After facing months of lackluster price action, XRP’s bulls have finally awoken and are now propelling the cryptocurrency’s price towards a key region of resistance and it may incur significantly further gains before it slows down anytime soon.This upwards momentum has made XRP a market-leader over the past 48-hours, and a break above its near-term resistance could lead to significantly further gains in the near-term.XRP Surges Past $0.30 as Buyers Gain Full Control At the time of writing, XRP is trading up nearly 14% at its current price of $0.316, which marks a significant surge from its 24-hour lows of $0.28.Over a one-week period, it is abundantly clear as to just how positive XRP’s price action has been for investors over the past week, as it is currently trading up significantly from seven day lows of $0.25 – which is where the cryptocurrency had been trading at for several weeks following its drop below $0.30 in mid-August.This bullish price action has come about as the aggregated crypto market is expressing tremendous strength, with Ethereum and other major altcoins posting large gains over the past 48-hours.In the near-term, XRP may continue rising until it hits its moving average around 0.00005 BTC, which would mark a significant rise from its current price of 0.000031 BTC.Big Cheds, a popular crypto analyst on Twitter, spoke about this in a recent tweet, also noting that XRP’s RSI is entering a “power zone” with a bullish EMA cross currently occurring.“$XRP #Ripple daily chart- Still pushing as RSI enters the power zone, EMA 8/34 bull cross,” he explained.$XRP #Ripple daily chart- Still pushing as RSI enters the power zone, EMA 8/34 bull cross #TheStandard pic.twitter.com/0sxRDHXfdP— Big Cheds (@BigCheds) September 18, 2019$0.33 May Be Key Resistance Region in Near-Term As for what dollar price may be the next key resistance region for XRP, one popular analyst is noting that $0.33 will likely be the price at which the crypto faces some resistance, but a break above this level could spark a massive uptrend.Harry, an analyst that focuses primarily on XRP, explained in a recent tweet that a movement above $0.33 will likely prove to be quite positive for the cryptocurrency’s near-term price action.“$XRP – market appetite for #XRP increases greatly above $0.33c I think,” he noted.$XRP – market appetite for #XRP increases greatly above $0.33c I think x— Harry (@HaraldoXRP) September 18, 2019The coming days will likely illuminate the long-term importance of XRP’s recent rally, as any extension of this upwards momentum could signal that this latest surge is emblematic of a long-term shift in trend.Featured image from Shutterstock.
Throughout 2019 many investors and analysts alike have been looking towards the approval of a Bitcoin (BTC) exchange traded fund (ETF) as a potential catalyst that could spark significantly further gains for the cryptocurrency.Yesterday, however, the ETF application that many within the crypto community had been looking towards as the most likely to garner the SEC’s favor was withdrawn by the applicant, signaling that there will not be any Bitcoin ETF in the US for the foreseeable future.Bitcoin ETF Application Pulled as Approval Odds Dwindled Many analysts had claimed that a Bitcoin ETF approval was unlikely due to the current regulatory unclarity surrounding the cryptocurrency, and the recent news regarding one of the most prominent BTC ETF applications being withdrawn confirms that the regulators are not ready to approve financial products that are built around nascent markets.Yesterday, news broke that VanEck / SolidX had withdrawn their ETF application, which burst the hopes of many investors who believed that this application in particular could be a catalyst for future BTC gains.Still, however, there is one remaining Bitcoin ETF application still pending a decision from the SEC, but it is highly improbable that it will garner the regulatory authority’s support and will likely be rejected when the decision deadline on October 13th comes around.“VanEck withdrew its bitcoin ETF proposal today, presumably expecting that the SEC would reject it next month. Bitwise’s proposal is still pending (for now) & due for a final decision on October 13. My best guess — there will be no bitcoin ETF in 2019,” Jake Chervinsky, an attorney who specialized in cryptocurrency, explained in a recent tweet.VanEck withdrew its bitcoin ETF proposal today, presumably expecting that the SEC would reject it next month. Bitwise’s proposal is still pending (for now) & due for a final decision on October 13. My best guess — there will be no bitcoin ETF in 2019. 🙁https://t.co/cMamYkymk1— Jake Chervinsky (@jchervinsky) September 17, 2019Will BTC Be Impacted by ETF Application Rejections? Currently, it does not appear that investors are too fazed by the news that there will likely be no Bitcoin ETF in 2019, as BTC’s price has remained stable in the lower-$10,000 region.Alex Krüger, an economist who focuses primarily on cryptocurrencies, spoke about this in a recent tweet, explaining that the odds of approval have always been quite low, so this latest development does not come as a surprise.“Odds of the SEC approving a bitcoin ETF in the foreseeable future have always been extremely low. The market fully priced this reality in a while back. This ETF proposal withdrawal is irrelevant as far as $BTC price goes,” he noted.Odds of the SEC approving a bitcoin ETF in the foreseeable future have always been extremely low. The market fully priced this reality in a while back. This ETF proposal withdrawal is irrelevant as far as $BTC price goes. https://t.co/p8kSONufiS— Alex Krüger (@krugermacro) September 17, 2019Because the aggregated crypto market is currently expressing major strength, it is highly likely that investors will increasingly turn to technical developments for BTC to guide their investment strategies, and the approval of a BTC ETF will likely bolster the crypto sometime down the road.Featured image from Shutterstock.
