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Ethereum's Revival A Prime Opportunity for a Strong Rebound Analyzing the current market conditions for ETH/USDT, there are several technical indicators suggesting that Ethereum might be poised for a significant upward movement from its current price of $2,444. The recent sharp decline in price has brought Ethereum to a crucial support level, which has historically acted as a strong foundation for upward reversals. Firstly, the Relative Strength Index (RSI) has dropped below the 30 level due to the recent sell-off, indicating that Ethereum is currently in oversold territory. This suggests that the selling pressure may have been overextended, providing a potential opportunity for buyers to enter the market and capitalize on the discounted price. The Moving Average Convergence Divergence (MACD) is also starting to show signs of a bullish crossover. The MACD line is approaching the signal line from below, which often precedes a bullish trend reversal. This potential crossover, coupled with the oversold RSI, strengthens the case for a price rebound. Additionally, the Bollinger Bands have expanded significantly during the recent price drop, reflecting increased volatility. However, the price has begun to stabilize around the lower band, suggesting that the downward momentum is waning and a reversal could be on the horizon. Furthermore, the trading volume has spiked dramatically during the sell-off, indicating heightened market interest and participation. Historically, high volume during price declines can precede reversals as it suggests that new buyers are stepping in to absorb the selling pressure. The Fibonacci retracement levels also align with this analysis, as the price is currently hovering around the 61.8% retracement level from the previous rally. This level is often considered a strong support area where price reversals are likely to occur. From a fundamental perspective, Ethereum continues to see strong network activity and development progress, further supporting the potential for a rebound. The recent pullback may have been driven by broader market sentiment rather than any Ethereum-specific issues, providing an attractive entry point for long-term investors. Given these factors, it seems like an opportune moment to consider buying ETH/USDT in anticipation of a medium-term price increase. The combination of oversold conditions, technical support levels, and strong fundamental backing suggests that Ethereum is well-positioned to recover from its recent dip and potentially target new highs in the coming weeks and months.
Long
by SafeCryptoSignals
Bitcoin: Potential 2025 targetsHere you can see the similarities between the last three halving cycles and compare them to the current fourth one. The blue zones represent when the price has broken the 0.382 fib after a bear market roughly one year before the halving. The price never broke the 0.786 fib before the halving, so I don’t expect the price to go above $50,000 until at least few months after the halving in 2024. The green zones represent the time from the halving to the peak. The price reached the 1.618 fib in each of the previous cycles (and got a massive rejection). This cycle the 1.618 fib is at $174,000. The orange zones represent blow-off tops. In the first two cycles the price kept going all the way to the 2.272 fib. In the last cycle it didn’t happen (but it was still a very bullish phase). This cycle the 2.272 fib is at $462,000. I have copied the price action of the last three cycles and adjusted them to the current fib levels to get a visualization of what we can expect after the next halving. I don’t know what will happen before the next halving, but I expect the price to range between $20,000 and $50,000. Main target for 2025 is just under $200,000. And maybe we’ll see $420,690 just for the meme.
INDEX:BTCUSDLong
by Fahrrr
2
Bitcoin phase programmed? Take a look at the chart above. I am keeping this fully transparent: I am not a perma bear, nor am I a perma bull or moon boi. I am just analyzing what I see. If I am right, that would mean that we have bottomed for the time being and the next phase of Bitcoin is preparing. I inverted the chart to make the TA make sense to me because the right side up was just too confusing apart from the red line that I drew based on the run-up at the beginning of the year. (Which still held) We tested that red line support and retested it for the double bottom. Even if we triple bottom here it would also be a triple top inverted which is why this chart is upside down to showcase the bullish movement still works if we look at it this. Happy Trading and stay safe out there.
