Step aside Bitcoin: data shows Ethereum is a hedge against global volatility

Bitcoin bulls have long been pointing to its potential as a “digital gold” as one reason why it will eventually garner widespread adoption. In spite of this, there has been conflicting research regarding this notion, and the potential for other major cryptocurrencies – including Ethereum (ETH) – to be safe-haven assets has often been overlooked.

Now, however, one research group is explaining that Ethereum may provide a notable hedge against intraday volatility seen across multiple markets.

This claim, and the data backing it, may ultimately prove to be another selling point for ETH, adding to the growing list of reasons why the crypto has significant long-term prospects.

Data shows Ethereum is becoming a hedge against volatility in traditional assets 

In a recent report from Artem Meshcheryakov and Stoyu Ivanov from San Jose State University, the two researchers take a data-driven approach on analyzing whether or not Ethereum can be categorized as a hedge or safe-haven asset against volatility seen across multiple markets.

The methodology used to reach their conclusions is carefully detailed throughout the report, with data being pulled from five-minute pricing intervals between Dec. 12, 2017, and Dec. 31, 2018.

In conclusion, by comparing a variety of details surrounding Ethereum’s price action to that of the US stock market, gold, and the US Dollar, they found that the cryptocurrency is quickly becoming a hedge, safe haven, and diversifier across these markets.

“We find that Ethereum…can serve as an intraday hedge against the US stock market and against the gold. Also, Ethereum may serve as an intraday safe haven against gold markets. When currency markets are concerned, we document that Ethereum tend to act as a diversifier on intraday basis for the US Dollar.”

ETH’s long-term outlook continues growing bullish

The above conclusion is certainly bullish for Ethereum, as it now appears that its growing status as a hedge against global economic turmoil could bolster its attractiveness to investors.

Another key factor that has been counting in ETH’s favor as of late is the growing DeFi trend, which has resulted in a significant amount of Ethereum being locked within collateralized loans.

Currently, the total USD value of ETH locked within DeFi is over $1 billion, and it is showing no signs of slowing down anytime soon.

Ethereum ETH Crypto
Image Courtesy of DeFi Pulse

The confluence of strong development growth, bullish price action, DeFi’s rising popularity, and its potential status as a safe haven asset is likely to offer Ethereum significant long-term upside.

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Crypto market sees extensive bloodbath as Bitcoin reaches key level

After a futile attempt to kick off another uptrend yesterday, the crypto market has seen an intense selloff that has stemmed from Bitcoin’s move down to $9,500, which has subsequently led most major altcoins to plummet lower.

This bloodbath has led most major cryptocurrencies to form an incredibly close correlation to Bitcoin, and it is highly probable that where the aggregated market heads next will be dependent on whether or not BTC is able to hold above a key level that it is currently trading at.

If the benchmark crypto breaks below this level, it could spark a market-wide selloff that leads many major altcoins to invalidate the bullish market structures they have formed over the past several weeks.

Crypto market sees intense selloff following Bitcoin’s bearish rejection 

Yesterday, Bitcoin attempted to make a move up to $10,000 that was met with significant selling pressure, subsequently leading BTC to plummet towards $9,500.

This rejection sent shockwaves throughout the aggregated crypto market, with many altcoins that were previously expressing bullishness to see notable selloffs.

At the time of writing, Tezos and Chainlink – two of the best performing altcoins in 2020–are leading today’s drop, trading down 8 percent and 7.5 percent respectively.

Most other altcoins are closely trailing these losses, with Litecoin, EOS, Bitcoin Cash, and others all trading down roughly 6 percent.

The only major cryptocurrency that has been able to dodge losses of this magnitude is Ethereum, which is trading down just under 3 percent.

Where altcoins go next depends on how Bitcoin reacts to one key level

Today’s selloff has led Bitcoin to a key support level at $9,550 that bulls are currently attempting to defend, and a drop below this level could open the gates for significantly further near-term losses.

Big Chonis, a prominent cryptocurrency analyst, spoke about this key level in a recent tweet, referencing the level seen on the below chart.

“Very important area that Bitcoin bulls want to hold…Has acted as support to resistance and back to support… weekly!”

Bitcoin Crypto Altcoins
Bitcoin Trading Levels.  Courtesy of Big Chonis

In the near-term, how deep the ongoing altcoin selloff extends will likely rest largely on whether BTC is able to further extend its upwards momentum, as a failure to do so will likely lead investors to flee their altcoin positions in favor of BTC.

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Economist: Bitcoin’s Bear Market Begins Once It Breaks Below This Level

The past week has been volatile for Bitcoin, and yesterday was no exception. In the evening, BTC bulls were able to push the cryptocurrency up to highs of $10,000 before it faced a swift rejection that has led it to grind lower today. The crypto’s inability to gain any stability within the five-figure price region certainly does seem to spell trouble for bears, but it is important to keep in mind that sellers have not been able to catalyze any sustained downwards movement throughout the course of BTC’s 2020 uptrend. Now, one economist is noting that BTC still has a significant way to fall before it enters bear market territory, explaining that the strength of its recent uptrend is likely to extend further. Bitcoin Stabilizes Around $9,620 as Resistance Continues Mounting At the time of writing, Bitcoin is trading down just under 3% at its current price of $9,630, which marks a notable decline from daily highs of just over $10,000 that were set yesterday in the minutes following the cryptocurrency’s weekly close. This bullishness was short-lived, as the rejection at this level sparked a selloff that cut as deep as $9,500 before bulls stepped up and began absorbing the selling pressure. In the near-term, Alex Krüger, an economist who focuses primarily on cryptocurrency, explained that he believes the sub-$9,000 area is an attractive region for “shorts to target and longs to open,” meaning that this may be where it dips to before finding enough buying pressure to catalyze its next uptrend. “Area below 9K is very attractive for shorts to target and longs to open. Excessive leverage has been largely rinsed out. Bigger picture players are still looking at new year highs. I still expect higher prices prior to the halving and think once 10300 breaks should see 11K soon,” he explained in a tweet from his alt account. Area below 9K is very attractive for shorts to target and longs to open. Excessive leverage has been largely rinsed out. Bigger picture players are still looking at new year highs. I still expect higher prices prior to the halving and think once 10300 breaks should see 11K soon. pic.twitter.com/u95zqA30zH — Alex (@classicmacro) February 24, 2020 BTC Could Dip Significantly Further Before Its Bull Market Falters It is important to keep in mind that even a drop to sub-$9,000 may not be enough to invalidate the cryptocurrency’s bullish market structure. Krüger further noted in a later tweet that he does not believe the benchmark crypto’s recent price action is the start of a bear trend, and that a shift in market structure will only occur once it breaks below the mid-$8,000 region, as this is where its trend shifted during the volatility seen last October. “I do not find reason to believe this is the beginning of a bear trend, even if price were to break down. Here’s an example. On the October China move, the uptrend only failed once $BTC got into the 8200-8000 area. Until then, the correction lower was a simple pullback,” he noted. I do not find reason to believe this is the beginning of a bear trend, even if price were to break down. Here's an example. On the October China move, the uptrend only failed once $BTC got into the 8200-8000 area. Until then, the correction lower was a simple pullback. pic.twitter.com/9uqyjUoMzQ — Alex (@classicmacro) February 24, 2020 Although it does remain a strong possibility that Bitcoin’s price will see some further near-term downside, bears have significant work cut out for them if they want to invalidate BTC’s firm 2020 uptrend. Featured image from Shutterstock.

Litecoin’s Mid-Term Outlook “Insanely Bullish” Despite Today’s Bloodbath

The aggregated crypto market has seen a sharp selloff today, which primarily stemmed from Bitcoin’s recent rejection at $10,000 that sent the crypto reeling back down to lows of $9,500. This has led most major altcoins – including Litecoin (LTC) – to see some notable downside. Today’s market-wide bloodbath, however, may not be nearly enough to invalidate Litecoin’s bullish market structure, as the cryptocurrency is still trading significantly above its key near-term support level. This strong support has led one analyst to note that LTC’s mid-term outlook is “insanely” bullish, suggesting it could soon incur some notable upwards momentum. Litecoin Plummets 8% as It Shows Signs of Bearishness Against BTC  At the time of writing, Litecoin is trading down over 8% at its current price of $72.50, which marks a significant decline from daily highs of $80 that were set yesterday around the time Bitcoin began rallying up to $10,000. The firm rejection BTC saw at $10,000, however, has sparked a short-term selloff that has sent shockwaves throughout the markets, with multiple major altcoins plummeting over 5%. Against its Bitcoin trading pair, Litecoin has plummeted by 5%. Bitcoin Jack – a top trader and analyst – recently noted that LTC’s current underperformance of BTC stems from a few bearish factors that it has been expressing over the past few days. “LTC vs BTC >Daily close below red = bearish >Liquidity was not raided before this retest >Fading volume >Bearish retest until proven otherwise >Vague rising broadening wedge as top,” he explained. $LTC vs BTC >Daily close below red = bearish>Liquidity was not raided before this retest>Fading volume>Bearish retest until proven otherwise>Vague rising broadening wedge as top pic.twitter.com/A2K3AcH3N1 — //Bitcoin 𝕵ack (@BTC_JackSparrow) February 22, 2020 LTC Still Highly Bullish Against USD Despite Short-Term Bearishness In spite of the overt bearishness of Litecoin’s short-term market structure, analysts still believe it could see some notable mid-term upside against USD. George, a well-respected trader, explained that he recently purchased spot LTC, noting that its weekly close was “insanely bullish” and that it will remain bullish as long as it holds above its key support at roughly $65 and continues moving higher during the week ahead. “LTC: Just bought a spot bag of LTC again. Weekly closed insanely bullish and imo we’re just retesting demand here. Invalidation below red, first target weekly mid range,” he explained. $LTC Just bought a spot bag of ltc again. Weekly closed insanely bullish and imo we're just retesting demand here. Invalidation below red, first target weekly mid range. pic.twitter.com/bRXTslMFcS — George (@George1Trader) February 24, 2020 Although Litecoin’s general trend may be dependent on that of Bitcoin and the aggregated market, it does appear that it is poised to see some further short-term upside in the days and weeks ahead. Featured image from Shutterstock.