Ethereum (ETH) has been standing at the helm of the recent upwards momentum incurred by the aggregated crypto market, and it has been able to extend its momentum in spite of Bitcoin erasing much of its recent gains during an overnight drop.This bullishness has allowed ETH to decisively break above $200, which will likely prove to be a key support level in the near term, and any continued bullishness amongst altcoins will likely allow Ethereum to post significantly further gains in the coming days and weeks.Ethereum Surges Past $200 as Bulls Roar At the time of writing, Ethereum is trading up over 5% at its current price of $201, which marks a massive surge from its weekly lows of below $180.This upwards momentum was first sparked earlier this month when ETH dipped below $170, which was met with strong buying pressure that allowed the cryptocurrency to begin its upwards ascent that has since pushed it past $200.In the near-term, it is highly probable that Ethereum will continue expressing further bullishness, as it has been rising in the face of downwards pressure on Bitcoin, which has begun to see its dominance over the crypto markets recede as altcoins begin moving upwards.BigCheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that ETH is currently pushing up towards its 200-day moving average in the lower-$200 region, which may be where the crypto finds some resistance that slows its current ascent.“$ETH #Ethereum – Racing towards an MA 200 test on the daily,” he noted.$ETH #Ethereum – Racing towards an MA 200 test on the daily pic.twitter.com/O8DexoLuFN— Big Cheds (@BigCheds) September 17, 2019Will ETH Continue Pushing Higher?Analysts do expect that Ethereum will continue climbing higher in the near-term, as Trading Room – a popular crypto analyst group on Twitter – explained that ETH will likely touch between $209 and $219 before it begins slowing down.“#ethereum is trending stronger. Expecting the strength to continue. Don’t short randomly. Wait for the range high to establish and local top formation. Ignore the Short Zone from yesterday. Considering the strong move, expecting 209-219 before any major cool down,” they noted.#ethereum is trending strongerExpecting the strength to continue. Don’t short randomly. Wait for the range high to establish and local top formationIgnore the Short Zone from yesterdayConsidering the strong move, Expecting 209-219 before any major cool down#ETHUSD $ETH https://t.co/vFxOM7MJtf— Trading Room (@tradingroomapp) September 17, 2019It does appear that Ethereum is moving independently of Bitcoin in the near-term, and ETH’s short-term strength may ultimately allow other altcoins to climb higher.Featured image from Shutterstock.
