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Charts Indicate Bitcoin Death Cross Is Here: What Comes Next?

Traders and analysts are closely watching Bitcoin price activity after the infamous death cross pattern made its appearance on 19th June.

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Traders and analysts are closely watching Bitcoin price activity after the infamous death cross pattern made its appearance on 19th June. While many believe the cross is a prescient warning signaling an impending crash, many factors point otherwise.

A History of Death Cross and Its Connection With Bitcoin

The death cross pattern is a technical indicator that has been used in both stock markets and the crypto sphere. It comes into shape when an asset’s short-term moving average (MA) slides lower than its long-term moving average. Typically, the death cross uses a 50-day moving average or 50MA to denote short-term activity and 200MA for long-term activity. To date, the indicator has predicted four significant crypto crashes and the stock market busts of 1974 and 2008.

Studying long-term averages helps understand the baseline demand for an asset. Since the momentum rises upwards with time in a bullish setting, the market tends to surpass long-term means during a shorter time frame like 50MA.

When short-term moving averages fall below the long-term ones, it often points to an incoming bear market caused by a scarcity in demand and interest in the asset. 

Not Always Followed By a Sell-Off

Cryptocurrencies are a newer asset class and the rules that are used to predict stock market behavior are not always applicable to them. Evidently, the indicator has time and again projected considerable losses for shares and indices with great success. And on several occasions, it also hinted at similar trends in the crypto market.

But the death cross hasn’t always worked for cryptocurrencies. Take, for instance, the trading activity for Bitcoin in mid-2015, when a death cross materialized on the charts, only to defy bearish expectations and lead to a prolonged bullish run. 

With time, the death cross has come to reliably forecast bearish blues for cryptocurrencies, which could be attributed to the maturing of the crypto markets. It’s a fantastic tool that has its place, but its projections aren’t set in stone.

Besides, there are other factors separate from the technical ones that could potentially fuel a Bitcoin surge. El Salvador’s BTC adoption, the Taproot update, miners flocking to Texas’ renewable energy scene, and other favorable instances could push hard against the negative trends to give BTC a solid standing.

READ  476M USDT Deposited by Whales in an Hour to Buy Bitcoin at Dip: Glassnode

#Bitcoin #Bitcoin Bearish Trend #Bitcoin Death Cross

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Source: https://www.cryptoknowmics.com/news/charts-indicate-bitcoin-death-cross-is-here-what-comes-next

Blockchain

Ethereum, Binance Coin, Litecoin Price Analysis: 25 July

With the price reversal on July 21, most altcoins trade in the green. Prices have moved on the upside, albeit slowly.  Ethereum rallied harder followed by the news of the official Ethereum Improvemen

The post Ethereum, Binance Coin, Litecoin Price Analysis: 25 July appeared first on AMBCrypto.

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With the price reversal on July 21, most altcoins trade in the green. Prices have moved on the upside, albeit slowly.  Ethereum rallied harder followed by the news of the official Ethereum Improvement Proposal. Binance Coin’s price action, in particular, did not show too much promise because of regulatory hurdles that might have made it difficult for the coin to rise above its resistance levels. Litecoin’s increased trading volume affirmed its increased buying pressure. 

Ethereum (ETH)

Ethereum, Binance Coin and Litecoin Price Analysis: July 25

ETH/USD, TradingView

Ethereum’s price rose by 15.1% over the last week after it broke past its $1879 support level. ETH was trading at $2180, backed by a daily gain of 1.9%. The alt king rallied fairly as it flashed a concrete price reversal after it mounted above its $2160 resistance level.

It witnessed a market capital gain of 3.33% over the last 24 hours and trading volume also increased at press time, suggesting more ETH token buyers. 

Ethereum was in the oversold zone over the last few days. At the time of writing, the Relative Strength Index fell below the 70-mark implying that buying pressure had declined very slightly. Squeeze Momentum Indicator depicted a squeeze release and a signal to buy. 

The alt’s bullish momentum was evident as it recuperated significantly over the past week. the MACD indicator noted a bullish crossover on July 21, following which green histograms were seen on the indicator. 

Binance Coin

Ethereum, Binance Coin and Litecoin Price Analysis: July 25

BNB/USD, TradingView

Regulatory concerns may have taken a toll on the price action of BNB. At press time the coin was priced at $302 with its immediate resistance level at $309.

BNB lost 0.7% over the last 24 hours and it only gained 1.0% in valuation over the last week. With uncertain and sideways trading, Binance Coin could potentially decline in value further. 

The bears have regained their strength as observed on the Awesome Oscillator. Red signal bars were visible owing to BNB’s trading just below the resistance level with no clear signs to show when it could test the same. Capital inflows increased at press time with the Chaikin Money Flow observing an uptick. BNB buyers might consider the price consolidation as an entry point in the market. 