Analyst: Ethereum’s Path to $400 is Clear Once it Breaks This Single Level

Ethereum has been closely tracking Bitcoin and the aggregated market over the past several days, which has led ETH to experience some intense volatility as it ranges between lows of $250 and highs of $285. In spite of Bitcoin’s overt bearishness at the moment, it is important to note that Ethereum has been forming a highly bullish market structure that could lead it significantly higher in the near-term. One top trader is noting that this market structure could lead the cryptocurrency to $400 in the near-term, which would mark a significant climb from its current 2020 highs of $290 that were set at the peak of its recent parabolic rally. Ethereum Defends Critical Support Level as Bulls Push It Higher At the time of writing, Ethereum is trading up marginally at its current price of $271, which only marks a slight decline from daily highs, but a notable climb from lows of $265 that were set yesterday. ETH’s price action seen in the time following last Wednesday’s intense selloff can largely be characterized as a slow upwards grind, as it has been unable to incur any type of parabolic price action. George, a prominent cryptocurrency trader on Twitter, recently explained that bull’s ability to defend the crypto from dropping beneath the upper-$260 region is a bullish sign that suggests it will soon move towards $280. “ETH: Yup, nice little pump. Break above mid-range and expecting 4h range high. Clean smash above that and we should go for new highs. Let’s see,” he explained while pointing to the chart seen below. $ETH Jup, nice little pump. Break above mid range and expecting 4h range high. Clean smash above that and we should go for new highs. Let's see. pic.twitter.com/B2t9OGjQD1 — George (@George1Trader) February 24, 2020 Will ETH Surge to $400 Next? One Analyst Thinks So  Ethereum’s rally may not end at $280, however, as this may be the event that allows the crypto to kick off its next parabolic uptrend. George also spoke about this in a tweet, pointing to a chart showing that the crypto’s next main resistance level exists at roughly $370, with a move above this level opening the gates for a swift rally past $400. “ETH: Road to $400,” he explained. $ETH Road to $400. pic.twitter.com/v3Ujqzl5XY — George (@George1Trader) February 24, 2020 In order for Ethereum to continue pushing higher, it is imperative that bulls continue defending it from dropping below the upper-$260 level. Although ETH does remain correlated with Bitcoin, its market structure is arguable more bullish than that of BTC, which may be enough to help the cryptocurrency gain some independent momentum. Featured image from Shutterstock.

Bitcoin Just Dropped Below a Key Level That Could Spark a “Nasty” Selloff

Bitcoin’s volatile week has shown no signs of slowing down, as BTC bulls made a fleeting attempt to propel the cryptocurrency over $10,000 overnight which was closely followed by yet another sharp selloff. This movement comes close on the heels of the crypto’s recent flash crash, which sent BTC from highs of $10,200 to lows of $9,200. Despite the selloff following this rally, Bitcoin was able to post a weekly candle close above a key support level that it has now broken below. If the crypto is unable to reclaim this level throughout the coming days, it is possible that its near-term price action will be “nasty.” Bitcoin Struggles to Break Into $10,000 Region as Bulls and Bears Remain at an Impasse At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,760, which marks a slight climb from daily lows of $9,600, but a decline from highs of just over $10,000. In order for buyers to maintain Bitcoin’s bullish market structure and potentially extend its uptrend, it is imperative that bulls decisively recapture BTC’s position above $10,000. Teddy, a prominent cryptocurrency analyst and trader, spoke about Bitcoin’s recent price action in a tweet, explaining that the crypto’s rejection at $10,000 means it is a lower-high that could lead BTC down towards $9,400. “BTC: Arguably the last 10k attempt and rejection can be seen as the marking of another lower high. Continuation of bearish structure will see a low below 9400,” he noted. #BITCOIN | $BTC Arguably the last 10k attempt and rejection can be seen as the marking of another lower high. Continuation of bearish structure will see a low below 9400 pic.twitter.com/mSotg52gVH — TEDDY (₿) (@TeddyCleps) February 24, 2020 BTC Broke Below This Key Level; Here’s What a Close Below It Could Mean It is also important to keep in mind that BTC has been struggling to maintain above the upper boundary of an incredibly wide multi-month trading range. Yesterday, the crypto was able to close its weekly candle above this level, but it is currently trading beneath it. Teddy also spoke about this in a tweet, pointing to a chart showing that a close below this could lead the crypto to reel down to as low as $7,600 – which is the lower boundary of the range. “BTC: Weekly candle closed yesterday, and by miracle it closed above the range. Dumped immediately afterwards, but technically the greater trend’s bias is still bullish as long as it continuously closes above it. Close below, nasty af,” he noted. #BITCOIN | $BTC Weekly candle closed yesterday, and by miracle it closed 𝗮𝗯𝗼𝘃𝗲 𝘁𝗵𝗲 𝗿𝗮𝗻𝗴𝗲. Dumped immediately afterwards, but technically the greater trend's bias is still bullish as long as it continuously closes above it. __ Close below, nasty af pic.twitter.com/c4GdQRDIrf — TEDDY (₿) (@TeddyCleps) February 24, 2020 If Bitcoin is to see further gains throughout the year ahead, it is imperative that bulls garner greater buying pressure and continue pushing it higher in the week ahead. Featured image from Shutterstock.

This Crypto Has Seen Major Bullishness in 2020, but Its Downside Potential is Terrifying

Chainlink (LINK) has been one of the best performing cryptocurrencies throughout both 2019 and 2020, with its intense upwards momentum allowing the crypto to set fresh all-time highs over the past couple of weeks. This intense upwards momentum has shown some tempered signs of slowing down, but it still remains somewhat unclear as to whether or not the strong resistance it faced within the upper-$4.00 is enough to halt its strong macro-momentum. Analysts are noting, however, that the lack of support LINK has throughout the $3.00 region could spark a significant near-term retrace if bulls lose their strength, with one analyst noting that a drop below $4.00 could lead it to drop sharply. Chainlink Firmly Leads the Crypto Market, but Resistance Grows At the time of writing, Chainlink is trading up just under 4% at its current price of $4.24, which marks a slight climb from weekly lows of $3.89 that were set last Monday. Currently, LINK is caught within a mid-term bout of sideways trading that was first sparked after it incurred a massive price decline from weekly highs of $4.89 that were set last Wednesday, just prior to the capitulatory selloff seen by the aggregated market. Yesterday, the crypto broke beneath a pennant that it had been caught within against its BTC trading pair, opening the gates for some further downside. Bagsy, a prominent crypto analyst on Twitter, spoke about Chainlink in a recent tweet, referencing a chart showing this breakdown. “LINK update: Price broke down from pennant but hasn’t broken HTF structure; I’d look at area 1 for a bounce play back into the range. If we begin closing candles beneath the range low, no bueno. Area 2 would be for catching deeper wicks,” he explained. $LINK update: Price broke down from pennant but hasn't broken HTF structure; I'd look at area 1 for a bounce play back into the range. If we begin closing candles beneath the range low, no bueno. Area 2 would be for catching deeper wicks. pic.twitter.com/Ouhja6iE7k — Bagsy (@imBagsy) February 22, 2020 A LINK Drop Could Be Brutal for Investors  Josh Rager, another prominent cryptocurrency analyst, explained in a recent tweet that the crypto is currently in price discovery, and that a drop into the $3.00 region could lead it to plummet towards $2.80 before it finds any notable support. “LINK: Same as Tezos in price discovery can continue to pump but it if falls, LINK has limited support until under $3. I’d certainly start getting exposure by $2.84 and for some reason, if price gets to $2.16, I’d buy more in that area. Under $2 is like Christmas 2019,” he noted. $LINK Same as Tezos in price discovery can continue to pump but it if falls, $LINK has limited support until under $3 I'd certainly start getting exposure by $2.84 and for some reason, if price gets to $2.16, I'd buy more in that area Under $2 is like Christmas 2019 🙂 pic.twitter.com/oHAOjWRgg8 — Josh Rager 📈 (@Josh_Rager) February 23, 2020 Despite the potential Chainlink has to see major losses, it is still highly possible that the crypto will continue extending its upwards momentum if the aggregated crypto market remains bullish. Featured image from Shutterstock.