BITSTAMP:BTCUSDLong
by RetiredNovice
1
ETH Respects The Trend, But For How Long?This is my first slightly longer post about the crypto market in some time. Despite being an ETH post, I get more into the market as a whole in this post. Here, I will do a little analysis on the above ETH chart, but primarily I will speak about fundamentals, my accuracies and my inaccuracies, and why I continue to observe the market. Ethereum was my biggest winner in the previous bull market. After buying between $100-200 in 2018-2019, I sold near $3000 at the end of 2021. Since then, I didn't "buy the dip" or return to investing in the cryptocurrency market. Sure, my opinion on things has limited my ability to see the "forest through the trees," so to speak. So far, I've missed out on at least tripling my money again on ETH, when I could have bought close to $1000 if I had been bullish on it long term. Despite the ETF approval for Bitcoin, and despite a looming ETF approval for Ethereum, I am longer term bearish on these assets. This is due to a simple question, the answer to which has not changed: If Bitcoin and other cryptocurrencies ceased to exist, would the world be impacted significantly? With the introduction of these ETF's, the answer to this question may change from "not at all" to "a little bit," but even then, the people who would be impacted are asset holders and managers who are generally making small bets on crypto. The bigger concern is that some brazen investors will follow Michael Saylor's suit and create unnecessary risk by buying assets that have very few real-world application. If this snowballs into an even bigger bubble, I do worry about the impact on the broader financial system. As for crypto's effect on the economy: Money goes into crypto and it stays there. All those billions that have been invested in Bitcoin ETF's could go somewhere else and have a positive ripple effect on the economy and people's lives. Instead, it's stagnant money, and it only has value because people continue to buy it. The primary reason why I'm longer term bearish on these assets is because I believe eventually demand will be unable to keep up, and prices will stagnate, ultimately fading into a much longer bear market. This is particularly the case when broader markets fall into a more deflationary period, which I think will happen eventually (though as we know, this is very hard to predict). It is clear that I was wrong in speculating Bitcoin would not make a new all time high. It did, but I wonder how long it could really sustain a SIGNIFICANT higher high. I'm not talking about $70-75k. I'm talking about $100k+ prices. Back in 2022, I speculated that ETH would drop to the green zone in my chart. It came very close, but bottomed out between $800-1000, a major level from the 2017-2018 bull market. I did successfully anticipate much lower prices for Bitcoin and Ethereum than most were expecting at that time. I did not anticipate such an extended move up from those bottoms. It is important to note that in multiples, crypto is outpacing the stock market from bottom to recent top. However, stocks are making more significant new all time highs while crypto is not. Even Gold is booming, breaking significant highs. This is something I did anticipate a while ago. There is no indication that holding crypto ETF's will be better than holding stocks. But hey look, Microstrategy (MSTR) is almost at dotcom bubble peak levels. Back to ETH - if one is to take a big short position, it seems unwise to do so until the long term trendline is clearly broken. Here is the trendline zoomed in. You can see that price even broke down briefly, though continued to hug it for the most part while the decline did not accelerate further. For now, it continues to ride. There could easily be more spikes up, as mania begins to take hold. But I sincerely also wonder how much extra money retail has to drive prices up this time around. Data shows that spending has slowed down, while people have mostly burned through their pandemic savings. Where will the liquidity come from? Is this rally even being driven by enough liquidity to sustain these prices? There is also always money to be made on the short side. Let's not forget that a short ETH ETF already exists. We will eventually find out the answers to these questions. These are the primary reasons I continue to observe markets. I want to know more deeply what's going on. What are the broader cultural and economic shifts that occur under the surface, which cause major impacts on society as a whole? These mysteries keep me coming back. Crypto is still interesting to me in this respect because it has such a psychological impact on the investor. I know directly from experience. It promises big things and then barely delivers. Or, it will appear to be completely dead and then cause eyeballs to pop when it suddenly triples in value. Profiting from it in the last cycle required putting up with a long emotional rollercoaster. Is there a light at the end of the tunnel for the crypto investor? Is this, right now, the light at the end of the tunnel? If so, this is a pretty far cry from the original intentions of Bitcoin. It's all gone right back into the pockets of traditional financial institutions. And perhaps, it is this discrepancy that makes me think it's really a sheep in wolf's clothing, in effect something perfectly boring and ordinary disguised as something disruptive. It is possible that it it may have not turned out this way, but due to human collective decision-making, greed, and exploitation, here we are. Despite my more sporadic posts, I continue to observe and analyze. It is not necessarily about being right or wrong for me. Maybe when I was younger it was, but now it's more about the process. It is important to let go of the attachment to being right. Thank you for reading as always. And of course, this is meant for speculation and entertainment only, not financial advice.