In accordance with price fluctuations, Bollinger Bands remained parallel with no clear signs of convergence or divergence indicating prices could hover between a restricted range. 

Litecoin (LTC)

Ethereum, Binance Coin and Litecoin Price Analysis: July 25

LTC/USD, TradingView

LTC was trading in the green at press time, and was on its way to test its resistance level of $133. At the time of writing the alt was available for $127 and it increased by 5.4% over the last week.

Bulls have not been able to push prices to a greater high. LTC’s price action struggled to float above the $127 range for the past few days. Trading volume surged by 25.04% suggesting that buyers flocked the market at press time. 

The Relative Strength Index shot up hinting at increased buying pressure and demand for the coin. With increased demand and buying pressure, the coin could possibly test the immediate resistance levels soon, over upcoming trading sessions. 

Average Directional Index indicated that market weakness was still present, the indicator was spotted between the 20 and 40-mark. With regards to market volatility, Bollinger Bands remained parallel and showed very less chances of LTC trading outside of the current price range. 

Where to Invest?

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Source: https://ambcrypto.com/ethereum-binance-coin-litecoin-price-analysis-25-july

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Blockchain

Here’s how Cardano traders can profit over the coming days

Bitcoin’s steady rise from $30,000 was the primary catalyst for most altcoins that witnessed a period of steady growth recently. Cardano’s price also reflected bullish sentiment as the digital asset r

The post Here’s how Cardano traders can profit over the coming days appeared first on AMBCrypto.

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Bitcoin’s steady rise from $30,000 was the primary catalyst for most altcoins that witnessed a period of steady growth recently. Cardano’s price also reflected bullish sentiment as the digital asset rose from a value of $1 to $1.25 in the last four days alone. At the time of writing, Cardano traded at $1.23, up by 2% over the last 24 hours.

Cardano Daily Chart 

Source: ADA/USD, TradingView

ADA’s daily chart highlighted a descending channel breakout and gains amounted to nearly 9% from the upper trendline of the pattern. The next resistance mark lay at $1.25 which also coincided with the 20-SMA (red).

Stabilization on the cards? 

ADA’s move above its up-channel saw prices climb back above their daily 200-SMA (green) but the same occurred on low volumes. This lowered the chances of ADA trending higher over the coming days. Instead, prices could settle between a channel of $1.19-$1.25 in the coming days before continuing an upwards trajectory. Failing to close above $1.25 in the next 24 hours would confirm such an outcome.

Reasoning

Despite ADA’s sustained rise, its Relative Strength Index was still below 50 and bulls were yet to assume control of the market. This has been the case since the market plummeted on 19 May. Directional Movement Index did converge but the -DI maintained above the +DI as a bearish trend was yet to be overturned.

Moreover, ADX pointed south and a move below 25 would denote some lateral movement. Squeeze Momentum Indicator did register a decline in bearish momentum but the same was still below the half-line. As the indicators develop a clearer direction, prices could remain constricted and if bulls prevail ADA’s next target was at $1.33 and the 50-SMA (yellow).

Conclusion

ADA could see a period of sideways movement between $1.19-$1.25 over the coming days as bulls prepare for an upwards breakout. Meanwhile, traders can go long once ADA touches the lower end of this range and exit their positions once prices touch the $1.33 upper ceiling. However, one must also be cautious of some minor losses as the overall trend was still bearish.

Where to Invest?

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Source: https://ambcrypto.com/heres-how-cardano-traders-can-profit-over-the-coming-days

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Blockchain

XRP, Dogecoin, Cardano Price Analysis: 25 July

Bitcoin’s prices were up by almost 2.8% today, and Ethereum shot up by 2.5%. The rise in prices of the big cryptocurrencies has had a positive impact on other altcoins, however, the broader market s

The post XRP, Dogecoin, Cardano Price Analysis: 25 July appeared first on AMBCrypto.

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Bitcoin’s prices were up by almost 2.8% today, and Ethereum shot up by 2.5%. The rise in prices of the big cryptocurrencies has had a positive impact on other altcoins, however, the broader market still lacked the strength. XRP was trading sideways with a minor loss in the last 24 hours, Dogecoin continued to trade below $0.20 and finally, and ADA hinted at a price breakout soon.

XRP

XRP, Dogecoin and Cardano Price Analysis: July 25

XRP/USD, TradingView

Ripple’s XRP was down by 0.1% over the last 24 hours, it’s price stood at $0.60 at the time of writing. It was a mixed day so far for the asset, with an early morning high of $0.608 which then fell to the low of $0.601.

It depicted sideways trading movement and stayed away from trading near its crucial support level of $0.57. The alt’s gain added 4.4% to its valuation over the last week. This minor decrease in prices forced the market capitalization to dip by 5.56%. 