Ethereum is “Beyond Bullish” if it Closes Above This Single Level

Ethereum’s intense 2020 uptrend appears to have continued strong after the cryptocurrency experienced some turbulence earlier this week. The overnight rally experienced by ETH also allowed the crypto to push against a key resistance level that has been suppressing its price action. Analysts are now noting that how ETH closes its weekly candle will be critical for determining which direction it will trend in the weeks ahead. Because Ethereum has been moving in tandem with Bitcoin over the past several days, it is highly probable that its near-term fate will be largely dependent on where BTC moves next. Ethereum Rallies to $270 as Crypto Market Grows Bullish Overnight, Ethereum and the aggregated market incurred some notable momentum that sent virtually all cryptocurrencies surging from their weekly lows. This momentum allowed Ethereum to surge from daily lows of $260 to highs of $275, before finding some resistance that has led it to decline to its current price of $270. In the near-term, ETH has been moving closely in tandem with Bitcoin, with the correlation strengthening this past Wednesday when the market incurred a swift selloff that was sparked by Bitcoin’s flash crash from $10,200 to $9,200. Similarly, Ethereum plummeted from highs of $282 to lows of $252, which is where it was able to find some support that has helped it climb higher in the time since. It does appear that ETH faces some strong resistance between $275 and $280, and whether or not it is able to surmount this resistance will likely rest largely on whether Bitcoin is able to recapture its position above $10,000. ETH Must Close Above This Key Level if Bulls Want to Maintain Their Strength  In order for this bullish momentum to extend further, it is imperative that bulls close the cryptocurrency’s weekly candle above $275. Teddy, a popular cryptocurrency analyst on Twitter, spoke about the importance of this level in a recent tweet, telling his followers that a close above this price would be “beyond bullish.” “ETH: Weekly close above 275 beyond bullish. Anything below I see it as a rejection from a key resistance. Suggesting that it may revisit 225 area as a retest of previous resistance as support,” he explained. #ETHEREUM | $ETH Weekly close above 275 beyond bullish __ Anything below I see it as a rejection from a key resistance. Suggesting that it may revisit 225 area as a retest of previous resistance as support pic.twitter.com/RyT6XOcGRl — TEDDY (₿) (@TeddyCleps) February 23, 2020 The next few hours will be critical for determining the fate of Ethereum’s mid-term trend, as a close beneath this level could suggest that the recent attempt to continue its uptrend has failed and that further downside is imminent. Featured image from Shutterstock.

Bitcoin’s on-balance volume suggests BTC is about to see a highly bullish weekly close

Bitcoin incurred some notable overnight volatility that favored the cryptocurrency’s bulls, which marks a resolution to the bout of sideways trading that it had been caught within at $9,600 in the time following the “flash crash” it faced last Wednesday.

This latest movement seems to have bolstered the crypto’s technical situation, which comes as BTC fast approaches its key weekly candle close.

One technical indicator that provides investors with insight into which direction an asset is heading next is now painting a bullish picture for BTC’s near-term price action, as its on-balance volume (OBV) is currently breaking above a long-held descending resistance line.

Bitcoin holds above key level as weekly close fast approaches

At the time of writing, Bitcoin is trading up just under 3% at its current price of $9,870, which marks a notable climb from daily lows of $9,550 and only a slight decline from highs of over $10,050.

Yesterday’s rally came about after the crypto had found itself caught within a bout of sideways trading in the time following its drop from highs of $10,200 to lows of $9,200.

The price action seen following Bitcoin’s “flash crash” seems to point to significant underlying strength amongst bulls, suggesting that the asset’s firm 2020 uptrend may be far from over.

BTC is currently just a handful of hours away from closing its weekly candle, which could set the tone for where it heads in the days and weeks ahead.

Big Chonis – a popular cryptocurrency trader and analyst – spoke about this weekly close in a recent tweet, telling his followers that a close above the crypto’s middle Bollinger Band would be “notable.”

“BTC currently holding above middle BB intraday… closing above would be notable.”

Bitcoin BTC
Image Courtesy of Big Chonis

This indicator suggests BTC is in for major momentum

Chonis further explained that one technical indicator that suggests Bitcoin will soon see notable upside is BTC’s on-balance volume indicator, which is currently pushing above a descending resistance level that it has been caught beneath for several months.

“BTC – OBV poking above this respected falling resistance line.”

Bitcoin BTC Crypto
Image Courtesy of Big Chonis

In essence, OBV is a momentum indicator that gives analysts insight into which direction an asset will trend based on its volume flow.

If this OBV breakout is sustainable and allows Bitcoin to post a bullish weekly close, it is highly probable that the crypto could see some significant upwards momentum in the coming days and weeks.

The post Bitcoin’s on-balance volume suggests BTC is about to see a highly bullish weekly close appeared first on CryptoSlate.

Bitcoin Gearing Up for Another Parabolic Leg After Flying Past Key Resistance

Bitcoin’s prolonged bout of sideways trading at $9,600 has had a bullish resolution, as BTC buyers were able to catalyze an intense overnight rally that led the crypto all the way to $10,000, before it found some support that halted this momentum. Analysts are now noting that this latest movement seems to one again mark a bullish shift in BTC’s market structure, as it was able to push above a key level. The coming several hours will be imperative for understanding Bitcoin’s near-term trend, as how it closes its weekly candle should provide significant insight into where BTC and the aggregated crypto market will trend in the weeks ahead. Bitcoin Incurs Overnight Momentum but Struggles to Break $10,000  Last night’s surge led Bitcoin has high as $10,050 before it found some intense resistance that halted the rally and led it to retrace down to the $9,800 region. At the time of writing, Bitcoin is trading up 2% at its current price of $9,830, which marks a notable climb from daily lows of $9,600 and only a slight retrace from highs of just above $10,000. In the near-term, analysts are noting that the cryptocurrency could once again grow to be incredibly bullish if it is able to close its weekly candle above a key long-term range that it was previously caught within. Teddy, a prominent cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that the crypto is currently trading above multiple key levels. “BTC: Emotions and bias aside – price structure is bullish above the weekly range. Price is above: 1. 200 day range 2. Previous weekly high 3. Previous resistance now (testing as) support. Wicks below are to shake you out,” he explained. #BITCOIN | $BTC Emotions and bias aside – price structure is bullish 𝗮𝗯𝗼𝘃𝗲 the weekly range. Price is above: 1. 200 day range2. Previous weekly high3. Previous resistance now (testing as) support __ Wicks below are to shake you out 🏁 pic.twitter.com/0BwfAKxL74 — TEDDY (₿) (@TeddyCleps) February 23, 2020 BTC May Be Gearing Up for Another Parabolic Uptrend It is important to keep in mind that yesterday’s rally also led the crypto to break above a descending channel it was previously caught within, which suggests that the crypto could soon see another parabolic movement. Teddy also spoke about this in a recent tweet, pointing to a chart showing that striking similarities between today’s uptrend and those seen prior to other parabolic movements in previous weeks. “1. Rising wedge 2. Break support 3. Retest previous resistance as support 4. Bounce,” he noted. #BITCOIN | $BTC 1. Rising wedge2. Break support3. Retest previous resistance as support4. Bounce 1. Rising wedge2. Break support3. Retest previous resistance as support4. Bounce ___ 𝗜𝘀 𝗶𝘁 𝗴𝗼𝗶𝗻𝗴 𝗳𝗼𝗿 𝗮 𝘁𝗵𝗶𝗿𝗱 𝗿𝗼𝘂𝗻𝗱? 📉 pic.twitter.com/zDCPnuwyBu — TEDDY (₿) (@TeddyCleps) February 23, 2020 The coming several hours should provide investors with greater insight into the strength of the cryptocurrency’s uptrend, as a bullish weekly close could provide significant momentum in the week ahead. Featured image from Shutterstock.

XRP Positioned to See Major Downside Because of These Simple Factors

XRP’s recent price action has been lackluster to say the least, with its notable surge up to highs of $0.35 being met with significant resistance which, coupled with the bearishness seen across the aggregated crypto market, led it to see a notable retrace. The cryptocurrency now appears to be in a precarious position, as it is currently caught within a bearish technical pattern that could lead it significantly lower in the near-term. This, coupled with the fact that the crypto is expressing multiple bearish technical signs, seems to suggest that further losses could be imminent. XRP Consolidates Around $0.27 as Analysts Eye a Bearish Head and Shoulders Pattern At the time of writing, XRP is trading own over 1% at its current price of $0.27, which marks a notable decline from its weekly highs of $0.32 that were set earlier this week. From this point, the crypto saw some choppy trading before moving up to highs of $0.31 on Wednesday, which is when the aggregated crypto market saw an intense selloff that was sparked by Bitcoin’s flash crash from $10,200 to $9,200. Peter Brandt, a veteran trader and highly respected analyst, spoke about XRP in a recent tweet, explaining that it is a possibility that the crypto is forming a bearish head and shoulders top, which could lead it as low as $0.20 in the near-term. “It will be interesting to see if this H&S top plays out. If so, the target would be .2071. This Tweet poses a possibility. This is not a prediction,” he explained while pointing to the chart seen below. It will be interesting to see if this H&S top plays out. If so, the target would be .2071. This Tweet poses a possibility. This is not a prediction. pic.twitter.com/IJiMR2AEnV — Peter Brandt (@PeterLBrandt) February 20, 2020 These Technical Factors Also Suggest Further Losses Could be Imminent The bearish head and shoulders pattern Brandt references isn’t the only thing currently counting against XRP, as there is a myriad of other technical factors that suggest further losses could be imminent. Cold Blooded Shiller – a prominent cryptocurrency analyst and trader – spoke about these factors in a recent tweet, pointing to growing resistance and its recently formed lower high as two of these factors. “Isn’t XRP just the easiest HTF short right now? Weekly lower high. Weekly SFP. Weekly Resistance. What am I missing aside from pure hopium?” Isn't $XRP just the easiest HTF short right now? Weekly lower highWeekly SFPWeekly Resistance What am I missing aside from pure hopium? pic.twitter.com/CfkdQMwwrX — Cold Blooded Shiller (@ColdBloodShill) February 22, 2020 It is probable that XRP’s price action will be somewhat dependent on that of Bitcoin, as any further BTC downside would likely confirm this bearishness and potentially lead XRP and other altcoins to see significantly further losses. Featured image from Shutterstock.