COINBASE:ETHUSDShort
by VictorCobra
Bitcoin's Final Make Or Break MomentThis is my first post in some time. As I stated before, I'm largely moving on from crypto. I'm still here, paying attention to the market. I've also created a site for my fiction writing. Eventually, I may migrate some of these posts over there as representations of my non-fiction speculative market analysis. Anyway, on to the important stuff. Bitcoin did not succeed as a currency. Active addresses have still not seen any meaningful increase since 2017. The rate of growth for authentic currency adoption has slowed down along with price growth and expensiveness. studio.glassnode.com There are only about 1 million active addresses. Nevertheless, price continues to be resilient. Perhaps this is due to its limited supply and its pivot in narrative to a "store of value." Indeed, it has been a pretty lucrative store of value, though more volatile than the stock market and other commodities. This doesn't necessarily make it a "good" store of value. Regardless of what I think, the market will make its decision. Now is the time for that to happen. With ETFs supposedly on the horizon, we will get to see how much demand really exists for Bitcoin. I'm going to take this moment to speculate a bit. If it continues to go up, my guess is it will be because of the ETF hype, but volume amongst most spot exchanges will remain low. Bitcoin dominance would likely rise to levels not seen since 2019. If it results in a bubble, eventually people will come to their senses and there will be a pop. It will attract a lot of media and government attention, not all of it positive. If it drops from here, it will be like all the other times people had high hopes for Bitcoin. It will be like all the times Bitcoin was supposed to represent economic freedom. It will be like every single time Bitcoin made major news, only for everyone to talk about it just as it was about to crash. It will not come as any surprise. If the ETFs fail to sustain the market to new highs, then I think there is little other chance for this asset, at least in the near future, until some other narrative takes hold. The thing exists, and as long as it does, people will ascribe their hopes, dreams, and (in my case) disdain towards it. What would be a departure would be continued price appreciation and adoption. But, with a finite supply, there is of course a limit to how much people can buy. Then, what happens to it? We shouldn't forget the other side of this market (apart from the ETF hype and the coin accumulation that requires). Binance is still a thing. BNB is still a juggernaut. Tron is still a thing, and so is the big stablecoin cartel which likely revolves around both. But I'll spare you all my other thoughts on this subject. I just wanted to post a chart update, to show that I'm at least paying attention. As for technicals, my chart shows two options. If it continues to hold in this broadening wedge pattern, the next target could be $90k, or roughly 2x from here, surpassing the previous all time high. As much as my previous analysis will be wrong if that happens, it's a possibility. The other scenario shows what could happen on a breakdown, back below the broadening pattern. Here's the BLX chart, showing that Bitcoin has so far been rejected at a former long term trendline. This chart shows some more possibilities. Let's see if it can break back above. Zoomed out: Either way, prepare for volatility! As always, thank you so much for reading. This is not financial advice, but meant for speculation and entertainment only. -Victor Cobra
COINBASE:BTCUSDShort
by VictorCobra
105
