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Crypto analysis: Bitcoin struggles at $25K• Risk off in equity markets pose threat to positively correlating crypto prices • Rising bond yields increase opportunity cost of holding zero-yielding assets • Dollar strength weighs on nearly all dollar-denominated assets Bitcoin has started to print bearish price action again after being unable to hold its breakout above the August high, around $25K. While it hasn’t quite sold off, the potential is there for a sizeable drop because of the renewed weakness we have seen across risk assets in recent days. What’s more, the strength in bond yields is continuing to increase the opportunity cost of holding zero-yielding assets like gold and Bitcoin. Yields have been on the ascendency since the start of the month , when the Fed and ECB both appeared more hawkish than the markets had anticipated. Incoming data since those central bank meetings have been mostly better-than-expected, with US inflation and jobs data in particular supporting the view that more rate hikes are needed to cool the economy. But will today’s FOMC minutes match the recent hawkish FedSpeak? If it does, then l reckon both the dollar and yields will rise further, an in turn hurt BTC/USD. There’s been some talk that policymakers are looking to return to 50 basis point rate hikes again, but I highly doubt this is going to be the case as the Fed has already tightened its policy aggressively and will now go in with smaller increments so as to avoid an unwanted hard landing. Still, markets have realised that the Fed wants to keep its contractionary monetary policy in place longer than they had expected at the back end of last year and start of this year, owing to further improvement in US data and sticky inflation. Tactically, the bears could step in more aggressively than we have seen if BTC/USD were to break below its most recent low at $23,840. If that happens, then price could follow the path we have created on the chart. The bulls meanwhile will want to see a clean breakout above $25.2K to confirm the bullish reversal. That’s because the fake out above this level on Tuesday has raised doubts over the bulls’ conviction. -- Written by Fawad Razaqzada, Market Analyst with FOREX.com Follow Fawad on Twitter @Trader_F_R
COINBASE:BTCUSDShort
by FOREXcom
1
Bitcoin is at Resistance, What Now?Bitcoin is at the $25,000 resistance. If the price breaks above this level, it will open the coin to further gains. The Details: Bitcoin recently hit the $25,000 resistance level, which was identified in our last analysis. This resistance level was last tested in August 2022, and has proven to be a tough hurdle for Bitcoin to overcome. Let’s review Bitcoin's current state and what could happen next. Next Resistances If Bitcoin manages to break above the $25,000 resistance level, the next minor obstacle is at $28,000. This level briefly stopped the bear run in 2022 and could pose a challenge for Bitcoin this time around. However, if Bitcoin manages to overcome this minor resistance, it will then face a major resistance at the $34,000 level. This level has caused a bounce in January 2022 and also in the summer of 2021, and would be a significant challenge for Bitcoin to overcome. Bull Run Support This bull run is supported by a few factors. For instance, the 100 simple moving average (SMA) acts as a mobile support and resistance. Bitcoin recently broke above the 100 SMA, which could potentially indicate that the price will hold up in the case of a reversal. Additionally, another essential price point to keep in mind is the previous support at $21,500. Bitcoin already bounced off this level a few days ago, which indicates that it could hold as a support level in the future. Bottom Line: Bitcoin has reached a resistance level of $25,000; if it manages to break above it, it will face the $28,000 minor resistance and then the $34,000 major resistance. There are a few indicators that will help support this bull run, including the 100 SMA acting as mobile support and resistance and the previous support level at $21,500.
by cryptohopper
1
Crypto Decision Time..In every Traders lifetime there comes a time where Markets look like they are going to fly and fly. Markets push up quickly and they return to former levels seen along side former PA. The question arises... Will the level break and should I hold my longs against my will?.... And so the serotonin is released, the excitement begins and the FOMOer floods into the market AFTER the first move. The drop we saw recently rebounded on sustained market sentiment to the upside but you will notice the stall at very recent highs. The hype that arrives around crypto markets will often come around the time that the market mood looks more optimistic and other coins like BTC start to move. But how should you handle it? Where do you buy? Where do you sell? Where do you exit? These are all things that are best known before markets move because if you are trading unnaturally (against the normal flow of the markets) then you are going to find things end badly, especially with such assets. These are all questions Traders inherently face on such assets. If you are a buyer and you want to get things right, naturally you'll have to buy on dips... And by dips we mean significant moves to comfortable areas of support with aligned risk. We are not house sellers looking to load into one move. We trade many dips and we exit many pushes up to key resistance for gains. Selling HVA's gets dangerous as you can be roasted on hype moves. If you are selling you will also need to be a scalper with very, very light trading sizes. Your goal is to kill of moves up on gains and re-buy substantial dips. Do not get caught in a rut and buy dips that are not far pushes. You will end up getting poor market value repeatedly and over time the worse deals stack up and losses begin to rise. Keep sizes small and smart and do not let your emotion push you to take trades you are not comfortable with. It's advisable to have a MAXIMUM trade size and MAXIMUM Drawdown limit so you do not exceed what is comfortable for your capital. It is also wise to have separate ones for any crypto or indeed anything you are trading. The emotion aspect you will find is removed if you consistently take gains and have sufficient risk plans monitoring your overall risk constantly.