This Top Crypto is Poised for Massive Gains as Market Remains Flat

EOS – like all major cryptocurrencies – has been seeing some turbulent price action over the past several days, with Bitcoin’s sharp drop incurred this past Wednesday sending shockwaves throughout the aggregated market. These shockwaves led EOS – a popular Ethereum competitor – to drop from over $4.50 to lows of $3.80, which is where it was able to find some support that helped bolster its price action. Now, analysts are widely noting that there are a few factors that could suggest EOS will see some notable upwards momentum in the near-term, with one trader forecasting major gains against the altcoin’s BTC trading pair. EOS Enters Consolidation Phase Around $4.00 as Technical Situation Grows Bullish  At the time of writing, EOS is trading down marginally at its current price of $4.09, which is around where it has been trading at over the past couple of days. This past Wednesday, the crypto’s intense selloff led it to erase roughly one month of gains, as the crypto climbed from late-January lows of roughly $3.90 to highs of $5.50, before incurring some downwards momentum that led it to the mid-$4.00 region. This bearishness reached a boiling point when Bitcoin plummeted from $10,200 to lows of $9,200, subsequently leading EOS to drop in tandem to lows of $3.80. In the near-term, the cryptocurrency’s technical situation may be shaping up, however, as one prominent analyst’s trading algorithm recently flashed a buy signal for the token. CryptoGainz spoke about this in a tweet from a couple of days ago, noting that longing EOS could be one of the best plays at the moment. “New algo is also long eos, which, if I’m being honest, is probably the infinitely better play,” he explained. new algo is also long $eos, which, if I'm being honest, is probably the infinitely better play. pic.twitter.com/fvtTyXsNF3 — CryptoGainz (@CryptoGainz1) February 20, 2020 The Crypto Could Soon Post Massive Gains Against BTC  Besides showing hints of bullishness against USD, the crypto is also flashing signs that it is positioned to see major gains against its Bitcoin trading pair. Livercoin – another prominent crypto trader on Twitter – spoke about this possibility in a recent tweet, telling his followers that EOS could soon rally from its current price of 0.00042 BTC to 0.0007 BTC before it finds any notable resistance. “EOS / BTC TA – Bought some,” he concisely stated. $EOS / $BTC TA – Bought some…#Crypto pic.twitter.com/YRVzXxHTfR — Livercoin (@livercoin) February 22, 2020 As Bitcoin enters a period of sideways trading around $9,600, major altcoins like EOS could start garnering enough buying pressure to further extend the firm uptrends that they have been caught within throughout 2020. Featured image from Shutterstock.

Expect a massive Bitcoin movement as the crypto floats between two crucial levels

Bitcoin is now firmly caught within a consolidation phase, with the cryptocurrency hovering around the support it established at $9,600 in the time following its recent capitulatory drop from $10,200.

It now appears that bulls and bears are at an impasse, with the cryptocurrency’s ongoing bout of sideways trading coming as the crypto finds itself caught between two critical levels.

A resolution to this sideways trading is likely imminent, however, as one prominent analyst is noting that the crypto is on the cusp of making a massive movement.

Bitcoin’s stability may be short-lived: expect a massive movement 

At the time of writing, Bitcoin is trading down just under two percent at its current price of $9,630, which marks only a slight decline from daily highs of just over $9,700.

In the time following the massive drop seen this past Wednesday, the benchmark cryptocurrency has struggled to recapture its previous position within the five-figure price region, and it now appears that the resistance between $9,700 and $10,000 is quite strong.

The recent downtrend has also led Bitcoin to find itself caught within a descending channel, with a lower and upper boundary at $9,350 and $9,800 respectively.

Josh Rager, a prominent cryptocurrency analyst and trader, shared his thoughts on this channel in a recent tweet, noting that these two levels should be closely watched in the near-term.

“BTC: Key levels to watch for now – $9800 and $9350. Everything else in between is noise.”

Bitcoin BTC
Image Courtesy of Josh Rager

Which of these levels is broken first could offer investors significant insight into which sort of mid-term trend that cryptocurrency will find itself caught within.

BTC is about to make a big movement because of this technical formation

Another near-term factor that should be considered is the fact that Bitcoin is currently caught within a triangle formation that is close to resolving.

Satoshi Flipper – another well-respected crypto analyst – spoke about this triangle in a recent tweet, telling his followers that he anticipates a “strong move” in the near-term.

“This triangle (4 hr) is close to resolving. Expecting a strong move.”

Image Courtesy of Satoshi Flipper

The ultimate resolution of this triangle could be the sole factor that determines which of the aforementioned range boundaries are broken through first, which could set the tone for which direction BTC will trend throughout the coming months.

The post Expect a massive Bitcoin movement as the crypto floats between two crucial levels appeared first on CryptoSlate.

This Tiny Range Could Set the Tone for Where Bitcoin Trends in 2020

Bitcoin has found itself caught within the throes of a prolonged bout of sideways trading around $9,600 in the time following its recent flash crash that sent it reeling down from the $10,000 region to lows of $9,200. This multi-day period of sideways trading has resulted from the formation of a small and strong trading range between roughly $9,550 and $9,730. Now, one top trader is noting that the long-term significance of this range should not be discounted, as how it resolves could provide insight into where BTC trends in the year ahead. Bitcoin Consolidates as Resistance Begins Building At the time of writing, Bitcoin is trading down marginally at its current price of $9,650, which is around where it has been trading at since its significant drop seen last Wednesday. As this period of sideways trading drags on, it has also decreased the cryptocurrency’s trading volume slightly, suggesting that traders are beginning to move to the sidelines while they wait to see where the crypto begins trending next. It does seem as though the next key level that bulls need to recapture in order to maintain their strength sits at roughly $10,000, as the crypto’s reaction to this level in the past has been quite significant. In the near-term, it is important to keep in mind that Bitcoin is facing mounting resistance between its current price levels and $10,000, with Big Chonis – a popular analyst – noting that he sees “more resistance than support.” “BTC – all I see is more resistance than support weekend price action begins.” $BTC – all I see is more resistance than support…#bitcoin weekend price action begins … pic.twitter.com/WuU0eNndqd — Big Chonis Trading (@BigChonis) February 22, 2020 BTC’s Response to This Range Could Set the Tone for 2020 Another important factor to keep in mind is the fact that Bitcoin is currently caught within a tight trading range that could dictate its mid-term trend. Teddy – a popular cryptocurrency analyst on Twitter – spoke about this range in a recent tweet, explaining that the impact of Bitcoin’s ultimate reaction to this range shouldn’t be underestimated. “BTC: Don’t underestimate the impact of this small sub-range on the trend. A break in either direction will define the next short term direction and sentiment across the board. My short term bias since marking lower highs + lower lows is leaning bearish,” he explained. #BITCOIN | $BTC Don't underestimate the impact of this small sub-range on the trend (👀) A break in either direction will define the next short term direction and sentiment across the board. __ My short term bias since marking lower highs + lower lows is leaning bearish pic.twitter.com/8RKmQFk55B — TEDDY (₿) (@TeddyCleps) February 22, 2020 How the crypto markets trend in the coming days and weeks should offer insight into whether bulls or bears will gain control of BTC, with its resolution of this range offering insight into where the crypto will trend in the months ahead. Featured image from Shutterstock.

Top VC goes “super long” on Facebook’s Libra crypto after this partner joined the network

Facebook’s crypto initiative – dubbed Libra – captured the attention of the world last year, with a plethora of prominent companies signing on to be part of the “Libra Association.”

The massive launch of this initiative unsurprisingly drew the ire of government officials, including the U.S. President and top Congressional leaders, who all noted that the somewhat decentralized nature of the Libra currency could allow users to fully subvert the traditional banking system.

In spite of this, the initiative also has its fans, and one top venture capitalist recently noted that he is “super long” on the Libra crypto from a conceptual standpoint, which comes close on the heels of a major partner being added to the Libra Association.

Shopify joins Libra Association as another major company recognizes benefits of digital currency 

In a recent tweet from Shopify CEO Tobi Lutke, he explained that the company is always looking for ways to improve e-commerce globally, and that as such, they have decided to join the Libra Association.

“Shopify spends a lot of time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association.”

Crypto Libra

This news comes close on the heels of reports regarding a mass exodus of companies away from the crypto-related association after US lawmakers began questioning the motives of individual members. Some notable defectors include Visa, MasterCard, Stripe, PayPal, eBay, and others.

Shopify’s addition to the association certain seems to suggest that the project is still alive and well from an adoption standpoint, and also signals that the government’s scrutiny of the crypto project and its supporting members isn’t enough to halt its growth.

Prominent venture capitalist believes Libra will advance crypto use cases 

Garry Tan, co-founder and managing partner at Initialized Capital, spoke about the news regarding Shopify joining the Libra association, explaining that he is “super long” on Libra, and that it will help advance crypto’s “real use cases.”

“I am super long Libra. Billions of installed users will push crypto’s real use cases massively.”

He further explains that he is long on the idea of Libra – as one cannot literally be long on a stable coin – and that it will be an “effective onboard” for new users into the crypto ecosystem.

The post Top VC goes “super long” on Facebook’s Libra crypto after this partner joined the network appeared first on CryptoSlate.