An Interesting Trendline Rejection (BTC)I pulled up my old Bitstamp chart, which I used during the previous bull market and the 2018 bear market to make some speculations and estimations. One of the most concerning technical developments in the 2021-2022 bear market was that Bitcoin lost its long term trendline (lower orange line). Bitstamp is useful because it stretches all the way back to 2012. To get back above that trendline and resume a more aggressive rate of increase, it would need to explode above $200k within the next few weeks. That seems pretty unrealistic. What caught my eye was that Bitcoin's recent top perfectly touched a trendline I drew in 2022. It's not that this necessarily means anything, but I found it interesting and wanted to make a short post about it. If nothing else, this retest and rejection illustrates Bitcoin's slowing of momentum over time. I suppose it also serves as an important hurdle - I think if Bitcoin can break above it and retest it, that would be a huge sign of strength for bulls. Volume continues to decline overall, and active addresses have also started to disappear. A decline of this magnitude in active addresses is often seen at cycle peaks. But this time it's different - it almost appears to be plateauing, meaning there is a significant chance everything Bitcoin has peaked. To put it bluntly, Bitcoin has not seen a significant increase in "adoption" since 2017. This has generally been my stance since 2022. I drew a new line (blue) supporting price since the 2022 bottom, to show where price can reasonably fall from here and remain in an uptrend. The trendline support is currently around $45k. If that trendline breaks down, I think a retest of 2022 lows are in order, at least, if not the elusive $13.8k level (2019 high). That's it for now! Thanks for reading. Of course, this is meant for speculative purposes only and should not be taken as financial advice. -Victor Cobra
BITSTAMP:BTCUSDShort
by VictorCobra
Speculating On A Major Top (BTC)Volume aligns with a weekly top, and there is a bearish divergence brewing. Of course, it's possible that the large sell volume is only indicative of Bitcoin moving around during the ETF launch. So, that's important to consider when assuming price will drop heavily from here. I'm fundamentally bearish on Bitcoin, not because I don't think higher prices are out of the question. I'm bearish on it because I think it's a net negative. My stance is that only time will tell how long it takes for the market to make this realization. Obviously I've been wrong plenty of times, so this is not to be taken as fact, or as what will happen. This purely represents my opinion. My last bearish post on Bitcoin itself made its way to the front page here. Bitcoin did drop in the short term. Then, all the posts on the front page were bearish at $38-39k, which led me to believe the drop was over in the short term. My guess was that sentiment was too bearish to drop at that level, and a big bull trap would be required. My plan was to start shorting on the bounce. Now, most of the front page is bullish. I've averaged into a relatively low-risk short, just 1x, adding at FWB:42K , 45k, and now $49.5k. This is with the suspicion that buyers will peter out at this level. Open Interest is skyrocketing, and it is now higher than it was the first time around at $49k. In order to start a bearish trend, Bitcoin will need to start closing below the 9 week EMA (orange). Even the recent correction failed to close below that level on a weekly basis. So, technically speaking, Bitcoin is not in a bearish trend right now. I am merely speculating that it will be. On the opposite side of the trade, if I'm wrong, Bitcoin has the potential to head all the way to the top of that broadening pattern and hit $100k+, disrupting the halving pattern in an interesting way. Probably the safest bet is to not assume price will simply collapse tomorrow, because it's clearly proven resilient. But I'm here to make wild speculations, not to sound reasonable :) That's always part of the fun. Thanks for reading! This is clearly meant for speculative purposes, and not as financial advice.