After incurring a sudden influx of buying pressure yesterday that sent Bitcoin’s price surging past $10,400, the crypto’s bulls were unable to perpetuate this momentum, which has since led BTC to retrace back towards the lower-$10,000 region.Analysts are noting that Bitcoin may still be gearing up for a bullish movement despite its seemingly bearish price action in the near-term, but its reaction to the $10,500 level will be key for verifying this potentially covert bullishness.Bitcoin Retraces Back Towards $10,200 as Bears Fight BackAt the time of writing, Bitcoin is trading up nominally at its current price of $10,225, which marks a full retrace of the gains that were incurred during yesterday’s surge.BTC’s inability to break above $10,400 yesterday signaled that today’s retrace was imminent, and points to an underlying weakness that could spell trouble for its near-term price action.The next key support level that analysts are watching exists at roughly $10,000, as this is where the cryptocurrency has consistently found a significant amount of buying pressure that has allowed BTC to post decent gains.If buyers are unable to defend this price, then it is highly probable that Bitcoin will dip to its next major region of buying pressure that exists in the lower-$9,000 region, which has consistently proven to be a massive support level on multiple occasions over the past several months.Is BTC Showing Some Covert Signs of Bullishness?In spite of the retrace that BTC faced overnight, analysts are still noting that the cryptocurrency has a decent chance of incurring some further bullishness in the near-term, but its reaction to $10,500 will be critical for verifying the possibility of there being covert bullishness.Flib Flib, a popular crypto analyst, mused this possibility in a recent tweet, explaining that he is closely watching to see if BTC will be able to reclaim $10,500 this week.“Weekly $btc Chart removes a lot of the noise. Prepared for the worst but this doesn’t scream descending triangle top into 50% selloffs to me. Also, VPVR gap at 6k was below – this time it is above. Just worth bearing in mind. Want to see Bulls re-claim $10.5k this week,” he said while pointing to the below chart.Weekly $btc Chart removes alot of the noise.Prepared for the worst but this doesnt scream descending triangle top into 50% selloffs to me.Also, VPVR gap at 6k was below – this time it is above.
Just worth bearing in mind.Want to see Bulls re-claim $10.5k this week. pic.twitter.com/as0VLZ2ZTc— fil₿fil₿ (@filbfilb) September 17, 2019The coming week will prove to be critical for validating or invalidating the potential bullishness that Flib Flib is pointing towards, as a break below $10,000 could spark a significant downtrend.Featured image from Shutterstock.
Bitcoin has been facing a bout of sideways trading for the past several days, but today’s drop to below $10,200 may spell trouble for the cryptocurrency’s near-term price action and may point to the possibility that BTC will soon revisit its nearest level of major support at $10,000.This latest drop, although relatively minor, has been driven by a massive influx of volume, which could mean that a massive movement is inbound in the coming hours and days.Bitcoin Slowly Moves Back Towards $10,000 as Sellers Flex Their StrengthAt the time of writing, Bitcoin is trading down just over 1% at its current price of $10,215, which marks a slight retrace from its recent highs of nearly $10,500.Importantly, Bitcoin failed to reach its region of major resistance at $10,800 ever since it bounced at $10,000 a couple of weeks ago, and the fact that BTC’s bulls were unable to push it to its near-term resistance region signals an underlying weakness that may spell trouble for its price action in the coming days.Over the past several months Bitcoin has been trading between roughly $9,000 and its June-highs of $13,800, and its trading range has been narrowing significantly over the past several months.This narrowing trading range may signal that a big movement – in one direction or another – is imminent.Chonis, a popular crypto analyst on Twitter, mused this possibility in a recent tweet, explaining that he believes Bitcoin’s will make “a notable statement this week” while pointing to a chart that shows BTC’s incredibly narrow trading range.$BTC – I think #bitcoin makes a notable statement this week… pic.twitter.com/4U5rNsc0rE— Chonis ⚔️ Flux Trading Group⚔️ (@BigChonis) September 16, 2019BTC Incurring Massive VolatilityThe cryptocurrency may already be showing some signs of there soon being a massive movement, as its latest drop has been driven by a massive influx of volume.Chonis further spoke about this volume in a recent tweet, explaining that Bitcoin’s latest candle on its 6-hour chart has the highest volume the crypto has seen in the past week.“$BTC – triangle breakdown on the 6hr chart…what’s notable is the higher volume in this dump with still more than half the time left in this current candle, this should be the highest 6hr candle volume for #bitcoin in over a week when it closes,” he noted.$BTC – triangle breakdown on the 6hr chart…what’s notable is the higher volume in this dump with still more than half the time left in this current candle, this should be the highest 6hr candle volume for #bitcoin in over a week when it closes… pic.twitter.com/WhpWAc6iOr— Chonis ⚔️ Flux Trading Group⚔️ (@BigChonis) September 16, 2019The coming hours may prove to be illuminating for Bitcoin, as its trading volume points to the fact that bulls and bears are currently locked in a battle, and which side prevails in the coming days could set the tone for how BTC trends in the coming weeks and months.Featured image from Shutterstock.
