USDT pair is nearing $96, where the bears are expected to mount a strong defense. If the bulls do not give up much ground from this level, the likelihood of a break above $96 increases. The pair could then retest the overhead level at $106.
Instead, if the price turns down sharply from $96 and breaks below the moving averages, it will indicate that bears are holding their ground. The pair may then swing between $75 and $96 for a few more days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Litecoin rose for a third consecutive session on Tuesday, despite cryptocurrency markets mostly falling lower. The global market cap is currently down by 1.28%, as overall market uncertainty remains high. Apecoin also rallied, extending recent gains. Litecoin (LTC) Litecoin (LTC) was once again in the green, as the token rose for a third consecutive session. […]
Solana extended recent gains on Monday, as the token rose to a one-week high, following recent declines. The token dropped below the $20.00 level last week, as a red wave hit cryptocurrency markets. Litecoin was also higher today, climbing by nearly 7%. Solana (SOL) Solana (SOL) rose to a one-week high on Monday, as momentum […]
Bitcoin and most major altcoins are slumping, but the charts suggest that a recovery could be around the corner.
Bitcoin (BTC) extended its decline on May 12 but analyst Philip Swift, co-founder of trading suite DecenTrader and creator of data resource LookIntoBitcoin, does not expect a deep correction. He said it was “interesting to note that the long/short ratio has been climbing as price has trended down.”
One of the reasons that is keeping analysts bullish is Bitcoin’s halving, which has followed a set cycle till now and analysts expect it to continue. Citing previous cycles, investor and entrepreneur Alistair Milne, said that the time to buy was now.
However, in the near term, Bitcoin could be facing pressure due to the relief rally in the U.S. dollar index (DXY). Typically, the DXY has an inverse correlation with Bitcoin’s performance.
What are the important support levels that may attract buyers in Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin formed a long-legged doji candlestick pattern on May 10, indicating indecision among the bulls and the bears. The sellers resolved that to the downside with a break below the support line of the symmetrical triangle pattern.
The moving averages have completed a bearish crossover with the 20-day exponential moving average ($28,142) slipping below the 50-day simple moving average ($28,496).
This along with the relative strength index (RSI) in the negative territory indicates that bears are in command. The next target on the downside is $25,250. This is an important level for the bulls to defend because it is the neckline of the inverse head and shoulders pattern.
If BTC price rebounds off this level, the bulls will again try to drive the BTC/USDT pair above the resistance line. On the other hand, a break below $25,250 could open the doors for a potential downside of $20,000.
Ether (ETH) turned down from the 20-day EMA ($1,866) on May 10, indicating that the sentiment has turned negative and traders are selling on rallies.
The ETH/USDT pair broke and closed below the support line on May 11, indicating the resumption of the correction. The pair could next reach the 61.8% Fibonacci retracement level of $1,663. This level is likely to attract strong buying by the bulls.
The first sign of strength will be a break and close above the 20-day EMA. Such a move will indicate that the bears may be losing their grip. ETH price may then reach the psychologically important level of $2,000.
BNB (BNB) continued its southward journey and reached near the immediate support at $300. This level had acted as strong support on April 3 and March 15, hence the bulls will again try to defend it.
In the near term, the $300 level may start a rebound but that is likely to face strong selling at the 20-day EMA ($319). That will enhance the prospects of a break below $300. The BNB/USDT pair could then slump toward the next strong support at $280.
This negative view will be invalidated in the near term if the price turns up and breaks above the moving averages. The pair could then climb toward the overhead resistance at $338. For now, the pair may continue to swing inside the large range between $280 and $338.
The bulls are struggling to push and sustain XRP (XRP) above $0.43, indicating that demand dries up at higher levels.
The downsloping 20-day EMA ($0.45) and the RSI near the oversold territory indicate that bears are in control. Sellers will next try to sink the XRP/USDT pair below the $0.40 support. If they do that, the pair may complete a 100% retracement and plummet to $0.36.
On the contrary, if XRP price bounces off $0.40, the bulls will again try to push and sustain the pair above $0.43. Buyers will have to drive the price above the resistance line to signal the start of a sustained recovery.
The long tail on Cardano’s (ADA) May 11 candlestick shows that the bulls are trying to buy the dips to the uptrend line.