Economist: This Strange Occurrence Suggests the Bitcoin Bottom is In

Bitcoin’s unprecedented flash crash seen earlier this week has not proved to be as bearish as it was initially thought to be, as the crypto has now been able to find some solid support within the mid-$9,000 region and has even begun inching higher. It is important to note that while bulls have been able to absorb the intense selling pressure that resulted from this flash crash, they have yet to be able to propel the crypto back above $10,000, which remains a key short-term resistance region. Now, one economist is noting that a strange occurrence seen while looking towards the crypto’s BitMEX / Bitstamp cost basis seems to suggest that its bottom may be in, and that its next major uptrend will soon kick off. Bitcoin Gains Stability as Economist Notes That the Bottom May Be In At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,690, which marks a notable climb from its weekly lows of $9,200 that were set at the bottom of the flash crash seen this past Wednesday. Because BTC has been hovering at just below $9,700 for the past day, it does appear that this could be the level at which the crypto faces some resistance, with the key level bulls need to surmount existing at $10,000. Alex Krüger, an economist who primarily focuses on cryptocurrency, spoke about one factor that suggests Bitcoin’s recent lows are a mid-term bottom in a recent tweet from his alt account. “This is the Bitmex-Bitstamp basis. Last time its moving average went negative twice in a row it marked the $8250 bottom on January 25,” he explained while pointing to the chart seen below. This is the Bitmex-Bitstamp basis. Last time its moving average went negative twice in a row it marked the $8250 bottom on January 25. $BTC pic.twitter.com/g3sql73206 — Alex (@classicmacro) February 21, 2020 Here’s Why the Recent Dip Could Be Bullish for BTC  Krüger further goes on to explain that the recent flash crash incurred by Bitcoin “nuked” its open interest, with leveraged longs being stopped or liquidated, thus making it easier for the uptrend to extend further. “That is a simple reflection of Bitmex’s funding, which is now flat (or 1bps to be precise). Open interest got nuked two days ago and is not around $900M. In other words, levered longs got dealt with, and this makes it easier for the uptrend to resume. The drag is gone,” he explained. That is a simple reflection of Bitmex's funding, which is now flat (or 1bps to be precise). Open interest got nuked two days ago and is not around $900M. In other words, levered longs got dealt with, and this makes it easier for the uptrend to resume. The drag is gone. — Alex (@classicmacro) February 21, 2020 How Bitcoin trends throughout the coming weekend should offer some insights into the mid-term implications of the recent drop and subsequent recovery, as any further upside could confirm the notion that it was a bullish event. Featured image from Shutterstock.

Analyst: Ethereum may see intense rally after piercing this technical resistance

Ethereum (ETH) has seen some mixed price action over the past week, with the cryptocurrency previously finding some stability around $280 before plummeting below $250 in tandem with Bitcoin’s crash below $10,000.

In the time since this violent movement occurred, however, ETH’s bulls have been able to regain their strength, and they have been subsequently pushing the cryptocurrency higher.

Importantly, ETH’s recovery from its recent selloff has allowed it to break above a critical technical resistance formation that was previously suppressing its price, with this development suggesting it could soon rally significantly further.

Ethereum moves higher as the aggregated crypto market recovers from weekly lows

At the time of writing, Ethereum is trading up just under 5 percent at its current price of $267, which marks a notable climb from its multi-day lows of under $250.

The tempered uptrend that ETH has experienced in the time following its recent flash crash has also allowed it to outperform Bitcoin, as it is currently trading up 3.5 percent against its BTC trading pair.

In order for Ethereum to once again find itself caught within a tailwind that sends it past $300, it is imperative that the cryptocurrency is able to once again regain its position within the $280 region.

One factor that could suggest a move back up to this region is imminent is the possibility that it is currently trading within a wide bull flag, with its recent bounce at roughly $250 marking a defense of the lower boundary of this bullish formation.

The Crypto Dog, an incredibly popular cryptocurrency analyst and commentator, recently shared a chart showing this formation, questioning whether it is worth going long on Ethereum based on this pattern.

Image Courtesy of The Crypto Dog

ETH highly bullish after moving above weekly Ichimoku cloud

The potential bull flag ETH is caught within isn’t the only factor counting in bulls favor, as the cryptocurrency has also been able to pierce its weekly Ichimoku cloud, which is a highly bullish mid-term development.

CryptoWolf – another popular crypto trader – spoke about this in a recent tweet, pointing to a chart showing the latest development.

“ETH trading above the weekly Ichimoku cloud. God bless Vitalik.”

Ethereum ETH
Image Courtesy of CryptoWolf

In order for this bull-favoring development to be confirmed, it is imperative that bulls are able to hold the crypto above this level until its weekly candle closes this Sunday.

The post Analyst: Ethereum may see intense rally after piercing this technical resistance appeared first on CryptoSlate.

XRP Could See Massive Gains as Bulls Defend Critical Multi-Year Support

XRP investors witnessed some bearish price action earlier this week when the cryptocurrency plummeted from highs of $0.34 to lows of $0.28, which is where it was able to find some strong support that allowed it to reclaim its position above $0.30. Then, however, Bitcoin’s unprecedented flash crash sent shockwaves throughout the crypto markets, leading XRP and other major altcoins to plummet significantly. Despite this overt short-term bearishness, one analyst is noting that XRP has been able to reclaim a key multi-year support that it recently dipped below, showing that another massive uptrend could be imminent. XRP Inches Higher as Bitcoin Shows Signs of Recovering At the time of writing, XRP is trading up just under 1% at its current price of $0.275, which marks a slight climb from recent lows of $0.26 that were set at the bottom of its recent selloff. It is imperative to note that the embattled crypto has been severely underperforming Bitcoin in the time following its recent drop, as BTC has been able to climb from lows of $9,200 to highs of $9,700. In the near-term, $0.30 remains the key region that analysts are watching, as a sustained flip above this level is critical in order for the crypto to incur a sustainable uptrend. Some analysts, however, still remain wary of the cryptocurrency’s mid-term outlook. Bitcoin Jack – a popular cryptocurrency trader and commentator – explained in a recent tweet that he thinks $0.20 seems like a decent entry point. “$0.20 for $XRP would be nice,” he concisely stated. $0.20 for $XRP would be nice — //Bitcoin 𝕵ack (@BTC_JackSparrow) February 20, 2020 A drop to these levels wouldn’t be unprecedented, as it was trading here just under one-month ago. Could Bull’s Defense of this Key Level Spark an Intense Uptrend? One recent development that is counting in bull’s favor is the fact that XRP’s rally over the past few weeks has allowed it to recapture a key support level that it had lost during its drop to lows of $0.18. Caltrades, a popular cryptocurrency analyst on Twitter, spoke about this occurance in a recent tweet, telling his followers that another bounce at this key multi-year support at roughly $0.25 could confirm a bullish inverse head and shoulders pattern. “XRP fell through a 2 year support but bounced and just smashed straight through it. I think a lot are underestimating the importance of this. If we get a pull back into this 2 year support again I think it will catapult XRP higher very, very quickly,” he explained. $XRP fell through a 2 year support but bounced and just smashed straight through it. I think a lot are underestimating the importance of this. If we get a pull back into this 2 year support again I think it will catapult XRP higher very, very quickly. pic.twitter.com/yZU2BHEfns — Cal▪ (@caltrades_) February 20, 2020 If XRP sees some slightly further downside from its current price levels but posts a strong defense of this multi-year support level, it could soon start a massive uptrend that leads it to set fresh year-to-date highs. Featured image from Shutterstock.

Bitcoin’s Flash Crash was a “Healthy Pullback” That Could Catalyze Major Momentum

It now appears that Bitcoin (BTC) bulls have been able to gain the upper hand over bears in the time following the intense volatility that the asset incurred early this week during its sudden “flash crash” that caught investors off guard. Because BTC is now slowly climbing back up towards the coveted five-figure price region, it does appear that it is shaping up to once again see a sharp upwards movement that leads it past the resistance it faces at $10,000. In the near-term, analysts believe that the crypto’s defense of key support may be a bullish sign, leading one top trader to anticipate the ongoing BTC uptrend to continue strong in the near-term. Bitcoin Inches Higher as it Nears Key Resistance at $10,000 Bitcoin bulls were taken aback early this week when the cryptocurrency plummeted from highs of $10,200 to lows of $9,200, before rapidly climbing back into the mid-$9,000 region. This sharp selloff seemed to spell trouble for the cryptocurrency, and it even marked the fifth largest single hour selloff (in dollar terms) that Bitcoin has seen throughout its decade-long history. Now, however, Bitcoin has begun climbing back towards $10,000, and it is currently trading up just over 1% at its current price of $9,700. George, a popular crypto trader on Twitter, recently explained that he is watching to see how Bitcoin reacts to some resistance it faces at roughly $9,730, with a decisive break above this level opening the gates for a sudden movement up towards its next resistance at $9,960. “BTC: Last weeks low reclaimed, I’d like it to hold here. Next step reclaiming our range low for further upside towards the weekly open / mid range. I like what I see so far,” he explained. $BTC Last weeks low reclaimed, I'd like it to hold here. Next step reclaiming our range low for further upside towards the weekly open / mid range. I like what I see so far. pic.twitter.com/KPO7x7cW1Z — George (@George1Trader) February 21, 2020 Will BTC’s Mid-Term Uptrend Extend Much Further? Following this week’s flash crash, many analysts had noted that it fundamentally altered Bitcoin’s bullish market structure, potentially signaling that it wouldn’t be able to continue climbing back up towards its all-time highs. In spite of this, Crypto Bullet – another popular crypto trader – explained in a recent tweet that this latest movement to below $10,000 doesn’t give any reason for investors to panic, as it is just a “healthy pullback.” “BTCUSD 1D update: As long BTC stays above this support area I don’t see any reason to panic. So far it’s just a healthy pull back. If we fall below we will get a great entry,” he explained. $BTCUSD 1D upadte As long $BTC stays above this support area i don't see any reason to panic. So far it's just a healthy pull back.If we fall below we will get a great entry!#bitcoin #crypto #trading pic.twitter.com/YyJ5KbB07S — crypto bullet (@SilverBulletBTC) February 21, 2020 Whether Bitcoin is able to surmount its near-term resistance and begin climbing higher should provide some insights into the current strength of its 2020 uptrend. Featured image from Shutterstock.