Ethereum has been leading the recent surge seen across the aggregated crypto market and was able to decisively break past $190. This upwards momentum has allowed ETH to erase much of its recent losses, but a downturn amongst other major cryptocurrencies could spell trouble for its near-term price action.Now, multiple analysts are noting that they are targeting an ETH retrace towards $180, which would mark a nearly 6% decrease from its current prices.Ethereum Surge Slows as Crypto Markets Inch LowerAt the time of writing, Ethereum is trading up over 1% at its current price of $191, which marks a significant rise from its weekly lows of roughly $175.This rise from its recent lows is certainly a bullish sign for the cryptocurrency, as it signals that its bulls currently have major strength, which may be emblematic of the Ethereum network’s improve fundamental strength.Its recent rise, however, has been slowed by the downturn in the aggregated crypto market, as Bitcoin was unable to remain stable in the mid-$10,000 region and is now nearing its key support level at $10,000.As for what this BTC downturn means for ETH’s near-term price action, Cantering Clark, a popular crypto analyst on Twitter, explained that he is watching two key levels, with an upside target of $231 and a near-term downside target of roughly $183. It now appears that a visit to the aforementioned downside target is likely in the near-term.“Not interested in $ETH unless we get one of two situations drawn. A break up (1) that occurs 1.5-3X normal ATR would be mega bullish. Lower probability NT positive outcome for (2). As I said before, $ETH did lead the bull market and acted like a high beta stock relative to $BTC,” Clark noted while pointing to the below chart.Not interested in $ETH unless we get one of two situations drawn. A break up (1) that occurs 1.5-3X normal ATR would be mega bullish. Lower probability NT positive outcome for (2).As I said before, $ETH did lead the bull market and acted like a high beta stock relative to $BTC. pic.twitter.com/zEOAUzNaDI— Cantering Clark (@CanteringClark) September 16, 2019ETH Caught in Tight Trading RangeClark is not alone in his somewhat bearish near-term assessment of Ethereum, as Trading Room, a popular crypto analyst on Twitter, explained in a recent tweet that they are looking to long ETH once it visits between $180 and $182.“#ETHUSDT – Long Short Zones. 203-206 Short Zone. 180-182 Long Zone. Playing the Range until big breakout,” they explained.#ETHUSDT – Long Short Zones203-206 Short Zone
180-182 Long ZonePlaying the Range until big breakout$ETH #Ethereum pic.twitter.com/7v7WBEnNuf— Trading Room (@tradingroomapp) September 16, 2019Because Bitcoin is currently facing growing selling pressure, it is highly likely that Ethereum’s next target will be in the lower-$180 price region.Featured image from Shutterstock.