COINBASE:BTCUSDShort
by VictorCobra
8
Mercury in Retrograde VS Bitcoin Btc price for 10 years🪐 The Mercury in Retrograde cycle has begun today and will last until 28/08/2024 What astrologers "recommend" to do during this period, and what not, as well as to believe in it or not, is an individual matter) But the coincidence of the night market drain with the beginning of this period is very conspiratorial!) Another interesting "coincidence": 🔴 4 cycles of Mercury Retrograde - correction continues 🟢 9 cycles of Mercury Retrograde - the growth trend continues The 5th cycle has started today. Well, here's a chart with OKX:BTCUSDT price and all the Mercury in Retrograde cycles 🪐 that have been and will be. Look for coincidences and write your thoughts in the comments
INDEX:BTCUSD
by P_S_trade
10
Is Bitcoin BTC and crypto scamming now or it's FUDHello, Skyrexians! This weekend was extremely fearful on the crypto market, even more, today is a true "black Monday" and not only crypto, but also traditional markets are crashing right now. The most commonly known crypto trading strategies gave false signals before the crash. Most of top crypto trading platforms and top crypto traders faces with the huge losses, algorithmic trading bots and other algorithmic crypto trading software led their users to losses and liquidation. Different automated trading bots, grid bot and other cryptocurrency trading also performed awful for most of a people. Only ai crypto trading bot allowed people not to lose. The really dark time came to the market, how to overcome all this FUD and be successful in crypto trading. We know that the most important is understanding on which market phase we are now. In today's article we will look at the different charts and time frames on BINANCE:BTCUSDT price chart and try to understand what is coming next. Monthly time frame shows it's almost done If you see our previous Bitcoin analysis you will find that GETTEX:49K was absolutely reachable. But the speed of this move really concerns us and we need to take a look at the global picture first of all. The sideways which started in March 2024 led to the first red column on Awesome Oscillator, and this is our first reminder that the bull market is not forever. This is the first sign of weakness. Momentum is gone, therefore we cannot wait for the bull run continuation to the insane numbers like $200k. Bull market is almost over! The bearish divergence and Elliott waves counting tells us that wave 5 of super cycle is done and we will enter the bear market which has never been before. Is it time to panic? We assume not! Last wave 5 shall also consists of 5 waves and we cannot see now the clear confirmation that this bull run is finished. It's weakening but will likely continue. Where it will be finished. The approximate projection for wave 5 shows us that BTC will likely reach $80k+, but not significantly higher. After that we will see the bear market with target at $35k.
by Skyrexio
3
BTC at a Crossroads: Will It Break Out or Break Down?Current Technical Overview: Support Levels: - Immediate Support: $56,000, which aligns with recent lows and a critical support trendline. Resistance Levels: - Primary Resistance: $65,000, near recent highs and an upper boundary of the descending channel. Moving Averages: - 200EMA: The 200-day EMA is acting as a crucial support level. Holding above this level is essential for maintaining a bullish outlook. Volume Analysis: - Decreasing Volume: Indicates a potential breakout or breakdown is imminent. Watch for a surge in volume to confirm the direction. Outlook: - Bullish Scenario: A breakout above the descending channel near $65,000 could lead to a significant rally, potentially targeting $75,000 and beyond. - Bearish Scenario: A breakdown below the 200EMA could see BTC retesting lower support levels around $52,000, $40,000, and $30,000. Conclusion: BTC is currently in a consolidation phase within a descending channel. The 200EMA is a critical support level to watch. A breakout above the channel could signal a continuation of the uptrend, while a breakdown could lead to a further decline. Traders should monitor price action and volume closely for the next significant move. I am in the camp of being a bit more bearish at this stage for COINBASE:BTCUSD
COINBASE:BTCUSDShort
by CryptoFallen
BTC/USD: Critical Breakdown and Bearish OutloookThe COINBASE:BTCUSD daily chart continues displaying a significant bearish sentiment. Key Technical Points: Support Levels: 1. Target 1: The price has reached the first target around $48,000. 2. Target 2: If the bearish momentum continues, the next support is around $36,000. Support Levels: - Immediate Resistance: Previous support at $52,000 is now acting as support. Moving Averages: - 200 EMA: The price has broken below the 200 EMA, a bearish signal indicating potential further declines. Bull Flag Potential: - Descending Channel failed: The price is within a descending channel, typically a continuation pattern. A breakout above the channel could signal a reversal to the upside, but currently, the trend remains bearish. Outlook: - Bearish Continuation: The break below the 200 EMA and reaching Target 1 support around $48,000 indicates a bearish continuation. The next potential target is $36,000, where significant support lies. Conclusion: BTC is currently bearish, breaking below crucial support levels and the 200 EMA. Watch for any signs of a breakout from the descending channel for a potential reversal, but the immediate outlook remains bearish with the next target at $36,000.