Ethereum May Incur an Intense Parabolic Surge After Visiting This Level

Ethereum has begun climbing higher after facing some intense selling pressure over the past couple of days, which sent ETH from highs of $285 to lows of under $250 before it was finally able to bounce and begin climbing back towards its recent highs. In spite of this firm short-term bullishness, it is important to note that many analysts are claiming that the crypto could soon see further downside that leads it as low as $225. If it does visit this region, however, those same analysts widely concur that the support here could be enough to spark a massive parabolic uptrend that leads ETH surging past $300. Ethereum Begins Climbing Higher as Analysts Watch Key Resistance Levels At the time of writing, Ethereum is trading up just under 4% at its current price of $265, which marks a notable climb from intra-plunge lows of under $250 that were set just over a day ago. Ethereum’s ability to climb from these lows suggests that bulls have some intense underlying strength, and it doesn’t appear that this latest selloff was enough to invalidate the crypto’s bullish market structure. Now, analysts are noting that ETH is fast approaching a key resistance level that must be flipped into support if bulls want to propel it past $300 in the near-term. George – a well-respected crypto trader on Twitter – spoke about this level, which just a hair above ETH’s current price level, in a recent tweet, telling his followers that a break above it could rapidly send the cryptocurrency to $300. “ETH: Mid is key. Flip it and say hello to $300. Might need a bigger retracement first. Sell your house if we retest $225,” he bullishly noted. $ETH Mid is key. Flip it and say hello to $300. Might need a bigger retracement first. Sell your house if we retest $225. pic.twitter.com/DX9c5y0Jpg — George (@George1Trader) February 21, 2020 Analysts Widely Take Sight of a Movement Past $300 George isn’t the only trader who is anticipating Ethereum to rally past $300 in the near-term, as Smokey – another top trader – explained in a recent tweet that his ultimate near-term price target for ETH exists at $350, but he believes it may first have to visit its key support around $225. “ETH | USD | Weekly Bullish too. If it retraces, 226$ is a buy in my opinion. Already worth punting a long on ETH imo in this ascending triangle formation. Either way, 350$ is the target,” he said. $ETH | USD | Weekly Bullish too. If it retraces, 226$ is a buy in my opinion. Already worth punting a long on ETH imo in this ascending triangle formation. Either way, 350$ is the target. pic.twitter.com/p7NON0zigZ — TraderSmokey (@TraderSmokey) February 21, 2020 The next several hours should provide some greater insights as to whether or not Ethereum will first plummet to $225 before climbing higher, as it is possible that the crypto will soon fly past its key resistance and start its next parabolic ascent. Featured image from Shutterstock.

According to this analyst, the catalyst behind Tesla’s rally may also fuel a massive Bitcoin uptrend

Bitcoin has seen some intense parabolic cycles in the time since its genesis, and Tesla stock’s recent rally has shown some striking similarities to that of BTC’s previous movements – but there is one key difference.

This difference has led one top analyst to note that TSLA’s recent rally could provide insight into where Bitcoin is going next.

Because of this, it does appear that the key factors that catalyzed TSLA’s massive rally over the past couple of months could also allow Bitcoin to see some sustainable momentum, and it could mean that BTC’s next parabolic movement won’t be fleeting.

Fundstrat’s Tom Lee: Tesla’s price action to provide insight into next Bitcoin rally

As reported by Decrypt’s Tim Copeland, the Fundstrat co-founder recently spoke at CoinGeek Conference 2020, in which he offered insights into what Tesla’s stock price rally could mean for Bitcoin.

While speaking at the event, the outspoken Bitcoin perma-bull explained that it is first important for investors to recognize that Bitcoin and the aggregated crypto markets barely account for a fraction of the traditional liquid asset markets.

He then went on to note that Bitcoin will see an unprecedented price rise once its market cycles shift away from being driven by retail investors, and towards being driven by “retail FOMO.”

“Until crypto gets larger, it’s largely a retail market. What happens when institutions start buying crypto? Well FOMO is going to kick in.”

Lee explained that this institutional FOMO is the force that drove the recent TSLA rally, with institutions entering the asset once they realized that it wasn’t being driven by “dead money,” and that this could soon occur for Bitcoin.

“We’ve shown that most of the buying for Tesla has been Russell 1,000 fund managers who ignored the stock and suddenly needed exposure… The day institutions decide they want to be market weight crypto, you’re going to see the same kind of parabolic move, almost in an instant.”

Here’s why this institution induced BTC rally will be different from others 

While looking at Tesla’s parabolic price action, an interesting trend emerges: its massive gains have not (as of yet) been followed by any sustained retrace.

TSLA ran from December 2019 lows of $330 to highs of $890 earlier this month, before seeing a slight pullback to $730. This pullback was unsustainable, however, as it has since climbed to fresh highs of $920.

Related: Tesla’s stock price going to the moon reminds investors of Bitcoin’s $20K run

This parabolic price action is far different than that seen by Bitcoin during previous parabolic rallies, where the crypto sets unprecedented all-time highs over the course of a few days before seeing a massive and sharp retrace that sparks a multi-year bear market.

Because Tesla’s uptrend has been driven primarily by institutional FOMO rather than retail FOMO, it could suggest that once institutions enter Bitcoin, it will see an intense uptrend that is not followed by any sharp retrace.

The post According to this analyst, the catalyst behind Tesla’s rally may also fuel a massive Bitcoin uptrend appeared first on CryptoSlate.

Economist: Ethereum’s Next Movement Could Leave Bears “Sweating”

Ethereum’s price action as of late has been closely correlated with that of Bitcoin, with the benchmark cryptocurrency’s recent volatility spilling over into the altcoin markets, subsequently guiding ETH and most other cryptos to post bear-favoring movements. Although Ethereum is currently trading down significantly from its recent highs, and its capitulatory selloff seen yesterday seems to suggest that the crypto is on track to invalidate its recently formed bullish market structure, analyst are now expecting it to see further upside. Importantly, one economist is noting that this momentum could leave ETH’s bears “sweating” once it begins its next uptrend. Ethereum Consolidates Within $250 Region as Analysts Eye a Few Key Support Levels Yesterday, Ethereum saw an intense selloff that led the cryptocurrency to plummet from highs of over $280 to lows of under $250, which is where it has so far been able to find some strong support. The support in this region has allowed the cryptocurrency to climb back towards $260, but it has failed to successfully surmount this level, suggesting that this could be a near-term level of resistance. Because ETH has formed an intense correlation with Bitcoin over the past couple of days, where it trends next will likely depend largely on whether or not BTC is able to start climbing higher. Alex Krüger – an economist who focuses primarily on cryptocurrencies – shared his thoughts on Ethereum in a recent tweet from his alt account, in which he notes that a bullish reaction to its key support levels could leave those who are sidelined “sweating.” “Late ETH buyers may be sweating here, but next time it pushes higher, it will be those who are flat who will be sweating. Daily chart buying spots are the fibs, the MAs, $200 and the top ($290), although buying tops requires tight stops / skillful execution.” Late $ETH buyers may be sweating here, but next time it pushes higher, it will be those who are flat who will be sweating. Daily chart buying spots are the fibs, the MAs, $200 and the top ($290), although buying tops requires tight stops / skillful execution. pic.twitter.com/1P32X1DTSm — Alex (@classicmacro) February 20, 2020 At What Price Level Will ETH’s Next Uptrend Kick Off?  In order for this potential bullishness to be confirmed, it appears that Ethereum needs to break above $290, as this is where Krüger has previously noted is a good “buying/adding spot.” “Many talking about the double top on the ETH daily chart as a bearish signal. But most double tops fail. In fact, chart-wise, in my book, $290 is a buying/adding spot, not the contrary,” he explained. Many talking about the double top on the $ETH daily chart as a bearish signal. But most double tops fail. In fact, chart-wise, in my book, $290 is a buying/adding spot, not the contrary. I'll share how so later today as rather busy now. — Alex (@classicmacro) February 19, 2020 Although it is possible, and maybe even probable, that Ethereum will decline slightly from its current price until it finds strong support at the aforementioned regions, it is highly likely that its intense 2020 uptrend will ultimately continue strong. Featured image from Shutterstock.