After inching higher yesterday, Bitcoin faced a somewhat strong rejection at just above $10,400, which has brought the cryptocurrency down towards its next key support level at $10,000. A failure for bulls to hold this level could mark a short-term trend shift that sends BTC significantly lower.It is now important to note that one key technical indicator is pointing to the possibility that Bitcoin is gearing up for a massive movement, which means that the direction it will trend for the last several months of 2019 could soon grow increasingly clear.Bitcoin Inches Lower After Facing Rejection at $10,400 At the time of writing, Bitcoin is trading down nominally at its current price of $10,330, which marks a slight drop from its 24-hour highs of nearly $10,500.Bitcoin’s rejection at this price level signals an underlying weakness for the crypto’s bulls, as they were not able to advance the crypto’s price to its heaviest near-term resistance level at $10,800.Chonis Trading, a popular crypto analyst on Twitter, explained in a recent tweet that one indicator is pointing to the possibility that a massive movement is imminent.“$BTC – (volatility index) entering the zone where Massive #bitcoin Price Moves are born,” he explained while pointing to the below indicator.$BTC – (volatility index) entering the zone where Massive #bitcoin Price Moves are born… pic.twitter.com/AIbr4zOWdn— Chonis ⚔️ Flux Trading Group⚔️ (@BigChonis) September 15, 2019Will BTC Break to the Downside?As for which direction this incoming movement could send Bitcoin, Chonis also explained that BTC is currently expressing some similarities to its 2018 price action, which could point to the possibility that a massive drop is imminent.“$BTC – continued similarities between this current #bitcoin price action and that of 2018 in relation to the EMA12/26 on the daily chart…note the eventual resolution of the price and EMA consolidation and tightening was to the downside in epic fashion,” he said while pointing to the below chart.$BTC – continued similarities between this current #bitcoin price action and that of 2018 in relation to the EMA12/26 on the daily chart…note the eventual resolution of the price and EMA consolidation and tightening was to the downside in epic fashion. #history pic.twitter.com/IoAHsxKVqX— Chonis ⚔️ Flux Trading Group⚔️ (@BigChonis) September 15, 2019 The coming days and weeks could prove to be quite illuminating for analysts and investors alike, as BTC’s reaction to a drop towards $10,000 could set the tone for how the cryptocurrency will trend for the second half of the year.Featured image from Shutterstock.
Bitcoin’s price action has grown stagnate in the lower-$10,000 region over the past several days, which has proven to be a positive thing for multiple major altcoins, as they were able to post large gains yesterday with Ethereum leading the way.Now, one analyst and a prominent Bitcoin bull is explaining that he believes BTC will continue to range sideways until the global economy sets a clear trend, which he claims will be defined by a decisive movement in the equities markets.Bitcoin Stagnates Around $10,000 At the time of writing, Bitcoin is trading down marginally at its current price of $10,320, which comes about after it faced a slight rejection around the $10,400 level yesterday.BTC’s inability to move up towards its major resistance level at $10,800 signals that bulls may be growing increasingly weak, but its near-term trend will not become abundantly bearish unless it decisively breaks below $10,000.As for why Bitcoin’s price action has stalled as of late, Tom Lee, the co-founder of Fundstrat Global Advisors and a notable Bitcoin bull, explained in a recent interview with CNBC that he believes the lack of direction in the global economy is contributing to BTC’s indecisiveness.“Bitcoin has kind of stalled recently because the macro outlook has stalled. I think, in a world without trend, bitcoin doesn’t go up… The next big catalyst, I think, is a decisive breakout in the equity markets, because I think once equities break to an all-time high, bitcoin becomes a risk-on asset,” he noted.Will the S&P 500 Guide BTC’s Near-Term Price Action?Although the S&P 500 is by no means the best indicator of the global economy’s strength, Lee notes that it does tend to correlate closely with Bitcoin’s price action, which may mean that bullishness in the U.S. equities markets will translate into positive price action for the cryptocurrency.“Bitcoin does best when the S&P’s up more than 15%… Bitcoin may be ambidextrous [in] that it works well in a risk-on world, but as you start to get nervous, then you treat it like digital gold,” he further added.This is quite a bullish notion, as it could validate BTC’s status as a “Gold 2.0” safe-haven asset, but also leaves room for the crypto to surge during times of great economic stability.Featured image from Shutterstock.