The Parabolic SAR’s dotted lines started to appear on top of the candlesticks signifying a downtrend in prices. XRP needs to steer clear of its $0.57 support level in order to be able to test its immediate resistance level of $0.61. 

The Average Directional Index pictured a presence of market weakness, the token would require support from the broader market to step out of the weakness. Buying pressure had decreased over the last day, but at press time as the Relative Strength Index noted a small uptick. 

Dogecoin (DOGE)

XRP, Dogecoin and Cardano Price Analysis: July 25

DOGE/USD, TradingView

Dogecoin’s price continued to traverse below $0.20 and at press time the price of DOGE was $0.19. As prices consolidated tightly below the $0.20, the token rejected an upside for almost a week now.

From its technical analysis charts, the alt pictured a bearish momentum driving the price movement, despite 2.8% gains over the last day. The alt’s price direction has remained inconclusive as ever. Dogecoin could again be aiming for another decline, considering the Bollinger Bands converged heavily at press time suggesting a breakout in prices. 

Conversely and interestingly, as the market showed a decline in prices, buyers found an opportunity to buy more of the coin, the Relative Strength Index flashed buy signals and an increase in buying pressure. 

Chaikin Money Flow validated the above statements as the indicator also displayed an increase in capital inflows at the time of writing. 

Cardano (ADA)

XRP, Dogecoin and Cardano Price Analysis: July 25

ADA/USD, TradingView

ADA’s price movement has been sandwiched between $1.21 and $1.23 levels for nearly a week now. At press time, ADA was valued at $1.23 and it rejected its resistance level of $1.27, the token witnessed a gain of 1.8% over the last 24 hours.

If the bears strengthen the coin could possibly fall back at the $1.15 level. If this support level fails to hold the prices, the next support level ADA would find itself on would be around $1.04. 

Relative Strength Index was near the 60-mark which marked a buying strength in the market, if the indicator hovered above 50 then the coin may move on the upside soon.

With regards to volatility, the Squeeze Momentum Indicator entered a squeeze which meant prices could experience a breakout along with a signal to purchase the asset. A green signal bar was spotted on the Awesome Oscillator, however, there were mixed signals considering how ADA has been showing lateral movements majorly. 

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Source: https://ambcrypto.com/xrp-dogecoin-cardano-price-analysis-25-july

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Blockchain

Multiple signs suggested this about Ethereum

It has now been a little over two months since the 19 May crypto crash but market movement still seems chaotic. Judging by Bitcoin’s downwards trajectory, sellers still reign dominant in the global cr

The post Multiple signs suggested this about Ethereum appeared first on AMBCrypto.

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It has now been a little over two months since the 19 May crypto crash but market movement still seems chaotic. Judging by Bitcoin’s downwards trajectory, sellers still reign dominant in the global cryptocurrency market. The world’s largest alt- Ethereum, has been no exception to this trend and has mirrored the king coin’s movement.

However, BTC’s latest bounce back from $30,000 renewed hopes of a wider recovery and triggered some important developments in the Ethereum market. At the time of writing, ETH traded at $2,200, up by 1.76% over the last 24 hours.

Ethereum Daily Chart

Source: ETH/USD, TradingView

ETH’s support zone of $1,700-1,850 has been tested five times since 19 May and has triggered a rally on each occasion. The most recent jump saw ETH register a 26% hike in just four days as prices moved above their 20 (red) and 200 (green) Simple Moving Average lines. However, a downtrend was still active in the ETH market as prices oscillated within the confines of a descending channel. To break away from this pattern, buyers would need to eye a move above $2,200 resistance which would provide confirmation of a bullish outcome over the coming days.

50-SMA to limit upside?

However, the path forward was not so easy for bulls. The 50-SMA (yellow) has denied several breakout attempts for the past few months and a similar outcome could follow since it coincided with $2,200 resistance. A failed breakout attempt could result in a retracement towards $2,000 and half-line of its pattern. Conversely, a successful close above this area could lift prices towards the upper trendline and the $2,400-mark.

Do bulls have an advantage?

The Relative Strength Index closed above 50-53 for the first time in over two months on the back of buying pressure and was a positive sign for ETH. Maintaining above this neutral zone in the coming days would lend weight to a sustained rise over the coming days. The Squeeze Momentum Indicator noted a ‘squeeze release’ and eyed a move above half-line. This indicated a possible rise in buying pressure coupled with rising volatility. MACD’s uptick also confirmed with ETH’s price action and no divergences were in play.

Conclusion

Multiple signs suggested that ETH would see higher levels as the market entered into a new week. A move above $2,400 would be a sign of bullish strength and a breakout from ETH’s down-channel. Until such a development occurs, one must trade with caution as the market was also open to a decline back towards $2,000.

Where to Invest?

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Source: https://ambcrypto.com/multiple-signs-suggested-this-about-ethereum

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