The downsloping 20-day EMA ($0.38) and the RSI in the negative territory suggest that bears have the upper hand. They will try to sell on any recovery attempt to the 20-day EMA. If that happens, the ADA/USDT pair will again drop to the uptrend line.
The repeated retest of a support level tends to weaken it. A break below the uptrend line could pull tADA price to $0.33 and then to $0.30.
Contrarily, if bulls thrust the price above the moving averages, Cardano pricecould rally to the neckline of the inverse H&S pattern.
The bulls have managed to protect the $0.07 level for the past few days but they have not been able to start a relief rally in Dogecoin (DOGE). This suggests that buying fizzles out at higher levels.
The bears will try to strengthen their position further by pulling the price below $0.07. If they can pull it off, the DOGE/USDT pair could fall to $0.06. This level is likely to act as a support but the bears may pose a strong challenge at the downtrend line.
If DOGE price turns down from the downtrend line and breaks below $0.06, the selling could pick up momentum. The pair may then plunge to the critical support at $0.05. A break and close above the downtrend line will be the first sign that the selling pressure could be reducing.
Polygon (MATIC) has extended its decline below the breakdown level of $0.94. This has pulled the RSI into the oversold territory, indicating that the selling may have been overdone in the near term.
The MATIC/USDT pair may turn up and retest the breakdown level of $0.94. This level is likely to witness a tussle between the bulls and the bears. If MATIC price turns down from $0.94, it will suggest that the bears have flipped the level into resistance. That will increase the possibility of a tumble to $0.69.
On the other hand, if buyers kick the price above $0.94, it will suggest that the bulls are attempting a comeback. Polygon price may then recover to the resistance line where the bears will again mount a strong defense.
Related: Bitcoin's dive under $27K liquidates $100M — So why aren't margin traders flipping bearish?
Solana (SOL) has been trading near the immediate support at $19.85 for the past four days. This shows that the bulls are buying the dips but they have not been able to start a meaningful recovery.
The 20-day EMA ($21.56) has started to turn down and the RSI is in the negative zone indicating that bears have a minor edge. If SOL price turns lower from the current level or the downtrend line, it will suggest that the sentiment remains negative. The SOL/USDT pair may then descend to $18.70.
Contrarily, if bulls pierce the downtrend line, it will suggest that the pair is stuck inside the range between $19.85 and $27.12. The pair may first rise to $24 and thereafter attempt a rally to $27.12.
Polkadot (DOT) turned up from the strong support at $5.15 on May 10 but the bulls could not build upon this move. This suggests no takers at higher levels.
The bears used this opportunity and are trying to sink the price below the vital support at $5.15. If they manage to do that, it will suggest the start of the next leg of the down move. The DOT/USDT pair could then plummet to $4.50.
If DOT price reverses direction from the current level and rises above the 20-day EMA ($5.68), it will suggest solid buying at lower levels. The pair may first rise to the 50-day SMA ($6.06) and thereafter rally to the downtrend line.
Litecoin’s (LTC) bounce off the strong support at $75 is facing strong selling near $82. This shows that bears are pouncing on every minor rally.
The bears will make another attempt to yank the price below $75. If they do that, the LTC/USDT pair could resume its downtrend and slide toward the crucial support at $65. Buyers are expected to defend this level with vigor.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Litecoin was back above $80.00 on Wednesday, as the token climbed away from a recent six-week low. Today’s rise in price sees the cryptocurrency surge for a third straight day, despite recent market volatility. Cardano was also marginally higher. Litecoin (LTC) Litecoin (LTC) jumped back above $80.00 earlier in today’s session, as the token continued […]
Bitcoin and select cryptocurrencies are trying to start a rebound following the CPI data release but bulls may find it difficult to continue the recovery at higher levels.
The United States consumer price index rose 4.9% annually, which was slightly less than estimates of a 5% increase. The CPI’s monthly rise of 0.4% in April was in line with expectations.
Although inflation remains stubbornly higher than the Federal Reserve’s 2% target range, traders will take comfort from the slower pace of increase. That suggests the Fed rate hikes are having their effect and further rate hikes may not be necessary.
If the Fed pivots and starts to cut rates as the FedWatch Tool projects, that may be positive for risky assets such as equities and cryptocurrencies. Bitcoin (BTC) has responded positively to the CPI data and has risen above $28,000 on May 10.