XRP’s Plunge Puts it in Dangerous Territory; Risk of Massive Downside Grows

Prior to yesterday’s Bitcoin flash crash, XRP and many other major cryptos were shaping up to be highly bullish, but BTC’s sharp drop seems to have invalidated this and has led the aggregated crypto market into precarious territory. One highly respected analyst is now noting that XRP could be on the cusp of seeing major losses if its bears are unable to garner any significant buying pressure at its current price levels. These losses could lead the crypto to erase nearly all of the gains that it has incurred throughout the course of its 2020 uptrend. XRP Plunges Alongside Bitcoin and Most Other Major Altcoins At the time of writing, XRP is trading down 7% at its current price of $0.27, which marks a notable decline from daily highs of over $0.30 that were set just prior to the market-wide flash crash. It is important to keep in mind that the embattled crypto has been able to recover slightly from lows of $0.26 that were set at the bottom of this selloff, and it does appear that its price is largely moving in tandem with that of Bitcoin at the moment. Some analysts are noting that there is still upside for XRP, although it may see further downside before it is able to climb higher. AMD Trader – a popular cryptocurrency trader – spoke about this in a recent tweet, noting that it hasn’t yet hit his buy target. “I’ll let you guys know when I go heavy long on xrp I still think there is upside, but I’m not trying to catch a falling knife that hasn’t hit my target,” he said. I'll let you guys know when I go heavy long on $xrp I still think there is upside, but I'm not trying to catch a falling knife that hasn't hit my target. — AMD Trades (@Amdtrades) February 19, 2020 Top Trader: This Technical Formation Could Spell Trouble for the Crypto  Peter Brandt, a popular cryptocurrency analyst on Twitter, recently explained that XRP could be forming a bearish head and shoulders (H&S) formation, and if this plays out it could send the crypto down to lows of $0.20. “It will be interesting to see if this H&S top plays out. If so, the target would be .2071,” he said while noting that this tweet only “poses a possibility.” It will be interesting to see if this H&S top plays out. If so, the target would be .2071. This Tweet poses a possibility. This is not a prediction. pic.twitter.com/IJiMR2AEnV — Peter Brandt (@PeterLBrandt) February 20, 2020 In the near-term, whether or not the technical formation is confirmed will likely depend nearly entirely on whether or not Bitcoin is able to find some support around its current price levels. If the benchmark crypto does start moving lower in the near-term, it is probable that major altcoins like XRP will see some major short-term downside. Featured image from Shutterstock.

Bitcoin Bulls Have 10 Days to “Fix” Monthly Candle and Avoid Insane Losses

In the time following Bitcoin’s recent flash crash that sent it from $10,200 to lows of $9,200, the cryptocurrency has been able to find some stability around $9,600, with its ability to maintain stability around this price showing that BTC bulls do have some strength. In the near-term, it is important to note that this recent drop has made the cryptocurrency’s monthly candle shape up to be fairly bearish, and one top analyst is now noting that bulls have less than ten days to “fix” this. If BTC continues hovering around its current price or drifts lower throughout the final days of the month, it is possible that it will see significant near-term losses. Bitcoin Stabilizes Following Massive Drop, But Monthly Candle Looks Increasingly Bearish At the time of writing, Bitcoin is trading down over 5% at its current price of $9,600, which marks a massive decline from daily highs of $10,200 that were set yesterday just prior to the flash crash that sent the crypto reeling to lows of $9,200. In the near-term, it is imperative that bulls continue absorbing the intense selling pressure the cryptocurrency is facing and begin pushing it higher so that it can recapture its position within the lower-$10,000 region. DonAlt – a top cryptocurrency analyst on Twitter – recently offered a grave warning for Bitcoin bulls, explaining that they need to propel BTC higher before its monthly close if they want to avoid significantly further losses. “The absolute state of this current monthly candle. Bulls better fix this in the next 10 days,” he explained. The absolute state of this current monthly candle.Bulls better fix this in the next 10 days. pic.twitter.com/zLJadrn2It — DonAlt (@CryptoDonAlt) February 20, 2020 How Low Could a Bearish Monthly Candle Take BTC? Assuming that bulls aren’t able to push BTC higher in the near-term, it appears that a bearish monthly close could lead the crypto as low as $7,800. Prior to yesterday’s flash crash, DonAlt had shared a bear-favoring analysis that mused the possibility that the intense resistance within the lower-$10,000 region would be enough to catalyze a selloff, with his downside target sitting at roughly $7,800. “BTC: I’m going on vacation, took this before leaving. Won’t be able to micro-manage because I’ll be in the middle of nowhere. See you guys in a bit,” he said while pointing to the chart seen below. $BTC I'm going on vacation, took this before leaving.Won't be able to micro-manage because I'll be in the middle of nowhere. See you guys in a bit. pic.twitter.com/5vuUuHu85L — DonAlt (@CryptoDonAlt) February 12, 2020 In order for this highly bearish possibility to be invalidated, it is imperative that bulls step up and push Bitcoin back above $10,000, with continued momentum from here confirming the strength of its 2020 uptrend. Featured image from Shutterstock.

These are the key levels to watch following Bitcoin’s insane flash crash

Yesterday, investors witnessed one of Bitcoin’s largest-ever hourly price declines, with the benchmark cryptocurrency plummeting from highs of $10,200 to lows of $9,200, which is where BTC was able to find some intense buying pressure that helped climb to its current price of $9,600.

This sharp and sudden decline muddied the clarity that many investors had regarding where Bitcoin is heading next, and analysts are now closely watching to see how BTC reacts to a few key support levels in the near-term.

Furthermore, one key set of data also seems to indicate that $9,800 is a key resistance level for the cryptocurrency, with a break above this opening the gates for significantly further upside.

Bitcoin remains above key support levels, but a further downside could spark a massive selloff

At the time of writing, Bitcoin is trading down just over five percent at its current price of $9,600, which is around where it has been trading at in the time since it bounced from intra-crash lows of $9,200.

Bitcoin’s ability to maintain stable at this level seems to bolster bulls, as it shows that they have enough strength to defend a few critical support levels that lie just a hair below its current price region.

Josh Rager, a prominent cryptocurrency analyst on Twitter, spoke about these support levels in a recent tweet, explaining that the first area of interest he is watching exists at $9,300.

“You should be aware of potential price-levels if the BTC pullback continues. Areas of interest include: $9300 – $8600 to $8700 – $7900 to $8200. Since May 2019, the most buying/selling volume occurred between $7900 to $8200. With $8200 being a key horizontal support on weekly chart.”

This data shows $9,800 is now a critical resistance level 

As for where Bitcoin’s key near-term resistance is, data from blockchain analytics firm IntoTheBlock elucidates that there are one million BTC wallet addresses with positions around $9,800 – meaning that investors who bought the crypto at this price could be looking to break even.

“A look at the IOMAP model for Bitcoin shows 1m addresses with positions around the $9800 mark. This could be seen as the level of resistance for $BTC to get to $10,000.00 as a percentage of investors that previously bought at this price may be looking to break-even.”

Bitcoin BTC
Image Courtesy of IntoTheBlock

How Bitcoin’s current bout of sideways trading resolves, and which of these levels is tested first, should provide insights into where the aggregated market is heading next.

The post These are the key levels to watch following Bitcoin’s insane flash crash appeared first on CryptoSlate.

Ethereum price plummets despite strong network activity growth

Ethereum’s intense uptrend seen throughout 2020 reached a boiling point in early-February, with ETH’s break above $200 allowing it to incur parabolic momentum that led it to highs of $290.

Although the crypto has retraced from these highs, its mid-term market structure still remains firmly bullish, and many analysts are now noting that this will likely allow the crypto to soon rally to fresh year-to-date highs.

This potential bullishness may also be driven by the fundamental growth seen by ETH over the past couple of months, with its strong network activity making it a convincing value investment for long-term investors.

At the time of writing, Ethereum is trading down just over five percent at its current price of $264, which marks a significant decline from daily highs around $285 that were set at the peak of its recent rally.

It does appear that ETH is moving in close tandem with Bitcoin, which means that where it goes next could be highly dependent on whether or not BTC is able to recover from the intense selloff it experienced this afternoon and reclaim its position within the five-figure price region.

One bullish factor that could allow Ethereum to see some independent momentum is the fact that it has incredible fundamental strength, with on-chain transactions and net network growth both climbing at a rapid rate.

IntoTheBlock — a blockchain analytics firm — spoke about this in a recent tweet, referencing a chart showing the rapid growth of various fundamental factors underpinning the Ethereum blockchain.

“Ethereum price keeps rising. On Feb18 – The number of addresses with a balance in ETH reached its ATH with 48.54m addresses – With the price increase, we saw a total of 717k on-chain transactions moving a total of 3.13m ETH and $853.76m – Net network growth of 41.8k address.”

Ethereum ETH
Image Courtesy of IntoTheBlock

ETH’s technical situation suggests short-term bearishness is imminent

Despite Ethereum’s strong fundamentals, it is important to note that today’s sharp selloff led the crypto to drop beneath a key support level that was one of the primary contributors to its technical strength.

Bagsy, a prominent cryptocurrency trader on Twitter, spoke about this level in a tweet from prior to the selloff, explaining that ETH had previously been able to reclaim its weekly and daily point-of-control, with the crypto being highly bullish as long as it sustains above this level.

“ETH BTC: Despite yesterday’s wick to the downside on Mex, we reclaimed the weekly and daily POC (Point-of-Control) as support, which in itself is bullish as long as we’re trending above it.”

Ethereum ETH
Image Courtesy of Bagsy

Although Ethereum has now dropped below this level, it is still highly possible that its fundamental strength will allow it to once again start climbing higher, with this level acting as key resistance that bulls must reclaim.

The post Ethereum price plummets despite strong network activity growth appeared first on CryptoSlate.

Bitcoin just saw its fifth largest hourly price drop ever; here’s where it may go next

Bitcoin investors were taken aback to witness Bitcoin’s massive flash crash today, which led the benchmark cryptocurrency to plummet from $10,200 to lows of $9,200 in a mere matter of minutes, with its sudden downturn leading the aggregated crypto market to follow suit.

This sudden drop, in dollar terms, marked the fifth-largest decline that the cryptocurrency has ever seen in under an hour, which is a testament to the significance of this movement.

It is important to consider that bulls were able to absorb a good amount of this selling pressure, subsequently leading the crypto to climb higher, and analysts still believe the crypto’s mid-term uptrend is fully intact.