COINBASE:BTCUSDShort
by CryptoFallen
#BITCOINx.com Two weeks ago, when BULLISH sentiment was flooding everywhere, from major crypto online publishers to the biggest crypto YouTube influencers, I decided to send this message to their contact/editor email with a kindly ask, that I would like to present this outlook as a reasonable counter-view to their. PRO BONO. FREE OF CHARGE. From 15 of the major publishers, ONE of them replied with- No. EVERYONE else just ignored the message. TODAY, when BTC is 20% lower, you don't see them apologizing for their incompetency, they rather come up with excuses for WHY it happened, not thinking about damage they have done to all people who TRUSTED in THEM! So this message is for YOU - an ordinary general public person, who took an interest in crypto investing. DO NOT TRUST THOSE PEOPLE! THEY DON'T CARE ABOUT YOUR BEST INTEREST! ALL THEY CARE ABOUT IS MONEY THEY RECEIVE FROM THOSE VERY COMPANIES THEY PUBLISH FOR! If you want to be AHEAD of the GAME and NOT HOLD the Bag, CONTACT US in DM! #Bitcoin
BINANCE:BTCUSD
by cryptocapitaltrading
1
Bitcoin on 4h timeframe - technical analysisFalling Wedge Pattern: The chart shows a clear falling wedge pattern, which is generally considered a bullish reversal pattern. The price has broken out of this wedge to the upside, indicating potential for a significant upward movement. Support and Resistance Zones: The chart features multiple horizontal zones marking areas of support and resistance. The price appears to have found support around the $48,000 to $50,000 range and is currently rebounding. Resistance levels seem to be marked around the $60,000 to $64,000 and $72,000 to $76,000 ranges. Indicators: Volume: There is a noticeable spike in volume at the breakout point, suggesting strong buying interest. VMC Cipher B Divergences: This indicator shows some bullish divergence, with momentum turning upwards after a period of decline. RSI (Relative Strength Index): The RSI appears to have bounced from an oversold region, moving towards the neutral or slightly bullish zone. Stochastic RSI: This indicator is currently moving upwards from an oversold condition, supporting the bullish outlook. Trading Plan Intraday Trading: Entry: Look for pullbacks to the support zone around $50,000-$51,000 for potential long entries. Monitor lower time frames (e.g., 15-minute charts) for confirmation of upward momentum. Stop-Loss: Place a tight stop-loss slightly below the most recent support level, around $49,500 to minimize risk. Targets: Consider taking profits near the next resistance level around $54,000-$56,000, or scale out at multiple levels if momentum remains strong. Scalping: Entry: Focus on entering trades during dips within the intraday support levels, ideally using lower time frame indicators such as the Stochastic RSI to identify oversold conditions. Stop-Loss: Keep a very tight stop-loss to minimize risk, ideally below recent short-term lows. Targets: Aim for quick profits, targeting smaller moves within the $1,000-$2,000 range. Exit positions if momentum starts to fade or if price approaches intraday resistance. Swing Trading: Entry: Consider entering a long position now or on a slight pullback, as the breakout from the falling wedge and the positive indicators support a bullish outlook. Stop-Loss: Place a stop-loss below the recent swing low at $48,000 to protect against any false breakouts. Targets: First target around $60,000-$62,000, with a potential to hold for a move towards $72,000-$76,000 if the momentum continues. The current technical setup for Bitcoin suggests a bullish outlook with potential for significant upward movement after the breakout from the falling wedge pattern. For Long Positions: Consider entering on pullbacks or current levels, with a stop-loss placed below key support areas to manage risk. Targeting the next resistance zones for profit-taking is advisable. Be cautious of any sudden reversals and adjust stop-losses accordingly to lock in profits as the price moves higher. This analysis favors a long position strategy based on the bullish breakout and supportive indicators. However, staying updated with market news and sentiment is also crucial, as sudden market changes could impact this outlook.