While the downside looks limited, the bulls may not have it easy at higher levels because of the high risk of a recession and the possibility of the banking crisis erupting again. That may keep the price stuck inside a range, which may act as a base for the next leg of the rally when that happens.
What are the important support and resistance levels to watch out for on Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke below the moving averages on May 7 and nosedived to the support line of the symmetrical triangle pattern on May 8. The bulls are trying to defend this level with vigor but the recovery may face difficulties at higher levels.
The bears will try to aggressively defend the zone between the moving averages and the resistance line. If the price turns down and breaks below the support line, the BTC/USDT pair could descend to the breakout level of $25,250.
This is an important level to keep an eye on because if it cracks, the selling could intensify and BTC price can plunge to the psychologically important level of $20,000.
Conversely, if bulls thrust the price above the resistance line, it will suggest that the corrective phase may be over. The pair could first rally to $30,000 and then attempt an up-move to $32,400.
Ether (ETH) has been stuck between the 20-day EMA ($1,887) and the support line for the past two days but this tight-range trading is unlikely to continue for long.
If the price clears the hurdle at the moving averages, it will indicate strong buying at lower levels. The ETH/USDT pair will then try to climb to the psychological resistance at $2,000. The bears are expected to fiercely defend this level but if bulls overcome this barrier, ETH price may soar to $2,200.
Contrarily, if the price fails to sustain above the moving averages, it will suggest that bears are pouncing on every minor rally. A break below the support line could start a down move that may reach the 61.8% Fibonacci retracement level of $1,663.
BNB (BNB) broke below the triangle on May 7, indicating that the uncertainty resolved in favor of the bears.
The selling intensified on May 8 and the BNB/USDT pair started its journey toward psychological support at $300. This level may attract buying, which could start a recovery to the 20-day EMA ($322).
If the price turns down from this level, it will enhance the prospects of a break below $300. The next support is at $280.
If bulls want to prevent the decline, they will have to push BNB price back above the 20-day EMA. If they are successful, the pair may reach the overhead resistance at $338.
XRP (XRP) crashed below the $0.43 support on May 8 but the long tail on the candlestick shows strong buying at lower levels.
The XRP/USDT pair is witnessing a tough battle near the breakdown level of $0.43. The bears are trying to flip the level into resistance while the bulls are attempting to push the price above it.
If XRP price turns down from the current level and breaks below $0.40, the bearish momentum may pick up and the pair could drop to $0.36. This negative view will be invalidated in the short term if bulls kick the price above the resistance line.
Cardano (ADA) plummeted below the $0.37 support on May 8, indicating that bears are trying to seize control.
The bulls are trying to stall the decline near the uptrend line but they are likely to face stiff resistance at the breakdown level of $0.37. If the price turns down from this level, it will suggest that the bears have flipped $0.37 into resistance.
That will enhance the prospects of a break below the uptrend line. The ADA/USDT pair may then start its decline to $0.33 and later to $0.30. The first sign of strength will be a break and close above the moving averages. That will open the doors for a rally to $0.42.
Dogecoin (DOGE) continued its downward journey and touched the solid support at $0.07 on May 8. The bulls are trying to achieve a bounce off this level.
The relief rally is likely to reach the downtrend line where the bears are expected to mount a strong defense. If the price turns down from this level, the bears will again try to sink the DOGE/USDT pair below the support at $0.07. If they succeed, the pair may plunge to $0.06, which is not major support. If this level gives way, the pair may collapse to $0.05.
Conversely, if buyers thrust the price above the downtrend line, it will signal the start of a stronger recovery. DOGE pric may then rise to the overhead resistance zone of $0.10 to $0.11.
Polygon (MATIC) nosedived below the vital support at $0.94 on May 8, indicating that the bears are in command.
The sharp fall of the past few days pulled the RSI into the oversold territory, suggesting that a recovery is possible. The sellers will try to pounce on any relief rally and keep the price below the $0.94 level. If they do that, the MATIC/USDT pair could start its journey toward the strong support at $0.69.
Contrarily, a break and close above the 20-day EMA ($0.98) will suggest that lower levels are attracting solid buying. That may trap several aggressive bears and propel MATIC price toward the resistance line.
