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Bitcoin SV long-term Price Analysis: 30 November

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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

Bitcoin SV is a long way from its all-time high. While most altcoins are out of the bear market, Bitcoin SV, for some inexplicable reason, still seems to be in it. At press time, Bitcoin SV was trading at $172 with a market cap of $3.18 billion.

BSV seemed to be showing a slight bearish bias in the short-to-mid term scenario. On a 4-hour time frame, there seemed to be looming short-sellers nearby, whereas, a strong resistance on the daily time frame was found. Stuck between a rock and a hard place, BSV will have no place to go but down.

Bitcoin SV 4-hour chart

Source: BSVUSD on TradingView

The attached chart showed that Bitcoin SV was forming a rising wedge, an inherently bearish pattern. As explained above, the strong overhead resistance and the bearish pattern together pose a bearish outlook for BSV in the short-t0-medium term scenario. This would open up an opportunity for a short play on BSV.

Rationale

In addition to the above, there was a strong 200-day moving average at $180 acting as a deterrent to any bullish momentum. Despite the recent hike in price, the volume didn’t seem to back it.

Moreover, the Stochastic RSI had already hit a bearish crossover in the overbought zone, a tell-tale sign of a reversal. Combining this with the RSI, which was also showing signs of reversal just above the 50-level, indicated that there will be a drop soon.

In fact, the price had already faced rejection at the 50-moving average on the 4-hour timeframe, a development that was a bearish sign.

Levels to look out for

Entry: $173.902
Stop-Loss: $181.000
Take-Profit: $150.502
Risk-to-Reward: 3.3

The take-profit level can be at the aforementioned level or a little higher, at $159, which would be the immediate support after the price breaks out of the rising wedge. This would yield an R of 2.2.

Source: https://eng.ambcrypto.com/bitcoin-sv-long-term-price-analysis-30-november/

Amb Crypto

Stellar Lumens, Cosmos, Zcash Price Analysis: 23 January

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After Bitcoin forfeited the $33,000-mark, altcoins such as Stellar Lumens, Cosmos, and Zcash moved within a range and awaited further signals from the market leader to make a stronger move on the charts.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Stellar Lumens moved within the tight channel of $0.28 and $0.26 as trading volumes remained subdued over the last few days. The 20-SMA and 50-SMA highlighted some points of resistance as the candlesticks remained below the two moving averages. A bullish rally in the broader market could determine the price action over the next few trading sessions, otherwise, XLM could trade within its present channel.

The Awesome Oscillator was bearish-neutral as the red bars remained below equilibrium.

The Chaikin Money Flow showed that despite capital inflows, the price was unable to break above its press time resistance.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

At the time of writing, ATOM was trading close to its support line at $8.12 after a bit of to and fro movement over the last few trading sessions. It was unclear whether the bulls could maintain the price above its support level as subdued trading volume prevented a rise on the charts. A bearish scenario could see the price lose out on the $8.12-level and move lower to $7.1. The indicators were largely neutral, and the path forward for ATOM could rely on strong cues from the broader market.

The Relative Strength Index remained neutral and stabilized just around 50.

The MACD slightly favored the bears as the bars on the histogram were moving towards the half-line.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Although Zcash seemed bullish at the time of writing, the resistance at $89.9 halted a further rise on the charts. A bit of sideways movement can be expected moving forward as buyers remained subdued in the market. In case of a fall, the bulls could hold on to the $81.08-support level.

The candlesticks moved within the Signal line and the lower band of the Bollinger Bands and can be expected to continue this trajectory, unless there is a drastic move in market leaders BTC and ETH.

The On Balance Volume dipped and moved flatly as the price fell below the $89.94-resistance. The price might trade below its press time support if the OBV fails to pick up.

Source: https://ambcrypto.com/stellar-lumens-cosmos-zcash-price-analysis-23-january/

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Why has Bitcoin’s brief recovery not been enough

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Bitcoin’s price bounced back on the charts after undergoing yet another price correction, with the same settling above the $32,000-price level, at press time. In fact, after seeing its value fall by over 15 percent on the 20th of January, the coin was on its way to breach its immediate resistances at the $33,000 and $34,000-levels.

In the past, Bitcoin has been troubled by minor corrections on the charts after falling from the ATH it set around the $42k-level. However, Bitcoin returning to claim a position above $35k, for example, might be a clear sign that the bulls are back in control. This raises the question – In the short-term market for Bitcoin, how probable is such a scenario?

Given the cryptocurrency’s overall market sentiment, traders may have to wait a while before the $35k-price level is claimed. In the long term, given Bitcoin’s scarcity and the fact that it has in the past gone past this price level, the $35k-level should be easily capturable.

However, in the next few weeks, the continuing bearish sentiment may stop the coin from breaching this resistance.

Source: Santiment

According to Santiment’s data, strong bearish sentiments with regard to Bitcoin are around at the moment. Santiment’s Weighted Social Sentiment metric is a clear indicator of the overall sentiment traders have towards an asset. In Bitcoin’s case, in spite of it rebounding today, many traders seem to be a bit hesitant at these levels.

For assets like Bitcoin that work in a speculative market, crowd sentiment is a key attribute. While it is wise to buy when the price takes a dip, the fact that after Bitcoin fell to the $30k-price range there were quite a few corrections without a strong uptrend could be one of the reasons traders are hesitating to buy more BTC and help its price move north.

Source: Santiment

In fact, taking a closer look at the two corrections that happened on Bitcoin’s charts over the past week, Santiment highlighted that while traders were keen on buying the dip during the first correction, there was a bit of skepticism during the second dip that happened yesterday.

To better understand social sentiments, Google trends data can also come in handy. Taking a look at user interest in Bitcoin world over, a slump over the past few days was evident, with this finding shedding new light on the cryptocurrency’s recent price performance.