Long
by elfabiiani
Market overviewBitcoin (BTC): $52,886.57 (-12.41%) Bitcoin Dominance: 57.28% Fear and greed Index: 26 (fear) WHAT HAPPENED? Since the beginning of last week, bitcoin has lost more than 28% in price. This was influenced by weak macroeconomic indicators, investors' fear of recession, the tense situation in the Middle East, as well as the expectation of compensation payments from the bankrupt MT.Gox exchange. In 2010-2014, Mt.Gox was the largest crypto exchange in the world — it accounted for more than 50% of the total bitcoin trading volume. However, after a series of hacker attacks, about 850 thousand BTC were stolen. The exchange stated that 17 thousand of the 24 thousand customers have already received compensation in bitcoin. And according to Bloomberg, it was the sale of returned assets that contributed to such a rapid decline in the first cryptocurrency. Now let's turn to the chart. We've broken through all significant buy zones and updated the global sideways Low. Now we have large volumes, which are recorded precisely at the moment of breaking through and updating the lower level of the flat. The last time such a large volume was observed was in April 2024. WHAT WILL HAPPEN: OR NOT? Usually, after such commotions, it's possible to stay in the sideways for a long time, which will give the market the opportunity to accumulate new liquidity for further movements. The maximum trading volumes were held in two zones: $55,400-$53,900 and $52,000-$50,000, rotation is possible within these marks. The long scenario is still a priority, but consolidation below $49,000 may lead to a more protracted bearish trend. Buy zones: $48,000-$47,000 (pushing volumes), $44,000-$41,600 (accumulated volumes). The most important sell area that we need to overcome is $53,900-$55,400. IMPORTANT DATES This week we're following these macroeconomic events: • Monday, August 5, 13:45 (UTC) — purchasing managers' index (PMI) in the services sector for July; • Monday, August 5, 14:00 (UTC) — ISM purchasing managers' index for the non-manufacturing sector of the USA for July; • Thursday, August 8, 12:30 (UTC) — the number of initial applications for US unemployment benefits; • Friday, August 9, 06:00 (UTC) — German consumer price index for July. *This post is not a financial recommendation. Make decisions based on your own experience.
by Crypto_robotics
Bitcoin Analysis Saturday, July 6, 20241. Current Situation Bitcoin is experiencing a significant downturn, reaching levels not seen since February. The primary concern is how much further it can drop, with potential for a short-term bounce. 4. Current Price Action and Short-term Projections - Bitcoin has already seen a 25% move to the downside from its recent high. - Short-term projections suggest Bitcoin could drop further, with the downside target between $45,000 and $47,000. 6. Potential Scenarios - **Best-case Scenario**: Bitcoin finds support around $45,000 to $47,000. - **Worst-case Scenario**: Bitcoin drops below $40,000, potentially to $39,000. 7. Time Frame Analysis - Average time to find the next major low based on historical data is 36 days from the last high. - Currently, Bitcoin is around day 30 of this cycle, suggesting more downside movement is likely. 8. Short-term Bounce Potential - Bitcoin is resting on the 55 exponential moving average on the five-day timeframe, hinting at a possible short-term relief rally. - Short-term bounce targets could be around $55,000 to $56,000, but likely short-lived. 10. Conclusion and Recommendations - The overall trend is still to the downside. - Short-term bounces are possible but should not be mistaken for a trend reversal. - Long-term investors should be cautious and consider potential further drops. 12. Market Sentiment - Generally bearish, with technical indicators pointing to further downside. 19. Support and Resistance Levels - **Support**: Around $45,000 to $47,000. - **Resistance**: Around $56,000. Final Thoughts The Analysis emphasizes caution for Bitcoin holders, highlighting the potential for further downside despite short-term bounce possibilities. Long-term support levels around $45,000 to $47,000 are crucial, with a worst-case scenario possibly seeing Bitcoin below $40,000. Investors are advised to stay vigilant and consider the broader bearish sentiment.