Bitcoin sees a massive $1,000 price decline in unexpected movement 

Just a few hours ago, Bitcoin’s peaceful bout of sideways trading at around $10,200 was interrupted when bears catalyzed a significant amount of selling pressure that led the crypto to lows of $9,200, which is where bulls stepped up and began absorbing the intense selling pressure.

Currently, Bitcoin is trading down five percent at its current price of $9,600, which is around where it was trading at just a few days ago.

This latest movement does mark another firm rejection within the lower $10,000 region, signaling that the resistance here may be insurmountable for bulls.

Interestingly, this selloff was the also fifth largest that the crypto has seen throughout the course of its history, which further bolsters the bear case.

Yassine Elmandjra, a crypto analyst at ARK Invest, spoke about this in a recent tweet, while referencing data from CoinMetrics.

“Today marks Bitcoin’s fifth largest hourly price drop in price history. A ~$1000 drop in under an hour. The only other time we’ve seen a greater dollar price drop is at the Dec. 2017 peak.”

Bitcoin BTC
Image Courtesy of Coi nMetrics

Has this movement invalidated BTC’s uptrend?

Despite the conspicuous bearishness of this movement, it is important to note that Squeeze – a prominent cryptocurrency analyst – recently told his over 100k Twitter followers that this is still a bullish market, and that Bitcoin will soon again be trading at over $10,000.

“Ultimately this a bullish market. The BTC price won’t be 4 figures anymore in a few months time. It’s a matter of how long you want to time the bottom. HODLing spot and looking to add long term margins if it hits 9k.”

It still remains unclear as to whether or not Bitcoin will be able to recapture its position within the five-figure price region in the short-term, but it is important to keep in mind that its macro market structure is still firmly bullish.

The post Bitcoin just saw its fifth largest hourly price drop ever; here’s where it may go next appeared first on CryptoSlate.

Here’s Why the Aftermath of Bitcoin’s Insane Plunge Isn’t as Bearish as it Seems

This afternoon, investors bore witness to an insane Bitcoin (BTC) flash crash that sent the cryptocurrency reeling from the lower-$10,000 region to lows of $9,200, which is where it was able to find some support that helped it climb higher. Despite the jarring nature of this drop, it is important to note that it may not be as bearish as it seems, with its intense bounce from the its intra-plunge lows seeming to suggest that it will soon see a continuance of its mid-term uptrend. Analysts are now noting that the crypto’s recovery from this flash crash seems to suggest that it will soon continue climbing higher, with one top trader targeting a movement back to its 2020 highs at roughly $10,500. Bitcoin Plunges During Market-Wide Flash Crash, But Technical Situation is Still Bullish  At the time of writing, Bitcoin is trading down just under 5% at its current price of $9,670, which marks a notable decline from daily highs of $10,200 – around where the crypto had been trading at for the past couple of days. It is imperative to keep in mind that although today’s drop is overtly bearish, BTC is still well above where it was trading at on Monday when it plummeted to $9,400, and buyer’s ability to defend the lower-$9,000 region points to some underlying strength. HornHairs, a prominent cryptocurrency analyst on Twitter, spoke about this selloff in a recent tweet, in which he explained that a daily close above $9,485 suggests that Bitcoin is bound to see an extension of its recent bullishness. “BTC Macro Update: Nasty shakeout so far. Midrange pushing back. Want to see price close today above $9485 to maintain range low and bullish structure. Would still look good for further upside in that event. 2 hours to go,” he explained, pointing to the range seen below. $BTC Macro Update: Nasty shakeout so far. Midrange pushing back. Want to see price close today above $9485 to maintain range low and bullish structure. Would still look good for further upside in that event. 2 hours to go. 🧐 pic.twitter.com/B4lavJCKpQ — HornHairs 🌊 (@CryptoHornHairs) February 19, 2020 BTC Could Still Be Just Days Away from Setting Fresh 2020 Highs  HornHairs also expressed some further bullishness in another recent tweet from after the drop, explaining that he is targeting a near-term movement to Bitcoin’s 2020 highs at $10,500. “BTC Long: Can’t get much close to invalidation on the midterm outlook here. I’m in after the sweep on the 2H close. Targeting $10.5k. Now or never,” he explained while pointing to the chart seen below. $BTC Long Can't get much close to invalidation on the midterm outlook here. I'm in after the sweep on the 2H close. Targeting $10.5k. Now or never. pic.twitter.com/OEA1W4pE0w — HornHairs 🌊 (@CryptoHornHairs) February 19, 2020 How Bitcoin trades in the coming several hours should offer some insight into the mid-term implications of this latest selloff, and any bullishness at this level could suggest that this was a bear trap that will be followed by significantly further upside. Featured image from Shutterstock.

Here’s Why the Aftermath of Bitcoin’s Insane Plunge Isn’t as Bearish as it Seems

This afternoon, investors bore witness to an insane Bitcoin (BTC) flash crash that sent the cryptocurrency reeling from the lower-$10,000 region to lows of $9,200, which is where it was able to find some support that helped it climb higher. Despite the jarring nature of this drop, it is important to note that it may not be as bearish as it seems, with its intense bounce from the its intra-plunge lows seeming to suggest that it will soon see a continuance of its mid-term uptrend. Analysts are now noting that the crypto’s recovery from this flash crash seems to suggest that it will soon continue climbing higher, with one top trader targeting a movement back to its 2020 highs at roughly $10,500. Bitcoin Plunges During Market-Wide Flash Crash, But Technical Situation is Still Bullish  At the time of writing, Bitcoin is trading down just under 5% at its current price of $9,670, which marks a notable decline from daily highs of $10,200 – around where the crypto had been trading at for the past couple of days. It is imperative to keep in mind that although today’s drop is overtly bearish, BTC is still well above where it was trading at on Monday when it plummeted to $9,400, and buyer’s ability to defend the lower-$9,000 region points to some underlying strength. HornHairs, a prominent cryptocurrency analyst on Twitter, spoke about this selloff in a recent tweet, in which he explained that a daily close above $9,485 suggests that Bitcoin is bound to see an extension of its recent bullishness. “BTC Macro Update: Nasty shakeout so far. Midrange pushing back. Want to see price close today above $9485 to maintain range low and bullish structure. Would still look good for further upside in that event. 2 hours to go,” he explained, pointing to the range seen below. $BTC Macro Update: Nasty shakeout so far. Midrange pushing back. Want to see price close today above $9485 to maintain range low and bullish structure. Would still look good for further upside in that event. 2 hours to go. 🧐 pic.twitter.com/B4lavJCKpQ — HornHairs 🌊 (@CryptoHornHairs) February 19, 2020 BTC Could Still Be Just Days Away from Setting Fresh 2020 Highs  HornHairs also expressed some further bullishness in another recent tweet from after the drop, explaining that he is targeting a near-term movement to Bitcoin’s 2020 highs at $10,500. “BTC Long: Can’t get much close to invalidation on the midterm outlook here. I’m in after the sweep on the 2H close. Targeting $10.5k. Now or never,” he explained while pointing to the chart seen below. $BTC Long Can't get much close to invalidation on the midterm outlook here. I'm in after the sweep on the 2H close. Targeting $10.5k. Now or never. pic.twitter.com/OEA1W4pE0w — HornHairs 🌊 (@CryptoHornHairs) February 19, 2020 How Bitcoin trades in the coming several hours should offer some insight into the mid-term implications of this latest selloff, and any bullishness at this level could suggest that this was a bear trap that will be followed by significantly further upside. Featured image from Shutterstock.

Fresh 2020 Highs Inbound: XRP Paints Highly Bullish Technical Pattern

This past week XRP saw an incredibly bearish retrace after struggling to maintain its position within the lower-$0.30 region, with its drop from its 2020 highs of $0.34 leading the crypto to plummet all the way to lows of $0.28 before finding any notable support. Now, however, the recent bullishness seen within the aggregated market has allowed XRP to once again surmount this key level, leading its technical situation to grow increasingly bullish. Analysts are now watching to see how the crypto responds to a few key technical formations, which could potentially lead it to rally to fresh 2020 highs. XRP Breaks Above $0.30 as Crypto Market Shows Signs of Bullishness  At the time of writing, XRP is trading up just under 2% at its current price of $0.30, which marks a notable climb from recent lows of under $0.28 that were set in tandem with Bitcoin’s recent drop to lows of $9,400. It does appear that the crypto is now facing some resistance at this level, and it’s a strong possibility that it will continue struggling to gain a solid foothold within the lower-$0.30 unless Bitcoin is able to incur an upwards movement that leads the aggregated market to follow suit. One factor that could help XRP solidify its position within the $0.30 region is a bull flag that it is currently trading within. Nik Patel – a prominent cryptocurrency analyst and trader – spoke about this pattern in a recent tweet, pointing to a chart showing a near-term upside target of $0.315. “XRP flagging,” he said while referencing the chart seen within the below tweet. $XRP flagging pic.twitter.com/t4Rknu4d1p — Nik Patel (@cointradernik) February 19, 2020 Could This Pattern Send the Crypto to 2020 Highs? Another technical pattern that could help the cryptocurrency see some further momentum is a broadening wedge, with a visit to the upper boundary of the wedge at roughly $0.36 potentially being imminent. Galaxy, another prominent cryptocurrency analyst on Twitter, spoke about this in a recent tweet while pointing to the chart seen below. “XRP looking good again. Is currently painting a broadening wedge,” he said. Image Courtesy of Galaxy It is highly probable that where altcoins head in the near-term will rest primarily on whether or not Bitcoin is able to gain a solid foothold within the lower-$10,000 region, as any continued BTC momentum will likely lead most major altcoins to rise in tandem. Featured image from Shutterstock.