COINBASE:ETHUSD
by WillSebastian
5
Ripple Is Pointing HigherXRPUSD is showing nice and clean bullish setup formation in the 4-hour chart that can send the price higher, at least up to 0.50 resistance area for wave (C) or maybe even higher within wave (3). After an impulsive five-wave rally from the lows into first leg (A)/(1), it's actually now in a slow A-B-C corrective pullback within wave (B)/(2) that can find the support here around 0.37 - 0.35 area and from where we should be aware of a continuation higher, especially if the price jumps back above 0.41 region. Invalidation level is at 0.30. Happy trading!
BITSTAMP:XRPUSDLong
by ew-forecast
2
Buy the dip?"The Formation of a Bump and Run Reversal Pattern in Bitcoin!" This is an incredibly bullish sign, with a 60% success rate of breaking to the upside, if the neckline is held. In the past, Bitcoin has exhibited this pattern multiple times. For example, in 2019, it formed a textbook bump and run after a 14.5% pullback following capitulation. Currently, Bitcoin has only pulled back 10%, if Bitcoin pulls back 14.5% it puts at 20500 level,which is a important level to remember. In 2015, another bump and run was formed after a similar pullback. Taking a closer look at the daily RSI of Bitcoin, there is a noteworthy pattern to observe. Over the course of its 4500-day history, the 89 level on the RSI has only been hit 20 times. On January 14th, 2022, this level was hit, which is an uncommon occurrence. Every time this level is reached, it indicates that Bitcoin is either in a bull market, at a major top, or has just come out of a capitulation. The red dashed line represents cycle bottoms, and the green dashed line marks the first hit of the RSI level following a cycle low. 2011 2015 2019 2023 (Present day) Examining each cycle in detail, we can see that every time there is a capitulation, Bitcoin experiences a massive move on the RSI, followed by a bump and run reversal. The main chart above shows the 20500 target. It is possible that there may be a quick dip to 20500 while keeping the bump and run reversal pattern intact. The 20500 level is important due to the presence of a CME gap, which sits right on top of the 21 weekly moving average. This moving average is one of the most significant in Bitcoin's history and has been a key factor in preceding major rallies. Before each rally, Bitcoin tends to drop down to the 21 weekly, testing it as support, before starting its move, just as it did in 2020. The Mayer multiple band is also at 20500. In conclusion, for the pattern to remain valid, the price must hold 20500, close the CME gap, and hold the 21 weekly, which serves as the neckline of the bump and run reversal. If a weekly candle closes below 20500, it will render this technical analysis invalid.
INDEX:BTCUSDLong
by Sporia
6
$BTCUSD BitcoinWhat Is Bitcoin (BTC)? Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009. Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.” Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use. Who Are the Founders of Bitcoin? Bitcoin’s original inventor is known under a pseudonym, Satoshi Nakamoto. As of 2021, the true identity of the person — or organization — that is behind the alias remains unknown. On October 31, 2008, Nakamoto published Bitcoin’s whitepaper, which described in detail how a peer-to-peer, online currency could be implemented. They proposed to use a decentralized ledger of transactions packaged in batches (called “blocks”) and secured by cryptographic algorithms — the whole system would later be dubbed “blockchain.” Just two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the world’s first cryptocurrency. Bitcoin price was $0 when first introduced, and most Bitcoins were obtained via mining, which only required moderately powerful devices (e.g. PCs) and mining software. The first known Bitcoin commercial transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz traded 10,000 Bitcoins for two pizzas. At Bitcoin price today in mid-September 2021, those pizzas would be worth an astonishing $478 million. This event is now known as “Bitcoin Pizza Day.” In July 2010, Bitcoin first started trading, with the Bitcoin price ranging from $0.0008 to $0.08 at that time. However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, he handed the network alert key and control of the code repository to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Over the years a large number of people have contributed to improving the cryptocurrency’s software by patching vulnerabilities and adding new features. Bitcoin’s source code repository on GitHub lists more than 750 contributors, with some of the key ones being Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli and others. What Makes Bitcoin Unique? Bitcoin’s most unique advantage comes from the fact that it was the very first cryptocurrency to appear on the market. It has managed to create a global community and give birth to an entirely new industry of millions of enthusiasts who create, invest in, trade and use Bitcoin and other cryptocurrencies in their everyday lives. The emergence of the first cryptocurrency has created a conceptual and technological basis that subsequently inspired the development of thousands of competing projects. The entire cryptocurrency market — now worth more than $2 trillion — is based on the idea realized by Bitcoin: money that can be sent and received by anyone, anywhere in the world without reliance on trusted intermediaries, such as banks and financial services companies. Thanks to its pioneering nature, BTC remains at the top of this energetic market after over a decade of existence. Even after Bitcoin has lost its undisputed dominance, it remains the largest cryptocurrency, with a market capitalization that surpassed the $1 trillion mark in 2021, after Bitcoin price hit an all-time high of $64,863.10 on April 14, 2021. This is owing in large part to growing institutional interest in Bitcoin, and the ubiquitousness of platforms that provide use-cases for BTC: wallets, exchanges, payment services, online games and more.
COINBASE:BTCUSDLong
by BADQOMOCAWGOWLD