BITSTAMP:BTCUSDShort
by alcoholic-semen-thrower
BTC can go down to $48,000 - A chance to accumulateAmidst the middle east war tension, the conditions are worsening for a positive sentiment in market. Btc is has already taken more than 20% fall and some alts have taken even 50% damage. Internation stock markets are also suffering this tension. stay alert of these situation. Same conditions happened when Russia attacked Ukraine. With all these conditions there are chances that bitcoin can fall down to $48,000. If it does not receive recovery soon, we can even see the$39,000 zone, so stay alert. These are very unpredictable times. We can only hope the btc gets some liquidity to pump the price. But these bad times brings good times for people who missed to opportunities to buy tokens at lower prices. From $70,000 to $50,000 btc gave another opportunity and so did the alts. if you have missed to buy some alts and was waiting for the right time, this is the time to start DCA (Dollar Cost Average). You can start accumulating because whales are doing the same. Buy low sell high. There might be possibility that just after you buy the market can go further down, if you have liquidity, you can buy more there and perfomr DCA. If not, no worries, you already bought low enough. Now you would have something to sell at high price. Aim for a long term and you would make money. This is a learning phase. you get the chance to learn thing, use your time wisely.
BITSTAMP:BTCUSDShort
by imvijaygir
Bitcoin Daily Timeframe - Daily UpdatesBitcoin is currently trading at transition prices. I am sharing a chart that highlights key price levels and potential scenarios for both short and long positions. I will provide daily updates on BTCUSD. Key Price Levels: Using the Fibonacci series: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, we derive the following levels: 0.5*(55+89)=72 72−55=17 0.5*17=8.5 Thus, the key levels are: 55K, 63.5K, 72K, 80.5K, and 89K. Long Scenario: The current price is 68.2K. According to the downtrend line, the main resistance is at 72K. If Bitcoin penetrates this level, it opens the path to the first target of 80.5K and the second target of 89K, which is the upper side of the uptrend channel on the weekly timeframe. Short Scenario: If Bitcoin fails to penetrate the 72K level, it will likely retest the support at 63.5K. I will provide updates as the situation evolves.
CRYPTO:BTCUSDLong
by Eymen-GUVEN
Is Bitcoin ($BTC) heading toward a -50% correction Armageddon?Is Bitcoin ( CRYPTOCAP:BTC ) heading toward a -50% correction Armageddon? That is what the weekly chart seems to suggest. I hate to be the pessimistic guy, but you don't need to be a trading and charting expert to see the similarities between 2021 and 2024. What could trigger this massive correction is the incredible pump that the ETF has created. Imagine, for the first time in its history, Bitcoin has reached a new all-time high BEFORE the halving! That proves how much excitement and overheating the market experienced. Unfortunately, the stronger the pump is, the harder the correction will be. We can compare the 2021 chart on a weekly basis, and there are too many similarities for them to be coincidences. Because of the huge ETF pump, the MACD has gone ballistic, and now Bitcoin is way overbought. The main concern is that it is on the weekly chart, so resetting this indicator will take about 2-3 months, which gives a lot of time for the price to move down and up until we finally reach a reversal, likely after an estimated 50% dump. In this scenario, the bull run would have a double peak, like the one in 2021, with another bullish phase once the correction is finished, reaching the final goal of this bull run approximately at the end of 2024. The RSI and volume are also confirming this scenario. The EMAs are positioned at the same distance from the action price. This scenario is scary. We could see a -80% correction in altcoins. I hope to read your comments invalidating this idea, because if this happen, I am definitively going back to work at McDonald!
Short
by CryptoNikkoid
8
BTCUSDT is showing signs of a short-term declineWith the current price of 66850, BTCUSDT is showing signs of a short-term decline. This is evidenced by decreasing trading volume and bearish momentum indicators, suggesting a potential downturn in price. Additionally, there are indications of an impending significant correction, highlighting the possibility of a period of consolidation in the near future. Traders should exercise caution and monitor price movements closely.
Short
by SafeCryptoSignals
4