According to Google’s data, a value of 100 is the peak popularity for a term, with Bitcoin seeing its levels fall to 59 at press time, from 100 on the 11th of January.

Source: Google Trends

With Bitcoin setting new highs this month, it has also, in turn, redefined what it means to buy low and sell high. Bitcoin’s press time price point is still quite steep in comparison to where it was under a year ago and one of the reasons why traders may be a bit apprehensive during these price corrections could be because the price is still in quite an expensive range.

Additionally, another reason why the bearishness continues for Bitcoin could be because of the $10k drop that Bitcoin underwent, and even after traders ‘bought the dip,’ the price has only increased marginally and ended up seeing yet another price correction. To a certain extent, one can argue that this could be the reason why in the short-term, the bearishness prevails.

However, given Bitcoin’s predicted trajectory, a $30k-price point is likely to be quite a rarity in the coming months and traders accumulating the coin may find themselves quite fortunate soon.

Source: https://ambcrypto.com/why-has-bitcoins-brief-recovery-not-been-enough/

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Bitcoin Cash, Synthetix, Dash Price Analysis: 23 January

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Bitcoin Cash traded close to the $426.4-support level and awaited cues from Bitcoin for a definitive move forward. SNX moved back above its $14.2-support level, but lacked the volume to rise higher on the charts. Finally, DASH cut its losses at the $94.6-support and eyed a move above the resistance level at $109.7.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Bitcoin Cash’s price has been quite volatile over the past few days, with the cryptocurrency touching the $550-mark, before falling sharply towards the support at $402. The fall accounted for most of the losses made over the last seven days as BCH found itself as the second biggest loser of the week, after Bitcoin, among the top-10 coins by market cap.

At the time of writing, BCH was trading close to its support mark at $426.4 and highlighted a bit of sideways movement over the next few sessions. Although the indicators were mixed on BCH, its trajectory will rely on Bitcoin’s movement over the coming days.

The Relative Strength Index pointed lower from the neutral zone and a move into the oversold territory could see the price fall below the press time support level.

On the other hand, a bullish crossover on the MACD could see the price rise above the $450-resistance.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix retook the $14.2-level from the bears after its price rose by over 7% in 24 hours. The lack of trading volumes curbed the rise and SNX traded close to its support, at press time. If the volumes pick up over the next few sessions, a bullish outcome could see the price move towards the $15.8-resistance. However, the indicators underlined bearish signs in the near future.

Although the Stochastic RSI stabilized in the overbought zone, a reversal in the index could see the price fall towards the $13.2-support level.

The MACD’s histogram registered a couple of points of bearishness and suggested that the Signal line could catch up to the fast-moving MACD line.

Dash [DASH]

Source: DASH/USD, TradingView

DASH picked up from its $94.6-support, but found strong resistance at $109.7. At the time of writing, DASH traded just below the aforementioned resistance level, unable to surge higher due to a lack of buyers in the market. An influx of buyers could see DASH rise beyond the upper ceiling and head towards the resistance at $115.82.

The Awesome Oscillator showed that the bearish momentum declined after the price picked up from the $94.6-support. However, a further boost from the broader market would be required for a strong shift of momentum towards the bullish side.

The On Balance Volume headed south on the charts, indicating that buyer numbers were on a decline.

Source: https://ambcrypto.com/bitcoin-cash-synthetix-dash-price-analysis-23-january/

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XRP Price Analysis: 23 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

XRP consolidated under the $0.3-level of resistance on the price charts. In fact, it fell under this level in late December following news of the SEC lawsuit against Ripple, one that legally contests the question of whether XRP is a security or not. News of its delisting on multiple exchanges did the price no favors either. However, since then, it has been forming a series of higher lows, with XRP likely to see a breakout.

XRP 12-hour chart

XRP Price Analysis: 23 January

Source: XRP/USD on TradingView

The series of higher lows, combined with multiple rejections at the $0.3-level, formed an imperfect ascending triangle pattern. A move above this level of resistance was pushed back lower, and following the same, the crypto’s price consolidated under the $0.3-level. The past two weeks saw XRP range between $0.26 and $0.3. At the time of writing, the price was nearing the mid-point of this smaller range.

Further, the trading volume was continuing to trend lower, indicating that the market was gathering steam for a decisive move. Ergo, XRP could see strong rejection at its resistance level, or a breakout and retest of $0.3 to flip it to support.

Market Rationale

XRP Price Analysis: 23 January

Source: XRP/USD on TradingView

The indicators registered neutral momentum for XRP. The RSI was just under 50, and failure to rise above the same in the coming days will be accompanied by a drop in prices as well. Further, the Awesome Oscillator also exhibited very weak bearish momentum.

However, the Stochastic RSI was correcting from the oversold territory. Alongside the ascending triangle pattern – one which generally sees a bullish breakout – this indicated that XRP could see a move past this crucial level of resistance. If it does, the $0.36-level would be vital, and a rejection there would most likely see XRP plummet back under $0.3.

The OBV suggested that buying and selling volumes have been more or less equal over the past couple of weeks. A spike in either direction would point to a strong move ahead for XRP.

Conclusion

The falling prices of Bitcoin coincided with XRP’s failure to rise past $0.36. A recovery for Bitcoin could work favorably for XRP’s bulls. Even though U.S crypto-exchanges delisted XRP, Japan remains a staunch ally, and SBI Holdings have firmly rejected the token’s categorization as security.

In conclusion, technical indicators showed that XRP was primed for a strong move, one that might involve a lot of upside. A break past $0.3 would be hugely significant.

Source: https://ambcrypto.com/xrp-price-analysis-23-january/

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