Ethereum (ETH) surged today after the aggregated altcoin market responded bullishly to Bitcoin’s period of consolidation in the mid-$10,000 region. This upwards momentum has sent it up towards $185, which has previously been a strong level of support for the cryptocurrency.Now analysts are noting that Ethereum’s network is expressing significant strength, which may be a positive sign for the cryptocurrency’s near-term price action.Ethereum Surges Towards $185At the time of writing, Ethereum is trading up over 3% at its current price of $185, which marks a significant recovery from its recent lows of roughly $170 that were set earlier this month.ETH has consistently found support around this price level over the past several days and weeks, and its ability to surge today may point to some underlying bullishness that could be significantly extended in the coming days and weeks.Josh Olszewicz, a popular crypto analyst on Twitter, spoke about Ethereum’s price action in a recent tweet, concisely saying “here’s your $ETH hopium” and pointing to chart that shows a short-term long target at $320.here’s ur $ETH hopium pic.twitter.com/WFLMd3mi87— Josh Olszewicz (@CarpeNoctom) September 14, 2019This target came about after Olszewicz said that all the indicators are resetting for BTC which, in addition to its dwindling volume and volatility, points to the possibility that a “face rip” move is imminent.“Indicators/oscillators all resetting or reset on $BTC. Volume basically dead, volatility plummeting. OI nearing infinity on bmex and dbit. Face rip move coming soon,” he said.indicators/oscillators all resetting or reset on $BTCvolume basically dead, volatility plummetingOI nearing infinity on bmex and dbitface rip move coming soon— Josh Olszewicz (@CarpeNoctom) September 14, 2019ETH Network Showing Major StrengthIt is critical to note that Bitcoin’s hash rate – which many analysts look towards as a sign of its network strength – recently surged to all-time-highs. Ethereum’s network is also showing signs of significant underlying strength.Chris Burniske, a partner at Placeholder, explained in a recent tweet that the recent surge in ETH’s gas usage – which just hit an all-time-high – signals that demand for the Ethereum network is incredibly high at the moment.“This can be read as: demand for #Ethereum’s world computer is at ATH,” he noted.This can be read as: demand for #Ethereum’s world computer is at ATH. https://t.co/lV1hZEBOtc— Chris Burniske (@cburniske) September 14, 2019This fundamental robustness may signal that significantly further gains are imminent, as widespread network utility may ultimately be followed by a surge in the cryptocurrency’s price, which is currently reclaiming what previously proved to be a strong support level.Featured image from Shutterstock.
After facing a sudden influx of selling pressure yesterday, Bitcoin’s bulls have been able to defend its position within the mid-$10,000 region and are now pushing BTC up towards its next key resistance level around $10,400.Assuming that this level is broken through, it is possible that bull’s next target will be $10,800, which is where the crypto previously has found significant resistance.Bitcoin Climbs Towards $10,400At the time of writing, Bitcoin is trading up marginally at its current price of $10,350 and is once again pushing up against its immediate resistance level of $10,400, which is where it has consistently found selling pressure over the past several days.Bitcoin’s bulls do appear to be garnering greater strength, however, as the crypto has bullishly responded to every dip below $10,200 over the past 24-hours, and it now appears that there is a decent chance that it will decisively break above $10,400.Analysts and investors will be closely watching to see whether or not BTC is able to sustain a movement above $10,400, as its next major region of resistance lies at approximately $10,800.The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin in a recent tweet, explaining that she anticipated this current upwards momentum due to the relative weakness of yesterday’s drop.“$BTC: The lack of volatile drop from yesterday wedge break was exactly why I was cautious. Re-test of wedge currently rejected. Sym triangle has now formed (second image). Expecting decisive break by 24 hours,” she noted.$Btc– The lack of volatile drop from yesterday wedge break was exactly why I was cautious– Re-test of wedge currently rejected– Sym triangle has now formed (second image)
Expecting decisive break by 24 hours. pic.twitter.com/l85oKra4XN— The Cryptomist (@TheCryptomist) September 14, 2019BTC Builds Strength During Morning Trading Session This morning Bitcoin has been able to build some strength at it nears its resistance level at $10,400, which may be followed through by an extension of its upwards momentum.Chonis Trading, another popular crypto analyst on Twitter, shared his thoughts on BTC’s current price action, noting that it is starting to build some strength.“$BTC – starting to see some more ‘strength’ here as #bitcoin continues to find stability in the low $10K’s… Alts starting to take advantage of bitcoins ranging stability,” Chonis said.$BTC – starting to see some more “strength” here as #bitcoin continues to find stability in the low $10K’s… Alts starting to take advantage of bitcoins ranging stability … pic.twitter.com/fOpvhsA4m4— Chonis -⚔️- Flux Trading Group (@BigChonis) September 14, 2019The weekend ahead may prove to be quite illuminating for which direction the crypto will trend in the coming months, as any decisive break above $10,800 could spark a large uptrend.Featured image from Shutterstock.