Related: Pepe vs. Doge: How memecoins performed first time hitting $1B market cap
Solana (SOL) turned down from the downtrend line on May 6 and fell to the strong support at $19.85 on May 8.
The bulls are trying to start a recovery but the rebound lacks conviction. If Solana price turns down from the current level and plunges below $19.85, the SOL/USDT pair may fall to $18.70. This level may again act as a strong support.
If bulls want to prevent a decline, they will have to quickly drive the price above the downtrend line. If they manage to do that, SOL price could rise to $24 and subsequently to the overhead resistance at $27.12.
The bulls are trying to protect the strong support at $5.15 as seen from the long tail on Polkadot’s (DOT) May 8 candlestick.
The recovery is likely to face stiff resistance at the 20-day EMA ($5.77) as the bears have been guarding this level with vigor. If the price turns down from the current level or the 20-day EMA, the bears will make another attempt to sink the DOT/USDT pair below $5.15. If they can pull it off, Polkadot price risks a drop to $4.50.
Contrarily, if the relief rally pierces the 20-day EMA, DOT price may rise to the 50-day SMA ($6.10) and later reach the downtrend line. A break and close above this level will suggest that the bulls are on a comeback.
Litecoin (LTC) rebounded off the crucial support at $75 on May 8, indicating that the bulls are trying to arrest the decline at this level.
The downsloping 20-day EMA ($86) and the RSI in the negative territory indicate that bears are in command. Any recovery attempt is likely to face selling at the 20-day EMA. If Litecoin price turns down from this level, it will increase the likelihood of a break below $75. If that happens, the LTC/USDT pair could tumble to $65.
Contrary to this assumption, if bulls drive LTC price above the 20-day EMA, it will suggest that bearish pressure is reducing. The pair may first recover to the 50-day SMA ($90) and thereafter dash toward $96.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Blockchain analytics platform Santiment is bullish on five crypto assets amid a larger fall in the prices of altcoins relative to Bitcoin (BTC). Santiment says that Litecoin (LTC) and four other altcoins are underbought with most traders nursing losses. According to Santiment, Litecoin, decentralized exchange Serum (SRM), peer-to-peer collaboration tool Radicle (RAD), non-fungible token (NFT) […]
The post Litecoin and Four Additional Altcoins Presenting Opportunity for Crypto Bulls: Analytics Firm Santiment appeared first on The Daily Hodl.
The lion’s share of the fintech’s held cryptocurrency assets lie in BTC and ETH with $499 and $362 million respectively — up more than 56% since Q4 2022.
Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly report filing to the Securities and Exchange Commision (SEC).
Claiming a combined total of $943 million in cryptocurrency assets as of March 31, 2023, the filing shows a 56% increase over the company’s previous quarter where PayPal disclosed $604 million.
PayPal's reported total financial liabilities for this quarter were $1.2 billion, with crypto assets making up 77.9% — up more than 10% from 2022’s reported fourth quarter liabilities.
Related: PayPal crypto partner Paxos raises $300M
According to the report, PayPal considers its crypto assets a “safeguarding liability” due to the the “unique risks associated with cryptocurrencies.” The disclosure also indicates that the specific cryptocurrencies held by the company remain unchanged since last quarter:
"We allow our customers in certain markets to buy, hold, sell, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout. These cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin (collectively, “our customers’ crypto assets”)."
Custody of the assets PayPal holds on behalf of its customers remains limited to third-party holding companies. PayPal recognizes that this presents a liability for customers in the event that third parties are unable to process transactions — a statement carried over from last quarter’s filing — however, the filing also indicates that no such fault has yet occurred:
“As of March 31, 2023, the Company has not incurred any safeguarding loss events, and therefore, the crypto asset safeguarding liability and corresponding safeguarding asset were recorded at the same value.”
The Q1 2023 cryptocurrency asset breakdown for PayPal includes $499 million in Bitcoin (up from December’s $291 million), $362 million in Ether (up from $250 million), and $82 million composed of Bitcoin Cash and Litecoin (up from $63 million).
PayPal's profitability also increased in the first quarter. On a GAAP basis, the company disclosed per-share earnings of $0.70, up from $0.43 in the first quarter of 2022. On a non-GAAP basis, PayPal's per-share earnings were $1.17, up from $0.88 in the first quarter of 2022.
